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MGT461H5 Chapter Notes -Lazard, Best Alternative To A Negotiated Agreement, Glossary Of Video Game Terms

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Amanda Shantz

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6 Habits of Merely Effective Negotiators
- in any negotiation, each side ultimately must choose between two options: ac-
cepting a deal or taking its best no-deal option
- as a negotiator you seek to advance the full set of your interest by persuading the
other side to say yes to a proposal that meets your interests better than your best
no-deal option does.
- - the other says yes because the deal meets their interest better than its best no-deal
- the goal as a negotiator is to protect your own choice while understanding and
shaping your counterpart’s perceived decision so that they choose in own interest
what you want.
- Daniele Vare “the art of letting them have your way”
1) Neglecting the Other Side’s Problem
- Tough negotiators sometimes see the other side's concerns but dismiss them: "That's
their problem and their issue. Let them handle it. We'll look after our own prob-
lems." This attitude can undercut your ability to profitably influence how your
counterpart sees its problem
-As Sebenius suggests, “From the trenches, successful negotiators concur that over-
coming this self-centered tendency is critical” (88).
2) Letting Price Bulldoze Other Interests
- Lazard Freres observed “Most deals are 50% emotion and 50% economics”
- when a split in pure price basis feels too unequal the offer tends to be rejected (of-
fended or trying to teach the “greedy” person a lesson.
- Successful negotiators focus on 4 important non-price factors:
1) The Relationship: working relationships should be valued
2) The Social Contract: have to look at the bigger picture and not just the economic
contract but also the social contract - working relationship, duration of the venture,
how unforeseen events will be handled etc.
3) The Process: process counts and sustain results are reached when parties per-
ceive the process to be personal, respectful, straightforward and fair.
4) The Interest of the Full Set of Players: 2 important lessons - 1. While favourable
overall economics are general necessary, they are often not sufficient. 2. keep all
potentially influential players on your radar screen; don’t loose sight of their inter-
ests or their capacity to affect the deal.
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