Key Negotiation Strategies for Sustaining Partnerships: Success Stories and Mutual Benefits

Jovan Kojić

doi:10.62907/eemr240301022k

Authors

Jovan Kojić University “Union - Nikola Tesla”; Faculty of Entrepreneurial Business Author

DOI:

https://doi.org/10.62907/eemr240301022k

Keywords:

Strategic management, negotiations, business strategies

Abstract

This article examines negotiation within strategic management, outlining its critical stages: objective setting, strategy formulation, execution, and adaptation. It categorizes five negotiation styles—compete, accommodate, avoid, compromise, and collaborate— and discusses their applicability in partnership contexts. The piece highlights key strategies for maintaining long-term partnerships, such as collaborative problem-solving, consistent communication, flexibility, and mutual benefit orientation. These strategies, when effectively implemented, foster sustainable relationships and contribute to the overall success of strategic management endeavors, ensuring both parties achieve mutually advantageous outcomes.

References

1. Altıok, P. (2011). Applicable vision, mission and the effects of strategic management on crisis resolve. Procedia - Social and Behavioral Sciences, 24, 61–71. https://doi.org/10.1016/j.sbspro.2011.09.057.

2. Bhatnagar, S. (2024). Legal issues in corporate partnerships and joint ventures. Integrated Journal for Research in Arts and Humanities, 4(1), 119–130. https://doi.org/10.55544/ijrah.4.1.17.

3. Cefalo, N., & Cefalo, N. (2023, April 17). The 5 different types of negotiation styles and how to master them all - SFE Partners. SFE Partners - Your Sales Force Effectiveness Partner. https://www.sfepartners.com/the-5-different-types-of-negotiation-styles-andhow-to-master-them-all/.

4. Doz, Y. and Hamel, G. (1998). Alliance Advantage: The Art of Creating Value through Partnering, Boston, MA: Harvard Business School Press.

5. Geiger, I. (2016). Negotiation management. In M. Kleinaltenkamp, W. Plinke, & I. Geiger (Eds.), Business project management and marketing (pp. 207–275). Heidelberg: Springer.

6. Geiger, I. (2017). A model of negotiation issue–based tactics in business-to-business sales negotiations. Industrial Marketing Management, 64, 91–106. https://doi.org/10.1016/j.indmarman.2017.02.003.

7. Hall, W. (1995). Managing cultures: Making strategic relationships work. Long Range Planning, 29(6), 907. https://doi.org/10.1016/s0024-6301(97)82834-8.

8. Hsiao, C., Malak, R., Tumer, I. Y., & Doolen, T. (2013). Empirical Findings about Risk and Risk Mitigating Actions from a Legacy Archive of a Large Design Organization. Procedia Computer Science, 16, 844–852. https://doi.org/10.1016/j.procs.2013.01.088.

9. Lewicki, R. J., Saunders, D. M., & Barry, B. (2014). Negotiation.

10. Morris, M. W., Williams, K. Y., Leung, K., Larrick, R., Mendoza, M. T., Bhatnagar, D., Li, J., Kondo, M., Luo, J., & Hu, J. (1998). Conflict Management Style: Accounting for Cross-National Differences. Journal of International Business Studies, 29(4), 729–747. https://doi.org/10.1057/palgrave.jibs.8490050.

11. Shi, Y. (1998). The effects of tasks on semiconductor start-up alliance dissolution: A structuration perspective. The Journal of High Technology Management Research, 9(1), 87–113. https://doi.org/10.1016/1047-8310(88)90007-7.

12. Taylor, H. (2006). Risk Management and Problem Resolution Strategies for it Projects: Prescription and Practice. Project Management Journal, 37(5), 49–63. https://doi.org/10.1177/875697280603700506.

13. Tomlinson, E. C., & Lewicki, R. J. (2015). The negotiation of contractual agreements. Journal of Strategic Contracting and Negotiation, 1(1), 85–98. https://doi.org/10.1177/2055563615571479.

14. Wagner, L. & Druckman, D., (2012). The Role of Justice in Historical Negotiations, Negotiation and Conflict Management Research 5(1), 49-71. doi: https://doi.org/10.34891/z5a5-7n62