Introduction—International Negotiating: Successful Deal-Making in International Business (01:24)
Negotiating is part of everyday life in many cultures. This film will examine international negotiations in eight sections.
International negotiations can be challenging and have higher stakes than local negotiations. Factors include culture, language, physical tolerance, mental tolerance, and the home office. Be patient, open-minded, and maintain a sense of humor.
The Team (06:31)
Team members should include those who are comfortable with other cultures, local associates, and senior and daily personnel. Keep the same team from start to finish, avoid using an interpreter suggested by the other party, consider hierarchy, and determine the appropriate team size.
To prepare for international negotiations, set realistic goals, identify the other party's motivation, and determine necessary information; be comfortable with silence and carefully phrase questions. Cultures can be cooperative or competitive.
In many parts of the world, people get to know one another before talking business. Be prepared to invest time into building a rapport, talk with decision makers and their advisers, and demonstrate respect.
International deals require a significant amount of time. Cultural differences and external factors, such as bureaucracy, affect timing schedules; appear relaxed and patient.
Factors to consider when starting international negotiations include meeting location, a flexible agenda, pitch approach, and opening offers.
To keep discussions moving in the right direction, consider negotiation styles; insights from local associates; the possibility, form, and delivery of concessions; and tactics for resolving stalemates.
Take your time to correctly close the deal during the final stage of negotiations. Rushing can negate a deal and contracts can become a hurdle. In many countries, negotiations continue after the agreement.
Credits: International Negotiating: Successful Deal-Making in International Business (00:36)
Credits: International Negotiating: Successful Deal-Making in International Business
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