Bargaining for Advantage - Masters of Negotiation

The video discusses key takeaways from Richard Schell's book 'Bargaining for Advantage'. It highlights the importance of information-based bargaining, focusing on preparation, listening, and non-verbal cues. Understanding both your own and the other party's psychology is crucial to avoid emotional decisions. Crafting agreements involves reciprocity, while leverage is about perceived advantage. Closing negotiations can be challenging, but tactics like the scarcity effect and over commitment can help. The book is recommended for managers and executives seeking practical negotiation advice.

What are the three tactics emphasized in information-based bargaining?

• Intimidation, persuasion, and compromise

• Silence, patience, and observation

• Aggression, dominance, and control

• Preparation, listening, and attentiveness to non-verbal cues

Why is understanding your own psychology important in negotiations?

• To predict the outcome of the negotiation

• To avoid letting emotions control your approach

• To manipulate the other party

• To ensure you always win the negotiation

What is the key to crafting a good agreement according to the video?

• Focusing solely on your own needs

• Avoiding any form of compromise

• Dominating the other party

• Finding things to give and asking for concessions in return

How is leverage defined in the context of negotiations?

• As a financial advantage

• As a perceived advantage by the other party

• As a real advantage over the other party

• As a legal advantage

What is the scarcity effect in closing negotiations?

• Ignoring the other party's needs

• Offering unlimited time to decide

• Providing multiple options to choose from

• Threatening to walk away from a deal