Understanding the context of a negotiation sets yourself up to have a stronger position. In this video, learn how to define the context of negotiations.
- The first step in any negotiating process is defining … and understanding the context you're operating in. … You have to understand the strategic environment … of the negotiation in order to be successful. … There are several elements to defining this context. … First, who is the decision maker, … and why are they doing this? … The better you understand these players … and what they're trying to get out of the negotiation, … the more successfully you're going … to be able to approach them. … Second, define your goals. … What are you interested in, and what do you need? … By laying out these objective functions, … you can focus on achieving them during the negotiation, … and make sure that you don't accidentally give them up. … Third, what are the outcomes that are in play? … What's at stake? … So when you look at the final negotiation, … what are those possible end states? … What do you risk losing? … What do you risk gaining? … Next, define the other options you're considering. … Many negotiations have many different outcomes …
- Explore methods for defining all of your negotiation options.
- Recall how to make concessions when appropriate.
- Select the best negotiation style and strategy.
- Determine the most favorable deal structure.
- Support your anchor position.
- Recognize how to sequence your deals.
- Track negotiation points over time.
- Identify the most common negotiation pitfalls.