What is Negotiation? - The Five Steps of the Negotiation Process


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Which of the following is NOT a step in the negotiation process?

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1. A consulting firm and a bank are trying to resolve issues regarding a possible breach of contract obligations. They are in the negotiation phase and have agreed that the consulting firm will withdraw its lawsuit against the bank in return for a 3-year contract, where they will receive roughly $100,000 each year. The initial offer of the bank was $75,000, but after a lengthy discussion they decided to increase it. Why is this an example of the bargaining and problem solving phase?

2. Two companies, Thomson Incorporated and Johnson International, are having a dispute about a joint venture they started. Thomson Incorporated is claiming that Johnson International is not providing the logistical support it promised. The companies have agreed that negotiations will last up to one week and that, if the conflict is not resolved by then, they will abandon their attempt at a joint venture. Which step of negotiation are the companies currently in?

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About This Quiz & Worksheet

Use this quiz/worksheet combo to help you test your understanding of the negotiation process. Topics you'll be assessed on include a definition of the term negotiation as well as various steps found in the negotiation process.

Quiz & Worksheet Goals

In these assessments you'll be tested on:

  • The meaning of negotiation
  • Identifying a step that is not part of the negotiation process
  • An alternative phrase for the lowest price in a negotiation
  • Identifying a variety of negotiation process steps

Skills Practiced

This quiz and worksheet allow you to practice these skills:

  • Defining key concepts - ensure that you can accurately define the word negotiation
  • Interpreting information - verify that you can read information regarding the step in the negotiation process where the rules and procedures are established and interpret it correctly
  • Knowledge application - use your knowledge to answer a question about lowest price

Additional Learning

Gain a wealth of knowledge about the negotiation process by viewing the related video lesson called, What is Negotiation? - The Five Steps of the Negotiation Process. This lesson covers the following objectives:

  • Define the term negotiation and identify four conditions in business where negotiation will achieve the best results
  • Know and understand the five steps involved in a negotiation process
  • Differentiate between an opening offer in negotiations and the bottom line