What is the definition of negotiation?

Negotiation is fundamentally viewed as a bargaining process where parties aim to reach acceptable solutions or agreements that meet their respective interests and needs. This dynamic involves dialogue and compromise, where each party has the opportunity to present their viewpoints, identify common ground, and work towards a resolution that is beneficial for all involved.

The essence of negotiation lies in its collaborative nature, where the goal is not merely to "win" but to achieve a satisfactory outcome that is agreeable to both sides. This definition captures the fluid and often complex interplay of interests, emotions, and strategies that characterize negotiations in various contexts, including international business.

While the other options may touch on aspects of negotiation, they do not encompass its full scope. Focusing solely on competition would overlook the collaborative elements essential to effective negotiation. Similarly, while reaching legal agreements can be an outcome of negotiation, it does not define the process itself. Lastly, theories of conflict resolution might provide frameworks for understanding negotiations, but they do not specifically describe the act of negotiating. Therefore, the chosen answer encapsulates the core purpose and function of negotiation in various settings.