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.
What can business negotiators learn from current negotiations in the news? Quite a bit, according to the dozens of negotiation experts who contributed to the January 2019 special issue of the Negotiation Journal, entitled “Negotiation and Conflict Resolution in the Age of Trump.” … Learn More About This Program 
Major League Baseball (MLB) games are known for their leisurely pacing. In recent years, off-season negotiations between teams and free agents have sometimes proceeded at a similarly glacial rate, to the consternation of players. Changing power dynamics have led teams to resort to hardball negotiation tactics, such as dragging out talks. As a result, players … Learn More About This Program
In 2011, Emiko Okuyama, the mayor of Sendai, Japan, launched a business negotiation that, at the time, seemed relatively straightforward. Sendai had been devastated by the earthquake and tsunami that hit Japan earlier that year. In hopes of lifting the spirits of children traumatized by the natural disasters, Okuyama and other local officials came up … Learn More About This Program
Even with a common language and the best of intentions, business negotiators from different cultures face special challenges. Try these solutions for avoiding intercultural barriers when preparing for negotiation between two companies from different cultures. … Learn More About This Program
In sales negotiations, making the first offer is often a smart move. The first offer can anchor the discussion that follows and can have a powerful effect on the final outcome. … Read Sales Negotiation Techniques
Would Elon Musk buy Twitter or wouldn’t he? In mid-2022, that was the $44 billion dollar question at the heart of a legal battle between the Tesla and SpaceX founder and the social media platform now known as X. But a deeper question was largely overlooked: From the mess the parties got themselves into, was … Learn More About This Program
Imagine yourself in a dilemma that only a privileged few experience: You’ve fallen in love with a dazzling, one-of-a-kind home that’s on the market without a list price. Instead, the seller’s broker encourages you to name your price. You’re unsure how much to offer—yet desperate to win the prize. … Learn More About This Program
Back in 2014, Nike was the undisputed king of superstar endorsements, dominating the field by paying top talent millions for the right to sell lines of collectible shoes in their names. But sportswear and footwear supplier Under Armour made a bold play to change the landscape. Basketball star Kevin Durant, then of the Oklahoma City … Read How To Avoid a Business Contract Bidding War
Negotiators are more satisfied with the outcome of a negotiation when they think the process has been fair, research shows. To maximize satisfaction and build a strong working relationship, don’t leave the process of business negotiation up to chance. Given the importance of negotiation in business communication, you’d be wise to consider the following seven … Read The Process of Business Negotiation
When figuring out how to deal with cultural differences in negotiation, it helps to consider the cultural prototypes represented at the bargaining table—but individual differences count, as well. … Learn More About This Program
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.
