Saturday, January 06, 2007

Best Practices in Negotiation

I am working on the Negotiations assignment and one of the chapters in the book talks about the Best Practices in Negotiation. I have listed them below. Makes an interesting read.

These points are from the negotiation text book , co-autored by the Dean of the Queen's School of Business David M Saunders. Read on

1. Be Prepared
2. Diagnose the Fundamental Structure of the negotiation
3. Identify and work the BATNA.
4. Be willing to walk away.
5. Master the paradoxes of negotiation
(The pace and flow of negotiations can move from an intense haggle over financial issues to an intense debate over deeply held principles about what is right or fair or just. Negotiator face the dilemma of honesty: how open and honest should I be with the other party. )
6. Remember the intangibles
7. Actively Manage coalitions
8. Savor and protect your reputation:
(Reputations are like eggs: fragile, important to build, easy to break, and very hard to rebuild once broken. Starting negotiation with a positive reputation is essential. )
9.Remember that rationality and fairness are relative – First, they can question their own perceptions of fairness and ground them in clear principles. Second, they can find external benchmarks and examples that suggest fair outcomes. Finally, negotiators can illuminate definition of fairness held by other party and engage in dialogue to reach consensus on which standards of fairness apply in a given situation.
10. Continue to learn from your experience.


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