Unit 2: Profile of an effective negotiator Flashcards
What are the characteristics an effective negotiator should have? (6)
- Understanding the negotiating process
- Focus on win-win
- Patience
- Creativity
- Confidence
- Keen listening skills
How can you properly understand the negotiating process? (3)
- Recognize that negotiating is a process not just discussing terms of a solution
- Understand it is more than talking about price
- Invest time in learning different tactics and strategies
What does win-win mean?
That both parties feel good about the outcome
What is important to keep in mind when thinking about concessions?
Limit concessions, giveaways and discounts, make sure you get an agreement that is equitable to both countries
When are major mistakes made?
When moving too quickly
Why is it important to be creative and do different things sometimes?
Because repeating the same formula over and over drives to the same outcome over and over
How is confidence developed? (4)
- Through experience
- Evaluating yourself
- Learn from mistakes and victories
- Focus on improving skills
What 4 things do you have to look at when selecting the best negotiator?
- Skills
- Behavior
- Previous experience
- For the selling position, negotiation is not the only requirement
Who is almost always going to be the best trainer within a team?
The sales manager
What is a benchmark?
A standard against which the performance of a security, mutual fund, or investment manager can be measured
What is coaching?
A training method in which a more experienced or skilled individual provides an employee with advice and guidance intended to help develop the individual’s skills, performance, and career
What are the roles of sales/HR ? (4)
- Select best negotiators
- Improve negotiation skills
- Elaborate message that must be communicated
- Develop ability to negotiate with multiple people
What are 4 things that need to be included in a sales script?
- Sales arguments
- Treatments of objections
- Support materials
- Look for optimal joint work in each case according to (personal qualities, time availability, level of experience)
Why is it important to be able to negotiate with multiple people?
This way more people from different departments can be involved
What are 4 things you should do when working on developing the ability to negotiate effectively with multiple people?
- time organization
- prepare the content well
- prepare the stops and break rhythm
- listen to everyone in the meeting
