The Art of Negotiation and Deal-making

             During the month of June, I have been studying vital techniques and factors for the art of negotiation and deal making. Therefore, I have recently reviewed three video sessions pertaining to the essence of negotiation. The three sessions I have reviewed were William Ury’s “Negotiating for SustainableAgreements”, Margaret Neale’s “Negotiation: Getting What You Want”, and Joel Peterson’s “Conducting Effective Negotiations”. Each and every one of these speakers were able to present key points about the importance of negotiating in real world experiences, especially in the form of conducting business. 

             The first video session I observed was presented by William Ury, who is the co-author of the best selling ‘Getting to Yes: Negotiating Agreement Without Giving In’. Mr. Ury shares the strategies he has developed at the Harvard Negotiation Project for creating sustainable agreements in diplomacy and business. In this video, he is presented by the Institute for Peace and Justice at the Joan B. Kroc School of Peace Studies at the University of San Diego. Furthermore, Mr. Ury made really outstanding points of dialog when he spoke about global negotiations, and how an individual’s way of communicating with others will affect the way he or she can possibly negotiate with people in all walks of life.

               In the next video session, I was advised by Professor of Management, Margaret Neale on the structure of successful negotiation. Mrs. Neale reminded me that negotiation is all about problem solving. She states that the goal is not to get a deal; the goal is actually to get a good deal. We must be able to separate a good deal from a bad deal. One of the most important factors she demonstrates is the best alternative to a negotiated agreement. She firmly believes that the people with the better BATNA will always do better in the negotiation process. Over the duration of the video presentation, she recommends four steps to achieving a successful negotiation: Assess, Prepare, Ask and Package. There are three questions to prepare an individual when they enter into a negotiation: Why are you asking? How are you asking? For whom are you asking? Margaret Neale's research focuses primarily on negotiation and team performance. Her work has extended judgment and decision-making research from cognitive psychology to the field of negotiation. 

           Now, in the last video segment, I paid close attention to Mr. Joel Peterson as he talk about how to conduct an even more successful negotiation. Mr. Peterson’s approach was more towards business strategy, which I believed is an important form of negotiation in today’s society. He advises people to always set expectations that may reach the individual’s objective criteria. Overall, explains the difference of formal and informal negotiations and how both can benefit the deal-making process. In conclusion, all three of the video presentations have enhanced my knowledge of performing well-planned and structured negotiations for all type of life situations.