Bargaining for Advantage - Masters of Negotiation

We'll look at the negotiation lessons we can learn from 'Bargaining for Advantage: Negotiation Strategies for Reasonable People' by G. Richard Shell.
When it comes down to it, negotiating is about creating a bargain that will advantage you - and the other party. Shell offers great basic ideas for preparing for a negotiation and the bargaining process.
Watching this video is worth 1 Management Courses CPD Point.
(See below for more details)
This video is part of course module number 5.2.4
Program 5: Managerial Skillset
Course 2: Negotiation
Section 4: Masters of Negotiation
Other videos about Masters of Negotiation include:
- Getting to Yes
… https://youtu.be/GNW-7yvDXBc
- Getting Past No
… https://youtu.be/bwb4-5KRjD0
- Never Split the Difference
… https://youtu.be/qGBSPIACG9Y
- Bargaining for Advantage
… https://youtu.be/1JRlfxPUwP0
- Handling Negotiation
… https://youtu.be/5TXLf5C0Zis
Module 5.2.1 covers the Fundamental Model of Negotiation.
Start with the Fundamental Model of Negotiation - https://youtu.be/PKz4pDm1e90
Module 5.2.2 covers Key Concepts in Negotiation
Start with Core Principles of Negotiation - https://youtu.be/FiEneNag8cI
Module 5.2.3 covers Tools for Negotiators
Start with How to Ask Questions - https://youtu.be/uy2fS0MhmAQ
LESSON NOTES
The best negotiators research the facts and psychology. Shell calls this Information-based Bargaining.
1. Information-based bargaining focuses on three primary tactics:
a. Preparation
b. Listening
c. Attentiveness
To non-verbal as well as verbal cues
2. Understanding the psychology of the other party is important. But you also need a clear understanding of your own psychology and limits.
3. Reciprocity is crucial to crafting a successful agreement.
4. Leverage arises from perceived strengths, rather than actual strengths.
5. Closing is the hardest phase of a negotiation. Shell focuses on two strategies:
a. The scarcity effect
FOMO
b. Overcommitment
Loss Aversion – sunk cost fallacy
People are reluctant to admit failure or accept loss once they have invested heavily in a particular course of action
RECOMMENDED EXERCISE
1. Use this as the start for building yourself a checklist of reminders for how to be effective in future negotiations. If necessary, go over other videos to help you build up your checklist. (4 MC CPD Points)
DOWNLOADS
Free Resources
- CPD Tools - https://gum.co/MC-CPD
Paid resources
- Management Courses Onboarding Kit - https://gum.co/MC-ObK ($3)
RECOMMENDED READING
Bargaining for Advantage (a solid introduction) https://geni.us/anBn
Negotiate Wisely in Business and Technology (A basic introduction) https://geni.us/a2n1T6Y
Everything is Negotiable) (A basic introduction) https://geni.us/Ozwwr
Getting to Yes (the classic text) https://geni.us/U3CjduK
Getting Past No (the follow-up to Getting to Yes) https://geni.us/VQAd7
Negotiation Genius (Modern look at the negotiation mindset) https://geni.us/cBKKn3x
Never Split the Difference (red hot tips from ex-hostage negotiator) https://geni.us/YBSogJ
Management Courses Continuing Professional Development (CPD) Points
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