Margaret Neale's negotiation keynote speech offers viewers a different approach to negotiation to ensure the most beneficial deal is reached. She points out that there is no specific recipe for effective negotiating, but instead a structure.
She notes that the goal of negotiation is not just to reach a deal -- it is to reach a good deal. In order to do so, three pieces of information are needed. The first is that the negotiator needs to know his or her alternative. Next, one needs to know their reservation price -- the point at which they will be indifferent. Lastly, an optimistic but realistic idea of the end result needs to be known.
Each party within a negotiation holds unique information that is valuable to the other party.
Approaching negotiation as problem-solving is the best way to achieve the strongest deal.
Negotiation as Problem-Solving
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