The waiting period prior to receiving a response varies with your position in the queue of interviews, but the turn around time is generally much quicker than in academia. If you were the final interview, you may receive a response rather quickly; however, if you were the first of the interviews, you may need to wait several weeks.
Rejection: Typically arrives by snail mail or by email.
Offer: Typically given over the phone.
If you receive a verbal offer, be gracious and enthusiastic, but do not accept the offer on the spot even if you are planning to do so. Request the offer in writing and time to consider it, especially if you are waiting to hear from other potential employers.
Do your homework
The first step in any negotiation is to be prepared to negotiate. Like in all other aspects of the interview process, do your homework. Know that most everything is negotiable, to some degree or another, including salary, stock-options, relocation, vacation, sign-on bonuses, etc.