Negotiating Business Success
From Experienced to Expert Negotiator
You are an accomplished professional working for a first-class company. As part of your job, you frequently conduct negotiations within your firm and with outside parties. Frankly, you tend to negotiate by instinct, doing what you sense is right. Yet you left your last negotiation with the uncertain feeling that the outcome was suboptimal. In fact, you were quite unsure whether you left money on the table and, if so, how much. Should you have walked away rather than agreeing to something you did not really want? What would you do differently next time?
Typically, there is no second chance for the same negotiation challenge. In most negotiations you do not receive feedback, nor will you ever know your true performance.
What you can do to cope better, however, is to invest some time in careful preparation and reflecting before entering your next round of critical negotiations. The art of negotiation means bringing controversial parties together and enabling them to reach an agreement that is acceptable – by all of them.
Negotiating Business Success allows you to step back and improve your conceptual understanding with an intellectual framework to organize your negotiations. As a participant, you will learn about efficiency concepts in different types of negotiations, while creating and claiming value. You will become aware of your style as a negotiator, discover how to capitalize on your strengths, and mitigate your weaknesses. Moreover, you will be able to enhance your situational recognition of negotiations through repeated practice, while interacting with equally accomplished peers.
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Target Audience
As a senior or mid-level executive, you will benefit from an additional boost in negotiations skills. Past participants, who especially valued the learning experience, include division/department heads and vice presidents of large multinational companies dealing with complex negotiation challenges. The same applies to partners of professional services firms and heads of regional or country units.
Past Participants' Level of Responsibility
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Selection of countries 2003-2008
Austria, Belgium, Brazil, Czech Republic, Denmark, France, Germany, Hungary, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, P.R. of China, Romania, Russia, Singapore, Slovakia, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States
Key Topics
- Key principles and conceptual frameworks to employ when preparing for and conducting negotiations
- Strengths and weaknesses of various negotiation tactics and basic negotiation styles (strategic, psychological, emotional and ethical)
- Challenges of intercultural negotiations
- Techniques for goal-setting and the assessment of offers; evaluation of alternatives and walk-away situations
- Identification and removal of barriers to agreement, establishment of trust, conflict de-escalation and resolution; cooperation and negotiation in teams
- Multi-party negotiations, coalition dynamics, creation of lasting alliances and sustainable agreements
- Game-theory approaches to strategic interaction and identification of power asymmetries
- The psychology of judgment and decision-making as applied to negotiation; identification of common persuasion and manipulation techniques
Take-Home Value
This program will help you to enhance your conceptual, strategic and practical understanding of effective bargaining situations and refine your critical negotiating and deal-making skills. Your main take-home value is an understanding of how to set up winning situations for your business, by way of sustainable value creation for all parties involved.Special Features
At ESMT one of the most valuable learning opportunities is derived from the diversity of the professionals taking part in a program. Each class is made up of men and women from a variety of companies and industries, a mix beneficial to benchmarking and to learning.Meet the Faculty
Franziska Frank (Program Director)Dr. jur. Franziska Frank is program director at ESMT. As a lawyer and ex-management consultant who received her training in Cambridge, Munich and at the Boston Consulting Group, she brings together the legal as well as the economic aspects of contractual relations.
Matthew Mulford
Full biography
Matthew Mulford is a member of ESMT’s visiting faculty. His main affiliation is with London School of Economics (LSE), where he has been since 1995. He is currently the assistant dean of the TRIUM Global Executive MBA program at LSE, which is a joint EMBA offered by New York University’s Stern Business School, HEC School of Management in Paris, and LSE. Dr. Mulford received his PhD from the University of Oregon, where he worked at the Richard J. Hill Institute of Social Cognition and Decision Making. He has a Master’s degree from New York University, where he studied game theory and politics. Capitalizing on his expertise in negotiation analysis and effective business decision making, Dr. Mulford has designed and delivered customized executive training programs across a number of industries; his clients include Boehringer Ingelheim, Deutsche Bank, Ericsson, Gold Fields, Rusal, and Total and has taught executive courses throughout the world. Dr. Mulford’s research interests include the psychology of judgment and decision making in interdependent interactions; experimental game theory; negotiation theory; experimental research design.
