Although forecasting errors are extremely common, you can minimize their impact on your negotiations by following these three guidelines.
value
Economic or noneconomic aspects of the process or outcome of a negotiation about which one or more parties care strongly. Value could mean cash, property, relationships, reputation, fairness, or a partyÕs self-image. (David A. Lax and James K. Sebenius, 3-D Negotiation [Harvard Business School Press, 2006], 17)
The following items are tagged value.
Conflict Resolution and Negotiation Across Cultures
After recently losing an important deal in India, a business negotiator learned that her counterpart felt as if she had been rushing through the talks. The business negotiator thought she was being efficient with their time. How can she improve her cross-cultural negotiation skills?
Research shows that dealmaking across cultures tends to lead to worse outcomes as compared with negotiations conducted within the same culture. This is primarily because cultures are characterized by different behaviors, communication styles, and norms. As a result, when negotiating across cultures, we bring different perspectives to the bargaining table, which in turn may result in potential misunderstandings and a lower likelihood of exploring and discovering integrative, or value-creating, solutions.
Register Now for the Program on Negotiation’s Negotiation and Dispute Resolution Seminar!
Test your knowledge. Sharpen your skills. Become a better negotiator.
Join fellow professionals, executives, graduate students, and community members for the Negotiation and Dispute Resolution Seminar to learn how to skillfully negotiate to create value and resolve disputes.
Find the Right Leadership Voice
When the poet Walt Whitman wrote, “Surely, whoever speaks to me in the right voice, him or her shall I follow,” he conveyed the notion that persuasive communication is fundamental to effective leadership. Whitman’s words also underscore the importance of shaping leadership communications to meet individual concerns, interests, and styles.
When deciding how to communicate, recognize that the medium you choose reveals something about you and your relationship with the person you are trying to lead.
Win-Win Negotiations in the Middle East: How the Principles Behind the Harvard Negotiation Project Apply to Israel and Palestine
Peace talks in the Middle East between Israel and Palestine have stalled for years and, with no ‘new beginnings’ on the horizon, many have come to expect stagnation and lack of progress in talks between the neighbors. That was until this week when Secretary of State John Kerry was successful in getting Palestinian and Israeli negotiators to sit down at the dinner table for a meal for the first time in years.
Dispute Resolution in China: Apple Apologizes for Warranty Policies
In China this April, Apple CEO Timothy D. Cook made the unusual move of apologizing to Chinese customers for his company’s warranty policy and promised to make amends, the New York Times reports.
On March 15, International Consumers’ Day in China, the nation’s largest state-run television network criticized Apple for giving iPhone customers in China a one-year warranty, less than the two years required under Chinese law, and for charging consumers about $90 to replace faulty back covers on iPhones.
Dealmaking: What to Do After the Deal Breaks Down
Even with these precautions in place, there will be times when one side demands renegotiation of a deal. Here are some guidelines on how to proceed.
Expectations and Self-Fulfilling Prophecies
When you expect people to be competitive, it’s not only your own behavior that changes.
You also set up a self-fulfilling prophecy, such that your expectations about the other side’s behavior lead him to behave in ways that confirm your expectations.
Deal Making Without a Net: Yahoo’s Tumblr Acquisition
On May 19, Internet company Yahoo announced that it was purchasing the blogging service Tumblr for about $1.1 billion in cash. The acquisition could put a fresh face on the aging Internet company and provide it with a profitable revenue source—or it could turn out to be another instance of the Web pioneer overpaying for a start-up and failing to nurture it, as was the case after Yahoo bought Flickr and GeoCities.
How Power Affects Negotiators
According to Dacher Keltner of the University of California at Berkeley and his colleagues , power affects two primary neurological regulators of behavior: the behavioral approach system and the behavioral inhibition system. Powerful individuals demonstrate “approach related” behaviors such as expressing positive moods and searching for rewards in their environment.
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