Few skillsets complement a CFO’s core finance problem solving acumen as well as negotiation. Join us as Dr. Ben Sopranzetti of Rutgers Business School explores some of the hidden mysteries behind the art and science of negotiation.
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“The Anchor”
•A number that focuses the other person’s attention and expectations.
•Very useful when the other party is uncertain about the correct or fair value.
•Others are likely to gravitate towards any number that helps them to resolve the uncertainty.
•First offers anchor the negotiation and strongly influence the final outcome.
Making Concessions
•Tie your concessions to specific actions by the other party.
•Phrase your concessions in a quid pro quo manner.
•I can pay a higher price if you can promise me early delivery.
Prospect Theory
•Large gains do not add much more to the overall enjoyment relative to smaller gains.
•Large losses do not diminish the overall enjoyment much more so than smaller losses.
Interview Links
- Rutger Business School Site
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Listen to the Episode Below (00:23:29)