The Trust Factor: Negotiating in SMARTnership
- 5h 5m
- Keld Jensen
- Palgrave Macmillan Ltd
- 2013
Deal-makers who are stuck on the traditional path define success as concluding a transaction at the cheapest possible acquisition cost. This approach takes only two variables into account: price and quantity. Haggling for the cheapest price is really not negotiation at all, according to Jensen's way of thinking. He suggests these people are not really aware of the process that can yield a mutually beneficial result, enhancing the value of the take-away for both parties. Haggling for the deepest discount eliminates the magic ingredients that expand the room to negotiate and, consequently, the range of variables the delegates have to work with in order to make the pie bigger. The magic ingredients are trust and cooperation.
Jensen shows negotiating parties to:
- Operate from a position of trust, committed to the discovery of mutual gain
- Bargain constructively, using transparent, two-way communication
- Leverage the differences between the parties
- Cooperate to reduce risk and improve the utilization of resources
About the Author
Keld Jensen is founder and CEO of MarketWatch Centre for Negotiation A/S, a consulting and training organization that has worked with private industry and governmental bodies in Europe, Asia, North America, and Africa. His company has subsidiaries in Singapore and the U.K. A former Chairman of the Centre for Negotiation at the Copenhagen Business School, he teaches Business Administration, Management, and International Negotiation. He also teaches at other prominent Executive MBA schools worldwide as a guest lecturer including the Thunderbird School of Global Management (Phoenix, AZ), where he co-directs the eMBA program on negotiation. He is a frequent media commentator in Europe and the United States and blogs regularly at Forbes.com.
In this Book
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A New Paradigm for Commercial Relationships
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Behavioral Economics in Deal-Making
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The Trust Factor—The Keystone of NegoEconomics™
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Rules of the Game—Defining and Setting Expectations
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Preparation and Analysis Prior to Bargaining—The First 5 Phases of the Negotiation Process
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Creating a Culture of Trust and Openness
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Where the “Bigger” Comes from—Expanding the Range of NegoEconomic Potential
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Style Choices
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Sealing the Deal—The Second 5 Phases of the Negotiation Process
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How Big is My Piece? How the NegoEconomic Value is to Be Divided
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Dealing with Stress, Threats, and Bluffing
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Make the Pie Bigger and Nobody Loses
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Conclusion—Restoring Trust to the Marketplace, it all Starts with You
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Notes
