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Negotiate your way effectively to strike a deal!!

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Negotiate your way effectively to strike a deal!!

  1. 2. Possibilities in a negotiation
  2. 3. Process for a Win-Win Negotiation <ul><li>Clear Opening Statement </li></ul><ul><li>Setting Objectives </li></ul><ul><li>Generating Ideas </li></ul><ul><li>Cooperation </li></ul><ul><li>Clarification </li></ul><ul><li>Accepting and Rejecting </li></ul><ul><li>Settling and Concluding </li></ul><ul><li>Outstanding Points </li></ul>
  3. 4. Clear Opening Statement <ul><li>Understanding of the background, current situation, and main interest of both parties by all participants in negotiation. </li></ul><ul><li>An opening statement from each side before discussion progresses </li></ul><ul><li>Summary of the company & interests </li></ul>
  4. 5. Statements
  5. 6. Setting Objectives <ul><li>Start at the beginning </li></ul><ul><li>Primarily, both parties </li></ul><ul><li>need to agree on the </li></ul><ul><li>overall procedures and </li></ul><ul><li>objectives </li></ul><ul><li>Essential: In order that both parties have a clear idea of the agenda, and nothing will be forgotten or omitted </li></ul>
  6. 7. Statements
  7. 8. Generating Ideas <ul><li>Questioning and finding needs of each other (among parties) </li></ul><ul><li>Brainstorm session: generate and discuss ideas, options to work on co-operation </li></ul><ul><li>All ideas would not necessarily </li></ul><ul><li>be agreed upon by the parties </li></ul>
  8. 9. Statements
  9. 10. Cooperation <ul><li>Climate of cooperation </li></ul><ul><li>should be established from the beginning and maintained throughout </li></ul><ul><li>Hence, language style must be chosen carefully, which is less forceful, unaggressive but direct </li></ul>
  10. 11. Statements
  11. 12. Clarification <ul><li>In cross-cultural negotiations, misunderstandings or few points might go unheard, hence clarify </li></ul><ul><li>Rephrase statements and ask questions </li></ul>
  12. 13. Statements
  13. 14. Accepting and Rejecting <ul><li>It is necessary to recognize other party’s proposals </li></ul><ul><li>At times, you may not be able to accept, hence a clear suitable response must be given in acceptance or rejection of ideas put forward </li></ul>
  14. 15. Statements
  15. 16. Settling and Concluding <ul><li>Summary of what has been discussed in the meeting so far </li></ul><ul><li>Recap the main points </li></ul><ul><li>Effective notes during the negotiation helps in concluding and settling the deal </li></ul>
  16. 17. Statements
  17. 18. Outstanding Points <ul><li>Final stage is to identify areas that have not been agreed upon and to highlight any further action to be taken </li></ul><ul><li>May organise another meeting to discuss the outstanding points </li></ul><ul><li>Before closure, make sure all points have been amicably settled </li></ul>
  18. 19. Statements
  19. 20. Win-Win situation in the World of business <ul><li>Google’s Motorola takeover </li></ul><ul><li>Bank of Rajasthan with a wide branch and stakeholders merge with the mighty ICICI bank </li></ul><ul><li>IFCI and Punjab National Bank merger </li></ul><ul><li>Nokia-Microsoft agreement </li></ul>