The Installment Plan
Which of these scenarios would make you happier? … Read The Installment Plan
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.
Which of these scenarios would make you happier? … Read The Installment Plan
Looking for yet another way to build your power at the negotiating table? Examine the incentives of your counterpart—and then consider whether they align with those of the group she represents. … Read Understand Your Counterpart’s Incentives
The PON Brown Bag Lunch Series Presents:
Peacebuilders in Action –
Search for Common Ground
photo courtesy of www.sfcg.org
with
Susan Collin Marks
Senior Vice President, Search for Common Ground
Wednesday, February 24, 2010
12:00-1:00 PM
Hauser Hall, Room102, Harvard Law School Campus
Bring your lunch. Drinks and dessert will be served.
Speaker Bio
Susan Collin Marks is senior vice president of … Learn More About This Program
Professor Robert Mnookin, Chair of the Program on Negotiation at Harvard Law School is featured on the Harvard Law School website homepage this week. … Learn More About This Program
How often have you heard a friend or colleague refer to a contract as being “in the bag,” only to find out later that the deal didn’t go through? There always turns out to be a good reason a negotiation fell apart. Yet the fact remains that most negotiators are overconfident about their chances of … Read When We Expect Too Much
Just before a meeting with her boss, Cindy peeks into his secretary’s office and whispers: “How’s his mood today?” When the secretary gives a thumb’s up, Cindy decides the time is right to ask for a big raise. … Read Let Them Know How You Feel
Imagine that you and a colleague get into an argument about the layout of a final report in front of a coworker you both like. Now suppose the same argument occurs in front of someone your colleague likes but you do not or vice versa—in front of an ally who is your colleague’s foe. As … Read Allies and Enemies
Guhan Subramanian is one of the most prominent — and ambitious — legal academics of his generation. The 39-year-old is the only person who’s ever held tenured positions at Harvard’s law and business schools, and on the side he advises companies on M&A and corporate governance. After authoring numerous academic papers and a corporate law … Learn More About This Program
You’ve found a beautiful condo that you’d like to call your own. You conduct a thorough assess¬ment of its value and identify several other ap¬pealing properties in the same neighborhood and price range. Believing you’ve found the magic bid, you phone your real-estate agent. … Read Should You Trust Your Agent?
This past November, in an unusual move, Costco, the largest wholesale club in the United States, removed Coca-Cola products from its shelves and posted messages telling shoppers that Coke products would not be available until the company lowered its prices. … Read Learning from the Soda Wars
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