PON – Program on Negotiation at Harvard Law School - https://www.pon.harvard.edu
Effective business negotiation is a core leadership and management skill. This is the ability to negotiate effectively in a wide range of business contexts, including dealmaking, employment discussions, corporate team building, labor/management talks, contracts, handling disputes, employee compensation, business acquisitions, vendor pricing and sales, real estate leases, and the fulfillment of contract obligations. Business negotiation is critical to be creative in any negotiation in a business setting. Business negotiation strategies include breaking the problem into smaller parts, considering unusual deal terms, and having your side brainstorm new ideas.
Leveraging the contrast effect is also a powerful tool in negotiations. You might ask for more than you realistically expect, accept rejection, and then shade your offer downward. Your counterpart is likely to find a reasonable offer even more appealing after rejecting an offer that’s out of the question. Additionally, offering several equivalent offers that aim higher than your counterpart is likely to accept will elicit reactions that can help you frame a subsequent set that, thanks in part to the contrast effect, are more likely to hit the mark.
Building a team is critical to negotiations in business. To prevent conflicts among diverse, strong-minded team members from overshadowing group goals, negotiation teams should spend at least twice as much time preparing for upcoming talks as they expect to spend at the table. Because the other side will be ready and willing to exploit any chinks in your team’s armor, it’s important to hash out your differences in advance.
Other business negotiation tips include curbing overconfidence, creating value in the negotiation, establishing a powerful BATNA, effective use of emotions at the bargaining table, caucusing, delineating your zone of possible agreement, and other skills geared toward an integrative bargaining outcome rather than a distributive, or haggling, bargaining outcome.
In addition, considering the ethical and legal repercussions of a deal to insure that it is a true win-win is the hallmark of every experienced business negotiator.
Articles include many business negotiation examples, and explore concepts such as creative dealmaking, renegotiating unfavorable deals, seeking advice from a negotiation opponent, identifying a solid BATNA and crafting draft agreements.
In all types of negotiations and across all phases of the process, people can sometimes misrepresent or fail to tell the truth. Individual negotiators lie with the hope of improving their own outcomes. When negotiating his salary with the Cranbury, N.J.–based pharmaceutical marketing firm Carter-Wallace in 1997, Robert Bonczek misrepresented his prior title and salary … Learn More About This Program 
Negotiation Skills in Business Communication: Campeau Corporation and Federated Department Stores
Sometimes in negotiation we are forced to deal not only with the issues on the table but also with concerns about status.
One famous instance took place in the late 1980s, when Robert Campeau, head of the Campeau Corporation and then one of Fortune magazine’s “50 … Learn More About This Program
Perhaps it’s no surprise that two boxers, bitter rivals, took many years to negotiate the terms of their hotly anticipated matchup. But the fact that a bout between Floyd Mayweather Jr. and Manny Pacquiao—held May 2 in Las Vegas—came together at all offers hope that even the fiercest competitors can secure a mutually beneficial agreement.
Hitting … Read Successes & Messes: Bare-knuckle negotiating
Negotiation ethics can be linked to context and environment – as well as to jealousy experienced by negotiating counterparts. The negotiation research of Maurice E. Schweitzer and Simone Moran is discussed. … Learn More About This Program
What challenges do Chinese female negotiators face in negotiations in China? Like their counterparts in the West, female negotiators in China encounter barriers to doing business, but instead of a “glass ceiling,” many female Chinese feel they are rooted to a “sticky floor.” … Learn More About This Program
In August 2012, Michael Dell, the founder and CEO of computer company Dell, embarked on the long, winding odyssey of taking the company private. At the time, Dell was struggling to maintain a foothold in the market for personal computers amid the rise of tablets and other handheld devices. Michael Dell maintained that to ensure … Learn More About This Program
After renegotiating his contract with the New England Patriots, star quarterback Tom Brady attracted almost as much admiration for his seemingly selfless concessions as he has for his stellar performance on the field. But a closer look at the restructured deal suggests that Brady, once again, looked for an advantageous opening and came out a … Learn More About This Program
Feeling ambivalent in negotiation? No worries
Business negotiators often find themselves feeling positive and negative emotions simultaneously, such as concern that an offer won’t be received well and excitement over the offer’s potential.
We often try to squelch our emotions for fear of appearing unstable or vulnerable. Indeed, past research has suggested that expressions of emotional ambivalence—the signs … Learn More About This Program
Program on Negotiation executive committee member and Harvard Law School and Harvard Business School professor Guhan Subramanian was recently cited by Commissioner Daniel M. Gallagher of the United States Securities and Exchange Commission during his opening statement at the Proxy Voting Roundtable.
In discussing the equalizing effect of a universal balloting system on corporate governance, Commissioner … Learn More About This Program
In negotiation, as in other areas of life, the early bird often gets the worm. That’s just one of the lessons of a new deal reached between the National Basketball Association (NBA) and television networks ESPN and TNT in October.
A running start
As they considered the end of their eight-year television contracts with the NBA in … Read Successes and Messes
BATNA
Business Negotiations
Conflict Resolution
Crisis Negotiations
Dealing with Difficult People
Dealmaking
Dispute Resolution
International Negotiation
Leadership Skills
Mediation
Negotiation Skills
Negotiation Training
Salary Negotiations
Teaching Negotiation
Win-Win Negotiations
Lost your password? Create a new password of your choice.
Copyright © 2024 Negotiation Daily. All rights reserved.
