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Technical note
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Reference no. IMD-7-1650
Published by: International Institute for Management Development (IMD)
Originally published in: 2015
Version: 19.01.2015
Length: 3 pages
Data source: Generalised experience

Abstract

Your objective in every negotiation you undertake is to create value and capture value. Creating value means identifying potentially compelmentary interests with your counterparts and finding ways to make mutually beneficial trades. In this way, you 'enalrge the pie' rather than just fight over slices of a smaller one. Capturing value means making sure you get an acceptable slice of the pie that is to be divided. But what about negotiating in the context of ongoing relationships? What, if anything, should you do differently in terms of creating and capturing value when you are dealing with other parties -suppliers, customers, key stakeholders, even others in your organization- that you will engage in many negotiations over time?

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Abstract

Your objective in every negotiation you undertake is to create value and capture value. Creating value means identifying potentially compelmentary interests with your counterparts and finding ways to make mutually beneficial trades. In this way, you 'enalrge the pie' rather than just fight over slices of a smaller one. Capturing value means making sure you get an acceptable slice of the pie that is to be divided. But what about negotiating in the context of ongoing relationships? What, if anything, should you do differently in terms of creating and capturing value when you are dealing with other parties -suppliers, customers, key stakeholders, even others in your organization- that you will engage in many negotiations over time?

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