Podcast
Questions and Answers
What should you create in order to claim value during negotiation?
What should you create in order to claim value during negotiation?
- Impact on the top-line growth
- Impact on the bottom line
- Non-tangibles like reputation and brand
- All of the above (correct)
How is success measured in negotiation?
How is success measured in negotiation?
- By the product or service offered
- By the negotiation approach
- By the sales cycle
- Differently depending on the stakeholders (correct)
What are the two approaches mentioned in the 'Negotiation approach' theory capsule?
What are the two approaches mentioned in the 'Negotiation approach' theory capsule?
- Collaborative negotiation and interest-based bargaining
- Hard / soft bargaining and positional negotiation (correct)
- Positional negotiation and interest-based bargaining
- Hard / soft bargaining and collaborative negotiation
What does the 'Hard / Soft bargainers' theory capsule compare?
What does the 'Hard / Soft bargainers' theory capsule compare?
What is one key factor to consider in negotiations?
What is one key factor to consider in negotiations?
What is a strategy to handle objections in negotiations?
What is a strategy to handle objections in negotiations?
What is a high-pressure sales call likely to fail due to?
What is a high-pressure sales call likely to fail due to?
What should be done after a negotiation round to decrease reactance?
What should be done after a negotiation round to decrease reactance?
What are some best practices for successful negotiations?
What are some best practices for successful negotiations?
What is a key aspect of decision-making in negotiations?
What is a key aspect of decision-making in negotiations?
What is a power base in negotiations?
What is a power base in negotiations?
Why do high-pressure sales calls often fail?
Why do high-pressure sales calls often fail?
What should be done after a negotiation round?
What should be done after a negotiation round?
What should be used to decrease reactance in negotiations?
What should be used to decrease reactance in negotiations?
What is a recommended approach for handling requests for discounts in negotiations?
What is a recommended approach for handling requests for discounts in negotiations?
What should be prioritized in decision-making during negotiations?
What should be prioritized in decision-making during negotiations?
What is the main focus of Amy Cuddy's study?
What is the main focus of Amy Cuddy's study?
What are power poses?
What are power poses?
According to the 7-38-55 rule, what percentage of what makes us like or dislike someone is accounted for by body language and face?
According to the 7-38-55 rule, what percentage of what makes us like or dislike someone is accounted for by body language and face?
What is mirroring?
What is mirroring?
What are important skills in negotiation, as people want to be understood and accepted?
What are important skills in negotiation, as people want to be understood and accepted?
What does research show about people talking about themselves?
What does research show about people talking about themselves?
How can managing emotions in negotiations be achieved?
How can managing emotions in negotiations be achieved?
What is the focus of the 7-38-55 rule by Albert Mehrabian?
What is the focus of the 7-38-55 rule by Albert Mehrabian?
What do high-power poses represent?
What do high-power poses represent?
According to Amy Cuddy, what can power poses impact?
According to Amy Cuddy, what can power poses impact?
What is the main purpose of mirroring?
What is the main purpose of mirroring?
In negotiations, what is important for managing emotions?
In negotiations, what is important for managing emotions?
What is the key focus of the Gradual bargain Win / lose game negotiation approach?
What is the key focus of the Gradual bargain Win / lose game negotiation approach?
What is the ZOPA in negotiation?
What is the ZOPA in negotiation?
What does BATNA stand for in negotiation?
What does BATNA stand for in negotiation?
What is the purpose of presenting clear options in negotiation?
What is the purpose of presenting clear options in negotiation?
What is the role of probing questions in negotiation?
What is the role of probing questions in negotiation?
What is the significance of long-term relationships in successful negotiations?
What is the significance of long-term relationships in successful negotiations?
What does BATNA help in determining in a negotiation?
What does BATNA help in determining in a negotiation?
What is the aim of expanding the pie in negotiation?
What is the aim of expanding the pie in negotiation?
Why is information considered power in negotiation?
Why is information considered power in negotiation?
What is the best use of starting prices in negotiation?
What is the best use of starting prices in negotiation?
Why is it important to tailor proposals to the customer's context?
Why is it important to tailor proposals to the customer's context?
What is a key factor in building rapport as part of a negotiation strategy?
What is a key factor in building rapport as part of a negotiation strategy?
Study Notes
- Gradual bargain Win / lose game: a negotiation approach that aims for a "win" outcome for both parties, developed by Fisher & Ury
- Key focus: understanding and addressing the interests of all involved
- Hidden similarities: despite contrasting positions, parties often have common interests
- Probing questions: asking these can help uncover counterparts' interests
- Value-generating options: brainstorming before committing to an agreement can lead to beneficial deals
- Long-term relationship: a healthy one is essential for successful negotiations
- Expanding the pie: involves expanding the potential value of the negotiation, rather than focusing solely on the price
- Position-based negotiation: can be transformed into an interest-based negotiation
- ZOPA and BATNA: crucial concepts in negotiation
- ZOPA: the zone of possible agreement, determined by the parties' walkaway positions and competitors' prices
- BATNA: the best alternative to a negotiated agreement, helping determine a reasonable reservation point and estimated ZOPA
- Building a winning proposal:
- Information is power: being well-informed is essential
- Simplify proposals: make them simple to read and understand
- Anchoring: careful use of starting prices
- Unique selling propositions: present three
- Customization: tailor to the customer's context
- Use odd numbers: avoid round numbers
- Business & commercial decision criteria: important factors include alignment to budget and ROI, and time frames
- Packages: bundling offers can avoid feature-by-feature discussions and maintain flexibility
- Power of options: presenting clear options helps reveal customer priorities
- Key components of a proposal: include an official description, unique value propositions, scope, pricing, T&Cs, and packages
- Negotiation strategy: essential practices include preparation, identifying the counterpart's negotiation style, and building rapport.
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Description
Test your negotiation skills with this quiz that covers various aspects such as human nature, power bases, assumptions, and strategies for dealing with the negotiating party as both an opponent and a partner. Evaluate your ability to handle emotional counterparts, build influence, and avoid making assumptions during negotiations.
