Explain core principles of negotiation

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Reference no: EM133828517

Question

You are part of a management team negotiating a new contract with a supplier. The supplier is asking for a 15% price increase, citing rising production costs, while your company is looking to keep prices steady due to budget constraints.

Explain the core principles of negotiation that would guide your approach in this situation. What strategies could you employ to reach a mutually beneficial agreement?

Reference no: EM133828517

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