![]() Then each pair is tasked with renegotiating-a process that could lead to an amended deal, termination of the contract, or expensive litigation. Each student assumes the role of either client or supplier and receives confidential information about company finances and politics. They learn that the two parties signed a detailed contract eight months earlier, but now they’re at odds over several of the terms (sales volume, pricing, product reliability, and energy efficiency specs). I assign students to partners, and each reads a different account of a (fictitious) troubled relationship between a supplier (a manufacturer of computer components) and a client (a search engine start-up). It is, without question, my favorite day of the semester-the day when I teach my MBA students a negotiation exercise called “Honoring the Contract.” For example, feeling or looking anxious weakens your bargaining power, so prepare and rehearse to stay calm, or ask a third party to negotiate for you. Recommendationsīe aware of the emotions that negotiators commonly experience and how displays of emotion may be perceived. Research shows that we can regulate the anxiety, anger, excitement, disappointment, or regret we may feel and express in the course of a negotiation-and doing so can help us make better deals. Negotiators typically focus on strategy, tactics, offers, and counteroffers and don’t pay enough attention to how emotions affect what happens at the bargaining table. But if feelings of excitement, like other emotions, are well managed, everyone can feel like a winner. ![]() ![]() Getting excited too early can lead you to act rashly, and gloating about the final terms can alienate your counterparts. And don’t close the deal too early you might find ways to sweeten it if you keep talking. Disappointment can be channeled to reach a more satisfactory outcome.īefore disappointment becomes regret, ask plenty of questions to assure yourself that you’ve explored all options. To avoid or defuse anger, take a break to cool off, or try expressing sadness and a desire to compromise. In some cases, it intimidates the other parties and helps you strike a better deal, but in other situations, particularly those involving long-term relationships, it damages trust and goodwill and makes an impasse more likely. You can also avoid anxiety by asking an outside expert to represent you at the bargaining table. You will be less nervous about negotiating, however, if you repeatedly practice and rehearse. Here the author shares some key findings and advice. Negotiations can be fraught with emotion, but it’s only recently that researchers have examined how particular feelings influence what happens during deal making.
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