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The negotiation process

The important thing to remember is to be enthusiastic and gracious, no matter what the details of the offer are. Sample response: “I am delighted you have extended me this offer.”
Make sure you get all of the terms at this point so you will have as many details as possible to consider.
Be clear as to when they expect you to get back with them. Allow yourself a minimum of one week. Sample response: “I’m sure you understand this is a major decision for me, and I want to be sure I have enough time to think it through carefully.”
Make sure you know who to call back for more information.
Thank them, for the offer. Sample response: “Thank you so much for calling and presenting me with this opportunity.
I look forward to discussing it with you further after I have had time to think it through.”

Review your values and career goals and determine if this is a company you would like to work for.
Determine the minimum you would need to make this job offer acceptable.
Do as much research as possible so that you can justify any arguments you intend to make on behalf of salary or benefit increases.
Consider trade-offs you will be willing to make (i.e. better medical leave for less salary).
Prepare an agenda for your next conversation with the employer so you will appear confident and knowledgeable.
Pick your battles. You shouldn’t negotiate more than 2 or 3 major issues.

Approach is very conversational. Make sure this is a discussion where both you and the employer have the opportunity
to talk and be heard.
Don’t expect a resolution during this step. This is simply an information exchange. It is likely that the company will have to
get back to you with the answers to your questions, and possibly
a revised offer.
Sample responses: “I really appreciate the offer, and have spent some time thinking about it. I have a few questions and concerns that will help me make my decision.”
Be direct and listen carefully to the information that is given.
State your question first, then listen.
Be honest. Don’t suggest that you have other offers if you don’t.
This is the time to find out how flexible they are with the offer they made. Some companies are not allowed to negotiate, and this will be obvious in their responses to your questions at this point.
Show you have done your research, and justify your requests as confidently as you can. Close the conversation with courtesy. Sample dialog: “Thank you for your time to listen to my requests and concerns. I look forward to hearing back from you.”

If the revised offer is not what you expected: “That is not what I was hoping for, but I certainly understand,” “Could you tell me why ______?” or “That will help me a lot in my decision, thank you.”
Let the company know when you will get back to them. Be gracious. At this point, you have already taken time to think about the offer and the company, so you shouldn’t take an extreme amount of time. One or two days is appropriate.
Sample dialog: “I need some time to think about the offer. Thank you for your time and help with this.”

If possible, you should accept the position to a person instead of an e-mail address or voicemail.
If you are accepting, you want to do so as soon as possible. Taking a long time to respond can indicate you are not serious about the position.
If you are declining the offer, do so timely, respectfully, and courteously. You do not want to ruin your report with the company. You also do not want to ruin the company’s impression of your school for the sake of future students.
Sample dialog: “It was a difficult choice, but I have decided I will not be accepting your offer. I was impressed by the people I met, and I truly appreciate your extending me the offer.”