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Describe in detail the analytical part of preparation which includes assessing the other side. What is...

Describe in detail the analytical part of preparation which includes assessing the other side. What is important to find out about the other party before negotiations? How is it possible to do it? Which instruments and sources of information would you use?
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Answer #1

The analytical part of preparation which includes assessing the other side will include finding out;

What is their; best alternative to a negotiated agreement (BATNA)?

Their reservation price i.e. the least favorable point at which the other?

Their underlying interests?

It is possible to get all these information by;

. Contacting sources within the industry?

. Checking potentially relevant business publications?

. Reviewing their annual reports (and public filings)?

. Asking questions informally of the negotiator or others within the company?

. Imagining what your interests, preferences, and needs would be if you were in their position?

The instruments and sources of information I would use are; annual reports; potentially relevant business publications and sources within the industry.

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