From the most mundane transaction to strategic high-level boardroom dealings, knowing how to negotiate is integral to success and survival. Yet few have mastered the art of successful negotiation or ‘value negotiation’ as INSEAD Affiliate Professor of Decision Sciences, Horacio Falcao, calls it.
That, he says, is because many people approach negotiations with the wrong approach. “I think that people just stop at ‘I want to win’. And that, throughout the negotiation, some will (find out whether) they are willing to do whatever it takes or not,” he told INSEAD Knowledge.
That, he explains, is the ‘win-lose’ approach, which as the term suggests, does not add value to at least one party. “Now, someone who chooses a win-lose way of approaching a situation, and therefore a process of win-lose -- normally called ‘bargaining’ as well -- they will probably come in with an idea closer to how can I use my power to obtain what I want -- meaning, how can I get what I want even at the expense of the other. And in doing so, they’re more likely to create a win-lose situation and therefore a win-lose outcome.”
To read the full, original article click on this link: Strategy; Value negotiation
Author: Karen Cho
