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The Economics & Art of Negotiation…What It’s All About. Presented By: Jerry Zaslow Chairman, ATD American Co. ENTREPRENEURIAL TOOLBOX. LUNCH & LEARN SERIES. Definition. - PowerPoint PPT Presentation
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ENTREPRENEURIAL TOOLBOXLUNCH & LEARN SERIES
The Economics & Art ofNegotiation…What It’s All About.
Presented By:Jerry Zaslow
Chairman, ATD American Co.
ENTREPRENEURIAL TOOLBOXLUNCH & LEARN SERIES
ENTREPRENEURIAL TOOLBOXLUNCH & LEARN SERIES
Definition
Negotiation is a dialogue intended to resolve disputes, to produce an agreement upon courses of action, to bargain for individual or collective advantage, or to craft outcomes to satisfy various interests. It is the primary method of alternative dispute resolution.
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ENTREPRENEURIAL TOOLBOXLUNCH & LEARN SERIES
The Beginning
Negotiation…Part of our Daily LifeWorking in my Dad’s storeDiscussions with my FatherWorking both sides
The vendorThe customer
ENTREPRENEURIAL TOOLBOXLUNCH & LEARN SERIES
Founded in 1931 by Irving Zaslow as Jaffe’s Art LinensFamily-owned and operated for over 75 yearsInternational manufacturer and distributor of thousands of items
FurnitureSafety and security productsLinens and clothing
Headquartered in Wyncote, PA
Company History
ENTREPRENEURIAL TOOLBOXLUNCH & LEARN SERIES
5 Negotiating Styles
AccommodatingIndividuals who enjoy solving the other party’s problems and preserving personal relationships
AvoidingIndividuals who do not like to negotiate and don’t do it unless warranted
CollaboratingIndividuals who enjoy negotiations that involve solving tough problems in creative ways
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5 Negotiating Styles II
CompetingIndividuals who enjoy negotiations because they present an opportunity to win something
CompromisingIndividuals who are eager to close the deal by doing what is fair and equal for all parties involved in the negotiation
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Talent vs. educationSubjective
ExperienceThere’s a ying for every yang
Every negotioation is differentNo special do’s and don’t’s
Judgment & common senseHearsay
The Art & The Science
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PsychologyProfile your opponentBe agileGet opponent off guard
Intuition/gut reactionKiller’s instinctWin-win
The Art & The Science II
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The Basics
The mark of a successful negotiation is a contract, written or verbal, that signifies that a mutually agreeable solution to conflict has been reached
Good negotiators understand the implications of each item on the table, the consequences associated with various concessions, and where the absolute bottom line of the negotiation lies
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No two negotiations are exactly alikeTreat each negotiation differently
Renegotiation is an option which should be explored if favorable terms are not met
Always assess current market conditions and vendor’s psyche
The Basics II
ENTREPRENEURIAL TOOLBOXLUNCH & LEARN SERIES
Do your homeworkThe factsThe strengthsThe weaknesses
Sell to the end user; not necessarily the buyerDon’t sell a Rolls Royce when a Ford will do
Psychologically analyze your opponentCapitalize on the weakness
Axioms
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Be daring – nothing ventured; nothing gainedThe Antrim Hardware storyThe Pillowtex griege goods dealThe $600,000 invoiceThe Adirondack story
PressureKnow when to talk & when not to
There are times to talk…other times to say nothing
Axioms II
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Negotiate from strengthNot from weaknessWe’ll do better
Never show any evidence of desperation, exceptCase in point –
Don’t be greedyStretch the rubber band, but don’t break itKnow when to give in and when to pull the trigger
Axioms III
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Give a little…gain a lotWhen the deal is done
Run away as fast as you can!
Dealing with friends and family…third partiesThat’s a different story
Axioms IV
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Rush act…don’t be too hastyThe budget is limited
Reverse psychologyWhen appropriate, be an actor
Go for the Academy Award
Compromise
Strategies
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Honey on the Sword/throw out the carrotChore Boy, Reckitt & Coleman
Vendor raised our cost because he found out our selling price
Think of the reaction you want first before respondingCat & mouse…the killer’s instinctThe finale…
A story about Cone Mills
Strategies II
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The Art of WarBy Sun Tzu
The Art of NegotiationGerard I. Nirenberg
You Don’t Get What You Deserve, You Get What You Negotiate
Chester L. Karrass
Recommended Reading
ENTREPRENEURIAL TOOLBOXLUNCH & LEARN SERIES
Any Questions?
Jerry ZaslowChairman, ATD American Co.
THE END
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