Negotiation Flashcards

1
Q

To bargain

A

To try to change a person’s mind by using various tactics

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2
Q

Bottom-line

A

The lowest one is willing to go

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3
Q

Expanding the pie

A

To create value by thinking of all the other possible elements that could enrich the final deal, next to the main variable

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4
Q

Cookies

A

Paramètre supplémentaire
Negotiation elements beside the main variable, that can be exchanged, and that increase the value of the final negotiation outcome.

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5
Q

Aspiration point

A

Your High Hypothesis

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6
Q

Reservation point

A

Your Low Hypothesis

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7
Q

ZOPA

A

Zone Of Possible Agreement

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8
Q

BATNA

A

Best Alternative To a Negotiated Agreement

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9
Q

Negative BATNA

A

Leaves no real choice to the other party. It’s a ‘take it or leave it’ last offer. It’s pretty close to blackmail in fact, as not
taking your BATNA means that the negotiation is over.

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10
Q

Positive BATNA

A

Allows you to throw a last compensation on the negotiation table, that could save the negotiation. One last cookie for the other party, that you normally wouldn’t give away. In last resort

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11
Q

Discovery strategy

A

Two soft skills:
- interview skills
- active listening

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12
Q

Actual strategy

A

Hard skills and soft skills :
like active listening, creativity, resistance to stress, communication skills, etc

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13
Q

Interview skills Summary

A
  1. Rank all questions in categories
  2. Within each category, start with the most generic questions to proceed to the most specific ones = the funnel technique.
  3. Use active listening, and take notes
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14
Q

Active listening summary

A
  1. Ask open questions as often as possible
  2. Reformulate, and then leave a blank. Silence is a powerful weapon…
  3. Summarize every now and then, and especially at the end of the discovery phase.
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15
Q

Advantages of reformulation

A

a. Checking you have understood correctly;
b. Showing interest
c. Relaunching the conversation – and possibly learning more.

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16
Q

Negotiation preparation recap

A
  1. Gather all possible information. Information is power!
  2. Make your interview guide.
  3. Make your actual strategy (your plan):
    3.1) Determine your main variable
    3.2) List all your cookies.
    3.3) Establish both Reservation and Aspiration Points, on basis of the info you have gathered for your main variable and your cookies.
    3.4) Establish your BATNA’s - based on what your know so far.
    3.5) Determine the other party’s ZOPA if you can.
    3.6) If you have enough information, establish what your first move would be. -> What first offer would you make?