Lesson Summary

Negotiation is the process of managing conflict and finding alignment on terms between two or more parties.

• The four types of negotiation are:
• Hard Bargaining
• Concession Trading
• Value Creation
• Partnership

The two categories of negotiation are:

• Transactional
• Collaborative

The primary factors for negotiation are:

• Length of agreement
• Number of terms
• Similar buyers and/or suppliers

The secondary factors for negotiation include:

• Approach to value
• Emphasis on a single term
• Privacy of information
• Historical precedent

When determining where you are on The Wavelength, you will need to shift your mindset into one of four personas:

• The Hunter (Hard Bargaining)
• The Trader (Concession Trading)
• The Creator (Value Creation)
• The Dealmaker (Partnership)

The attitude for each persona is described as:

• The Hunter: Tough, challenging, and inflexible
• The Trader: Somewhat challenging and flexible
• The Creator: Open-minded, creative, and mostly flexible
• The Dealmaker: Open-minded, creative, diplomatic, and very flexible

Negotiators are advised to always be firm, credible, and professional, adapting to the type of negotiation. The chart below offers guidance on behavior for each persona in different negotiation types:

• The Hunter: Cold climate, limited flexibility, little willingness to share information
• The Trader: Room temperature climate, limited to some flexibility, somewhat important willingness to share information
• The Creator: Warm climate, high flexibility, important willingness to share information
• The Dealmaker: Warm climate, high flexibility, important willingness to share information