Negotiation: Myths, Misperceptions and Damned Lies Stanford Executive Brief with Margaret Neale
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It's better to receive the first offer than to give it. Honesty is the best negotiating policy. Don't ever let them see you sweat. Professor Neale convincingly debunks these common beliefs as she shares the results of empirical research on negotiating strategies and the process of "mutual influenceâ€ that drives negotiation. In fact, making the first offer can set the bar highâ€”to your advantage. Being honest about your bottom line can backfire. And emotions can play a powerful role in negotiations.
Before you begin, be clear about your goal. Is it to get as much value out of a deal as possible? To develop a relationship and create value for both parties? Or simply to winâ€”a dangerous goal! In any case, you need to determine three things: your bottom line, your optimistic target, and your alternatives if the deal fails. Try to figure out the same of your negotiating counterpart. The more prepared you are, the more flexibility you have in negotiating strategies. In the end, don't settle for just any deal. Work to get a good dealâ€”or it's no deal.
Margaret A. Neale is the Director of the Influence and Negotiation Strategies Executive Program at Stanford and the coauthor of three books, including Organizational Behavior: A Management Challenge. She received her bachelor's degree from Northeast Louisiana University, her master's degrees from the Medical College of Virginia and Virginia Commonwealth University and her PhD in Business Administration from the University of Texas.
- What is your biggest source of power in any negotiation?
- How to redraw the boundaries of a negotiation in your favor.
- How focusing on the upside improves your deal.