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Key Points
 | Conflict is inevitable. Negotiation is a survival skill. |
 | Conflict is a situation where two or more parties have interests or perceptions that differ. |
 | Negotiation is a process of exchange to resolve conflict and reach a mutually beneficial agreement. |
 | Methods for resolving conflict include mediation, arbitration, litigation, and negotiation. |
 | Negotiation is the process of exchange that provides the highest likelihood of satisfying the needs of both parties, while maintaining the relationship. |
 | Conflict exists in many venues (e.g., in organizations or families; with customers). |
 | Power determines the choice of which process of exchange to use (i.e., not engaging, fixed price, bargaining, or negotiating). |
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