What are Business Negotiations?
At its most basic, business negotiations are negotiations between corporate entities, their vendors, or their employees. But there is a lot beyond that.
In most of our business negotiations, we try to drive a hard bargain, giving away not a penny more than is necessary even as we strive to ensure that our counterpart is satisfied with their own outcome. However, figuring out who should get what is rarely easy, but creative solutions to problems in negotiation do exist.
For example, it’s not uncommon in business negotiations to find yourself on the brink of an impasse. You and your counterpart have exchanged a series of offers and counteroffers, and you’ve met somewhere close to the middle—but not close enough. With each side firmly rooted in its position, there may seem to be no way forward. That’s when it helps to know how to use MESOs in negotiations.
MESOs, which stands for multiple equivalent simultaneous offers, may help you break through your deadlock and find common ground. When you present more than one offer at a time, instead of a single offer, you are likely to increase your counterpart’s satisfaction while also boosting your odds of coming to an agreement.
Research has also shed light on an important aspect of integrative bargaining strategies and business negotiations – namely, the idea of negotiation ethics and fairness when negotiating.
In most negotiations, there are three fairness norms that negotiators frequently invoke: equality (an equal split of the resources), equity (a split in proportion to input), and need (a split that favors the negotiator who could most benefit from the resources).
Approaching business negotiations with a creative mindset will not only preserve a relationship but also add significant value for both sides creating win-win solutions.
To learn more about business negotiations, discover step-by-step techniques for getting the best deal possible, when you download a copy of the FREE special report, Business Negotiation Strategies: How to Negotiate Better Business Deals, from the Program on Negotiation at Harvard Law School.
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