Mr Arun Rao
It is an excellent presentation and the quality of footnotes add to the value of the presentation.
Theodore Roosevelt and George Perkins anecdote is remarkable.
Considering that it all happened a hundred years ago, make us salute
George Perkins for his ingenious way of looking at the problem.
In modern management parlance he converted the CHALLENGE to an OPPORTUNITY.
A unique case of buyer becoming a successful seller!!!!
Simply astounding.
Emotions do play a part in negotiations and it is handled well.
The LAS and MSP are seen from both the parties from their own perspective initially.
Thinking from the other side makes a lot of sense and does not limit us to taking a position.
The virtues of not taking a position is well explained.
I would like to add my thoughts as under.
PREPARATION - OWN WORKING
In an actual negotiation process there are many things involved.
Let us take the example of an Industrial Purchase.
In an Industrial Purchase from the point of view of buyer he has to freeze his technical and commercial
aspects before the talk on final price negotiation takes place.
If it is not dealt in three distinct phases of Technical, Commercial and Price there would be chaos.
Looking at the same scenario from the point of view of Seller, he should have done a thorough
analysis of his costing, his margins, his sales target for the quarter/ year etc.
PREPARATION - KNOW THE OTHER PARTY
The buyer should find out by his own estimations whether seller has sold similar item
at what price, a guess work of his costing, his current sales order level, whether his purchase will
be a fore runner for many other companies in his group etc.
The seller on his part should find out whether buyer has options from other suppliers,
time / dead line compulsion, potential future sales with the same buyer etc.
Similar preparation can be extended to other examples as well.
Tactics mentioned constitute a good revision.
In your future presentations you may like to touch upon the PREPARATION aspect also.
Thanks for your lovely presentation.
V.Raghunathan
.. Navi Mumbai