What are the Lucky 7 rules of negotiation?

• First Key Rule: Preparation.
• Tips for Effective Preparation.
• Second Key Rule: Communication.
• Tips for Effective Communication.
• Third Key Rule: Flexibility.
• Tips for Being Flexible.

What is the 80 20 rule in negotiation?

Most people succeed or fail in a negotiation based on how well-prepared they are (or are not!). We adhere to the 80/20 rule – 80% of negotiation is preparation and 20% is the actual negotiation with the other party.

What is the 70 30 rule in negotiation?

Follow the 70/30 Rule – listen 70 percent of the time, and talk only 30 percent of the time. Encourage the other negotiator to talk by asking lots of open-ended questions – questions that can't be answered with a simple "yes" or "no."

What are the 5 P's of negotiation?

But Mullett proposes a more succinct, repeatable system he's come to call the “Five P's:” prepare, probe, possibilities, propose and partner.

What are the 3 C's of negotiation?

There are three major strategies for negotiating: compromising, competing and collaborating. Compromise is a must when you are in a relationship where you truly value equality in the outcome, a sort of “split-the-difference” approach where nobody wins- but nobody loses either.

What is the number one rule for negotiating?

Rule 1 – Don't (unless you need to)

Conflict - if there is no conflict don't negotiate. If you're a salesman sell high. If you're a buyer then buy on price. If you do not need an ongoing relationship with the other party then buy hard or sell hard.

What are the 4 horsemen of negotiation?

In this article, we have outlined four prominent sources of power in negotiations – alternatives, information, status and social capital.

What are the 7 elements of negotiation?

What are the 3 P's of negotiation?

The Three P's of Successful Negotiations: Preparation, Persistence, and Patience. In today's complex and competitive world, it's more important than ever to develop superior negotiation skills that foster strong relationships.

What is the cardinal rule in negotiation?

The cardinal rule of Negotiation is that it is about finding ground and fostering relationships. It's important to start by establishing a connection with the party before delving into the negotiation process.

What is the first rule of haggling?

Rule 1: Be friendly and polite.

Don't be crass, rude or demanding when negotiating. Pushy behavior won't get you what you want. "Pleasant persistence wears down resistance," Dweck says. "You're not going to get them with vinegar, you're going to get them with honey."

What is the first law of negotiation?

1. BASIC PRINCIPLE, WITHOUT WHICH NEGOTIATION IS IMPOSSIBLE. Successful negotiation requires compromise from both sides. Both parties must gain something, and both parties must lose something.

What are the 7 steps to negotiating successfully?

What is the Harvard negotiation method?

Business negotiations based on the Harvard model primarily involve mutual respect and focus on the problem. They rely on a soft approach to the other party to negotiations, but a hard approach to obstacles and barriers that stand in the way of achieving the intended goal.

What is capitulation in a relationship?

In my own personal relationship lexicon, Capitulation is “The act of surrendering or yielding; in relationship terms, capitulation often means simply giving in or giving up in a negotiation or confrontational situation for the sake of ending the conflict as quickly as possible, whether you have achieved the desired ...

What are the four pillars of effective negotiation?

as I note in Beyond Dealmaking: Five Steps to Negotiating Profitable Rela- tionships, such a strong and enduring edifice is con- structed on four central pillars: a focus on relationships, outcomes, solutions, and fairness.

What is the big 5 in negotiation?

The “Big 5”

When studying personality in negotiation, psychologists generally focus on five main factors that are believed to encompass most human personality traits: extroversion, agreeableness, conscientiousness, neuroticism, and openness.

What is the batna strategy?

BATNA is an acronym that stands for Best Alternative To a Negotiated Agreement. It is defined as the most advantageous alternative that a negotiating party can take if negotiations fail and an agreement cannot be made.

What is the number one rule of negotiation?

The first rule of negotiation, often touted as a foundational principle, is succinctly captured by the phrase: "Know Before You Go." In essence, this rule underscores the paramount importance of thorough preparation before entering any negotiation.

What is the 3 second rule in negotiation?

The best tool to use is the 3 second rule. The Journal of Applied Psychology showed that sitting silently for at least 3 seconds during a difficult time negotiation or conversation leads to better outcomes. Embrace silence as your stealth strategy.

How do you negotiate perfectly?