During which phase of the product sale is formal negotiation typically conducted?

Formal negotiation is typically conducted during the negotiation phase of a product sale. This phase is critical as it involves the dialogue and discussions necessary to finalize the terms of the sale between the buyer and the seller. During this stage, both parties present their needs, clarify details regarding the product, pricing, payment terms, delivery schedules, and any other conditions that need to be agreed upon before moving forward.

This negotiation phase allows for the exploration of alternatives and can lead to adjustments in the initial proposals to ensure mutual satisfaction. The outcomes of this phase often set the stage for drafting a formal contract, which then comes into play during the execution of a contract phase, where the agreed-upon terms are put into writing and signed. However, true negotiations, where decisions and adjustments occur, primarily happen beforehand, making this the correct answer.