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Experimental learningClear, immediate, and helpful feedbackStrategies and toolbox for negotiation
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High Performance Negotiation SkillsMGS 4311*
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Course Deliverables
Experimental learningClear, immediate, and helpful feedbackStrategies and toolbox for negotiation
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Negotiation Skills as Core Leadership competency
Key communication & influence tool for interdependent relationships (in & outside the company)Most people not very good at negotiation (e.g., over 80% of corporate executives and CEOs leave money on the table)People dont realize thisOur challenge is to dramatically improve ability to:Create valueClaim valueBuild trustResearch basis in economics and psychology
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What Does it Mean to Be an Effective Negotiator?
Individual levelGetting valued resources (money, people, projects)Maintaining & building relationshipsEnhancing your reputationPeople trust youEnjoying peace of mindCompany levelProfitable deal making (effective sales force)Getting positive (rather than negative) pressEnhancing reputation of companyBuilding the brand
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Major Traps of NegotiationLeaving money on the table
(lose-lose negotiation)Settling for too little
(Winners curse)Walking away from the table
(hubris)Settling for terms that are worse than your current situation
(agreement bias)**
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Negotiation MythsMyth 1: Negotiations are fixed-sumMyth 2: You need to be either tough or softMyth 3: Good negotiators are bornMyth 4: Experience is a great teacherMyth 5: Good negotiators take risksMyth 6: Good negotiators rely on intuition
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Why are people ineffective negotiators?Faulty feedbackConfirmation bias Egocentrism
Satisficing
Self-Reinforsing incompetence
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Principled Negotiator!!!PEOPLE - separate people from the problem
INTERESTS - focus on interests, not positions
OPTIONS - generate a variety of possibilities
before deciding what to doCRITERIA - insist that result be based on some
objective standards
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Learning ObjectivesImproved ability to negotiateGeneral strategy (mental model) for successful negotiationEnlightened model for negotiation
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What Have You Gotten Yourself Into?**PreparationTeam negotiationCoalition analysisYouOther partyPrimary tableInfo & communicationSecondary tableAgents & third partiesFeedback ExperienceExpertise
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