What's Your Worth?
When determining your worth, what "terms" should you think on?
General
-Keeps an open mind, important to maintaining emotions and not locking up over small changes
What is a "Bottom Line?"
- a foundation
-the worst acceptable outcome you are willing to accept in a negotiation
-ensuring you don't agree to unfavorable terms in the heat of negotiation
Should you have a strategy when going into a negotiation? (Yes/No)
Yes.
-to protect your interests
-establishing clear boundaries assists in avoiding agreements that may be detrimental to your goals
What does the acronym "BATNA" stand for?
Best Alternative to a Negotiated Agreement
Emotions, we know they are present but what is the key to using them effectively?
Controlling them; maintaining personal oversight
-Being able to recognize and understand how you are feeling gives you the ability to change that.
-Keeping a level head
At the concluding stages of a negotiation, you realize your "Bottom Line" is not meet, when is it appropriate to turn away from the negotiation?
-Whenever
-If you you realize that the deal you are summing up to sign is not even in your minimal best interests; turn away.
DOUBLE JEOPARDY!
Choose the amount of points you'd like to risk!
What "Power/Feeling" does developing a strong and throughly though out BATNA provide?
-confidence, allowing you to negotiate assertively instead of from a position of desperation
Why is having a BATNA important?
empowers you to avoid accepting unfavorable terms
What is a "trip-wire" as it relates to formulating an agreement?
-It is a predetermined agreement that serves as a benchmark for evaluating offers
-It acts as a safeguard, prompting negotiation continuity if an agreement falls below a defined threshold
When necessary, should you have a singular or multiple bottom lines pretaining to enhancing negotiation outcomes?
Multiple
-Options are always good to have
What are some downfalls to being over accommodatting? Minimum of two.
-can lead to agreements that do not truly reflect your interests
-quickly conclude negotiations; stems from a desire to avoid conflict
-accepting terms you should reject
-Further agreements may be less then what could have been
What's the importance of understanding the other side's BATNA?
-you can assess their strength in the negotiation
-you can counter their extreme demands with more realistic terms.