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Exam details
Negotiation is a process of communication between two or more parties aimed at reaching an agreement on matters of mutual interest where there are differing preferences or goals. It involves discussion, compromise, and strategic decision-making.
BATNA stands for Best Alternative To a Negotiated Agreement. It is the most favorable course of action you can take if negotiations fail. A strong BATNA gives you leverage because you can walk away from a bad deal.
Knowing your BATNA sets your walk-away point and prevents you from accepting deals worse than your alternative. It gives you confidence, reduces desperation, and provides a benchmark for evaluating any proposed agreement.
Strengthen your BATNA by: developing multiple alternatives before negotiating, researching other options, improving your position independently, and making your alternatives concrete and actionable. The more viable alternatives you have, the stronger your negotiating position.
ZOPA stands for Zone of Possible Agreement. It is the range between each party's walk-away point (reservation price) where an agreement can satisfy both sides. If ZOPAs don't overlap, no deal is possible without changing terms.