In the business world negotiations are part of the daily routine. It is therefore crucial that one learns how to gain the upper hand during a negotiation, especially when one is confronted with ambiguous or insufficient information. This module develops the negotiation skills of executives by exposing them to a very practical and effective approach to negotiations and by providing a unique opportunity for knowledge and experience sharing among participants
This module offers a strategic and integrated perspective about how to prepare and how to deal with different types of negotiating situations. Building from simple to complex negotiations, the workshop develops an analytical framework that helps participants to understand their negotiating situation, the tactics that are available given the situation, and the array of moves that can be employed to improve their prospects by changing the situation.
The negotiation skills of participants are developed through a carefully controlled combination of lectures, small group discussions, presentations, and actual negotiations carried out by participants. The program draws on the latest advances in the field of negotiation analysis and provides a forum for experience sharing among participants. This experience and knowledge sharing aspect is a major requirement of the workshop. Participants are not encouraged to do “better” than their counterpart. During negotiations, players often start in very asymmetric positions, which makes the word “better” rather meaningless. The aim of each participant is to maximize his or her own result… tempered with a concern to do what is right.
The different negotiation exercises will confront the participants with varying situations that are highly relevant for finance professionals: price negotiations, package deals, negotiations characterized by important information asymmetries, and deals where uncertainty is particularly high. Important questions will be answered, such as: How to determine our limit and our target when preparing for a negotiation? How to approach different types of negotiating situations? How to determine our opening offer and how to manage our concession pattern? How to react to the other side’s offers? What is the role of arguments in a negotiation? How to deal with information asymmetries and differences in expectations? How to induce cooperation in one-shot and repeated relationships?
ABOUT THE FACULTY
LUIS ALMEIDA COSTA
Luís holds PhD and MSc degrees in Management from INSEAD. He is a Full Professor and the Vice-President of the School Council at Nova School of Business and Economcs. He also teaches at INSEAD, at Solvay Brussels School and at Tias School for Business and Society. He is a founding partner of D&AC - Negotiation Advisors, a company that offers a wide range of negotiation support services.