PSYCHOLOGICAL ASPECTS OF NEGOTIATION

Abstract

Negotiation in business is a process of communication between two or more parties to a transaction with the aim of reaching an agreement on predetermined important issues of mutual interest to all participants. Michael Porter, an American economist and professor in the Department of Business Administration at Harvard Business School, noted that bargaining power is one of the strongest competitive advantages for both buyer and seller [1]. negotiations involve diverging or conflicting interests between the and the to reach a reasonable agreement. It is difficult to reach a reasonable solution, this requires cooperation of the parties, when there is a convergence of and is sought the basis of a mutually acceptable option for resolving a controversial