Pitfalls That Must be Avoided in the Negotiation Process

NCM512 Module 1 Discussion
Student Name
Institutional Affiliation
Date
NCM512 Module 1 Discussion
Negotiations are a normal part of doing business. It is through negotiations that parties can come to an agreement, which allows business transactions to proceed. In the negotiation process, several pitfalls need to be avoided to ensure a successful outcome that considers the best interests of the parties involved.
A pitfall that negotiators need to avoid is the use of deceit and deception. The tactic entails intentionally providing misleading information aimed at gaining an advantage over the other party (Fleck, Volkema & Pereira, 2016). Misrepresentation can be used in negotiations to entice the other party to accept the offer, which they would ordinarily decline if they had the facts. For instance, a negotiator may choose to exaggerate the value of a product, hence making the buyer feel that the product is worth purchasing at a particular price. However, the buyer may soon realize that the product was overpriced. When deceit and deception occur, it causes a loss of trust, hindering the negotiation process. When parties feel deceived into something, they are more likely to pull out from negotiations. I have experienced deceit and deception while negotiating for an organization I was working with. We were looking for a seller of a particular product that was critical for our business. While in the negotiation process, we felt that the seller was concealing crucial information about the quality of the product. On undertaking an extensive analysis of the product, we discovered that it was of lower quality and overpriced.
Another pitfall is the inadequate time between the negotiators. Goodwill among individuals develops as more communication occurs between the negotiating parties. As people communicate more, relational capital develops, making it easier for the parties to conclude. However, when people lack adequate time to communicate, relational capital is minima...