Negotiation provides an overview of the negotiation process. The course introduces the basic negotiation concepts, including the best alternative to a negotiated agreement, the reservation price, and the zone of possible agreement. In addition, the materials note the differences between distributive and integrative negotiations, and address the characteristics of a negotiator, how to prepare for a negotiation, and the types of tactics that can be used in a negotiation. Attention is also paid to dealing with failing negotiations, negotiations with employees and suppliers, and how to measure the effectiveness of negotiations.
Upon successful completion of this course, participants will be able to:
- Recognize when it is not appropriate to engage in a negotiation.
- Describe how value creation through trades works.
- Describe the different win-loss combinations and what causes each one.
- Note the core elements driving the outcome of a deal.
- Describe the characteristics of a successful negotiator.
- Recognize the impact of anxiety on a negotiation.
- Identify the types of preparation work to complete prior to a negotiation.
- Describe how to deal with a weak BATNA.
- Note the circumstances under which to hire a professional negotiator.
- Note the advantages of framing in a negotiation.
- Cite the options available for relieving tension in a negotiation meeting.
- Recognize the nature of the negotiator's dilemma.
- Note the variations on how a commitment statement can be sent.
- Recognize the situations in which an exploding offer may be used.
- Describe when final-offer arbitration is used and its shortcomings.
- Note the differences between arbitration and mediation.
- State why a negotiation should be fully documented.
- Describe why the timing of additional settlements can be beneficial.
- Identify the options for reducing the financial burden of a compensation arrangement.
- Identify the members of a negotiation team and note why they are on the team.
- Recognize the different types of cost-sharing clauses that may be used with a supplier.
- Note the offsetting clauses that can be used when a buyer wants to include an early contract termination clause in a contract.
- Identify the factors that can be used to judge the outcome of a negotiation.
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