Bidding is an offer (often competitive) of setting a price one is willing to pay for something. A price offer is called a bid. The term may be used in context of auctions, stock exchange, card games, or real estate.Bidding is used by various economic niche for determining the demand and hence the value of the article or property, in today’s world of advance technology, Internet is one of the most favourite platforms for providing bidding facilities, it is the most natural way of determining the price of a commodity in a free market economy.
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Why should the people you’re supposed to lead follow you?
If you believe that your charisma, your exalted office, or your vision is reason enough, you’re in trouble.
While these qualities may affect how others relate to you, the unvarnished truth is that other people will follow you when they judge it’s in their best interest to do so.
The clearest method for achieving exclusivity is an exclusive negotiating period, during which both sides agree not to talk to third parties, even if approached unexpectedly by others. In some arenas, these terms are called no-talk periods.
Whether you have one of its ubiquitous products or even its rivals’ offerings, you most certainly have heard of Apple, the United States electronics giant whose phoenix-like rise to the top of the business world has inspired legions of fans and detractors alike.
Started in a garage in California, Apple has grown into a technological powerhouse of innovation that has changed the way the world works and lives. Along the way, the company has demonstrated unparalleled business acumen and leadership, both commercially and through leaders like Steve Jobs and current CEO Tim Cook.
Trust may develop naturally over time, but negotiators rarely have the luxury of letting nature take its course. Thus it sometimes seems easiest to play it safe with cautious deals involving few tradeoffs, few concessions, and little information sharing between parties. But avoiding risk can mean missing out on significant opportunities. For this reason, fostering trust on the fly is a critical skill for managers. As Kristen knew, the first step to inspiring trust is to demonstrate trustworthiness. All negotiators can apply the six strategies that follow to influence others’ perceptions of their trustworthiness at the bargaining table.
Like a contingency, a condition to a deal is a related though far less common deal-structuring technique. A condition is an ‘if’ statement like a contingency, but, whereas a contingency depends on unknown future events, a condition is entirely within the control of the parties involved.
As the following points will demonstrate, ensuring that your counterpart is satisfied with a particular deal requires you to manage several aspects of the negotiation process, including his outcome expectations, his perceptions of your outcome, the comparisons he makes with others, and his overall negotiation experience itself.
The sale of Vivendi Universal Entertainment in the summer of 2003 was one recent high-profile negotiauction.
Don’t be caught unprepared by hard bargainers, warn Mnookin, Peppet, and Tulumello in Beyond Winning. Here is their Top 10 list of common tactics.
In March 2005, German powerhouse SAP agreed to buy Retek, a small company that offered information management software, for $8.50 a share. The deal included a matching right in which Retek committed to negotiate exclusively with SAP for five days if it received a “superior offer.” The matching right didn’t scare away Oracle, SAP’s archrival, which was convinced that it could integrate Retek’s application software better than SAP could. Oracle offered $9 a share, triggering SAP’s matching right. SAP countered with $11 per share, and Oracle responded with $11.25 per share. SAP declined to match Oracle’s last offer, and Oracle closed its deal in mid-2005.
In the mid-1990s, a young JD/MBA student at Harvard was writing a case study about a railroad deal that was ongoing at the time. Somewhat to his surprise, he landed an interview with Bruce Wasserstein, the renowned dealmaker who had pioneered the hostile takeover, and who was a consultant in the railroad negotiations.
It was a fascinating conversation, the student remembers.
“I began to recognize that sophisticated dealmakers play the game at a different level – like a chess game instead of trying to scream and yell louder than others in the room.
“Rather than a frontal assault, sophisticated dealmakers engage in a carefully thought-through sequencing strategy: Get all the pieces lined up, to the point where when you go in the room, it’s basically a done deal.”
Like many of us, this student was hooked by the sweet art of negotiation … and he went on to become a world-renowned dealmaker, instrumental in megadeals such as Oracle’s $10.3 billion hostile takeover bid for PeopleSoft, Cox Enterprises’ $8.9 billion freeze-out of minority shareholders in Cox Communications, the $6.6 billion leveraged buyout of Toys “R” Us, and Exelon’s $8.0 billion hostile takeover bid for NRG.
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