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Negotiations > Negotiation Genius > Flashcards

Negotiation Genius Flashcards

1
Q

There are types of negotiations where it is not even clear what the “win-win” is. What are they?

A

These are complex negotiations with multiple participants and high stakes

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2
Q

What should I do when preparing for the negotiations?

A

a) Assess your best alternative, b) Figure out your reservation price

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3
Q

What is BATNA

A

It is the reality you will face if you reach no deal

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4
Q

What is ZOPA?

A

“ZOPA is a space between sellers reservation value and the buyers reservation value”.

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5
Q

How to act on information I have, I don’t have and information I cannot obtain?

A

Learn how to act on information you have, how to get information you don’t have and how to protect yourself from information you cannot obtain.

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6
Q

What are the most common negotiation mistakes?

A

A) Making first offer when you are not in position to do so; b)Making first offer which is not aggressive enough; c) talking but not listening; d) trying to influence without trying to learn from the other side; e) not challenging you assumption about the other party; f) miscalculating ZOPA; g) making bigger concessions than needed.

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7
Q

What is the most important benefit making the first offer?

A

The benefit of making the first offer is to establish the anchor.

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8
Q

Should I do the first offer?

A

”Whether you should do first offer depends on how much information do you have”.

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9
Q

What should I do if the other party makes a very aggressive first offer?

A

Ignore it. Say: “judging by your first offer I think we are looking at this deal in very different ways. Let us bridge that gap by discussion”.

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10
Q

How can I avoid being influenced?

A

Stick to your original plan. Don’t let the other side’s anchor to soften it

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11
Q

How can I destroy someone’s anchor?

A

By making a very agressive counteroffer and then finding a common ground

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12
Q

How extreme my offer can potentially be?

A

Avoid making an offer so extreme that you cannot justify it

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13
Q

How can I protect myself from uncertainty about some future events?

A

Use contingency contracts (some issues are left unresolved until some time in the future when there is no uncertainty).

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14
Q

Should I consider my opponent’s BATNA as well as my own?

A

Do not forget to consider your opponent’s BATNA as well as your own.

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15
Q

What if I want to give something for free during negotiations?

A

Always demand reciprocity. Never give unilateral concessions

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16
Q

What should I do if the other side becomes silent?

A

Learn to be very comfortable with silence and use it as a negotiation tool.

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17
Q

What if I start speaking just to break the silence?

A

“If you speak when it is their turn, you’ll be paying by the word.”

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18
Q

If I do a concession, should I label it?

A

Always. “Say: I’m making this concession with understanding that you will reciprocate with a concession of similar magnitude.”

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19
Q

Should I make contingent concessions?

A

Make contingent concessions: e.g. “I can pay higher price if you can promise early delivery.”

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20
Q

In what circumstances do contingent agreements fail?

A

If the other side has more information on the future situation than you do or when a particular outcome is hard to measure

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21
Q

What if the other side becomes incremental during the bargaining process?

A

“Be aware of the effects of diminishing rates of concessions”. They signal you that your opponent is coming closer to his reservation value, which isn’t always the truth.

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22
Q

What if I got a fantastic first offer?

A

Don’t rush to accept an offer even if it is really good. Keep negotiating, let the other party think that you are not getting a fantastic deal even if you are. That protects the relations.

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23
Q

What if their first offer is just too good?

A

If an offer is too good-stop and ask yourself “what do they know that I do not.”

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24
Q

How can I learn from my past negotiations?

A

Get the habit to evaluate your past negotiations and think what could have been done better

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25
Q

Is it a good thing to have many issues at negotiation table?

A

The more issuers are there to play with, the more chances everyone will get what they want the most and give back what they need less

26
Q

What if there are many complex issues to discuss? What should I start with?

A

When there are many complex issues to discuss, it makes much sense to start with sharing perspectives and desired outcomes for each party and only then beginning to negotiate.

27
Q

What if I decide to come back and change the previously signed contract agreement?

A

State that you’ve done progress reaching the previous contract. Say that you feel that it could be improved. State that you are not trying to reach a new contract but rather want to improve the previous one.

28
Q

Does a negotiation finish after we’ve signed a contract?

A

Your negotiation does not end when the deal is signed but rather it ends when you feel that you are satisfied with the outcome

29
Q

How should I think about what the other party wants in negotiations?

A

Do not just try to understand what people want, ask yourself WHY do they want it!

30
Q

After the other side named their demands, what should I think of first?

A

Concentrate on the demands of the other side, but on their real interests

31
Q

Is it important to speak the language of the other side?

A

When you speak the language of the other side, you signal both kinship and the fact that you care and whant long-term relationship

32
Q

Should I spend my time to know my counterparts personally?

A

Investing in learning about their family, spending time in informal settings will improve trust between the parties

33
Q

Is it a good idea to start building trust during the negotiation?

A

Build trust when you are not negotiating

34
Q

What is the best way to build trust?

A

“The best way to build trust is to actually be trustworthy”

35
Q

Should I reveal my most important issue at a given negotiations?

A

Do not say that one issue is of absolute importance to you

36
Q

How do I understand which issue is the most important for the other side?

A

Ask yourself: a) which issues do they want to return to again and again; b) which issues make them emotional; c) which issues make them speak more rather than listen more; d) which issues are they most obstinate about

37
Q

Is it a good idea to give different options to your opponent?

A

Give two options simultaneously which are of similar value to you but differ slightly in form. By this you signal that you are willing to be accommodating

38
Q

What is towelling cognitive effect during negotiations?

A

It is when people concentrate on zero-sum game and do not see opportunity to increase the pie

39
Q

What is vividness bias?

A

Some information may attract more attention in negotiation.

40
Q

What is escalation of commitment bias?

A

It is when you buy 100$ bill for 200 bucks

41
Q

Are we more flexible when we discuss allocation of benefits than when we discuss allocation of losses?

A

We are much more flexible when discussing allocation of benefits than when discussing allocation of losses

42
Q

Should I do negotiations under the time pressure?

A

Avoid negotiation under time pressure Use breaks to get some time to think

43
Q

What are the benefits of having outsiders taking part at negotiations?

A
  1. They can protect you from “songs of sirens”
  2. They can bring an outside perspective to talks
  3. They can help to overcome “fixed pie” bias
44
Q

How is preparation for negotiations reflected in ability to deal with complex issues?

A

The better the negotiator prepared the more he is ready to negotiate over multiple-sided deals and vice a versa.

45
Q

Do good negotiations always create value only for themselves?

A

Good negotiators normally are more willing to create value for everybody than bad negotiations.

46
Q

What does it mean that people are loss-averse?

A

They tend to see information about potential losses as more valuable than information about potential gains.

47
Q

Should I share bad news in portions or at once?

A

If you have bad news to share, share them at once

48
Q

How can we use the fact that compliance increases after an initial rejection?

A

To get someone to agree to you, you should first get them say “no” to something

49
Q

Should I always add a justification to a request?

A

Adding justification to request radically improves the chances that the request will be met.

50
Q

How can I protect myself from influence?

A

One of the best ways to defend against influence strategies is to prepare systematically and comprehensively for negotiations.

51
Q

What are some other way to protect myself from influence?

A

Ask yourself questions; “Would I be willing to do this for anyone else? Would I have been willing to do this yesterday—or even an hour ago? Can I defend my decision to critical others?”

52
Q

How can I eliminate my counterpart’s temptation to lie?

A

a) By being well prepared, b) By arriving on time, c) By knowing the details, d) By remembering context and prior issues

53
Q

Am I a good lie detector?

A

No. Average person is a very bad lie detector.

54
Q

How can I improve the odds of detecting a lie?

A

a) get information from different sources b) set a trap and ask a question to which you already know the answer and then evaluate the answer. c) triangulate the truths by asking multiple questions which together are aimed at confirming underlying facts and assumptions

55
Q

What If the other side is not willing to use contingency agreement?

A

it means they are not serious about their own claims.

56
Q

Can I hold serious negotiations on the phone?

A

Avoid having serious negotiations on the phone. Arrange a meeting.

57
Q

What if I am not willing to answer a question?

A

If you are not willing to answer a question, you may prefer to answer another related question

58
Q

What if my BATNA really sucks?

A

If you have a weak BATNA- don’t let them know it!

59
Q

Should I call someone a liar?

A

Instead of calling someone a liar, ask him to substantiate his claims

60
Q

What should I do if my BATNA if much stronger than their best offer?

A

When your BATNA is much stronger then their best offer - drop the deal.

Negotiations (5 decks)

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