Introduction to Negotiation Strategy
At Oak Spring University, we provide corporate level professional Negotiation Strategy and other business case study solution. Finding the Right Role for Social Media in Innovation case study is a Harvard Business School (HBR) case study written by Deborah L. Roberts, Frank T. Pillar. The Finding the Right Role for Social Media in Innovation (referred as “Media Social” from here on) case study provides evaluation & decision scenario in field of Leadership & Managing People. It also touches upon business topics such as - negotiation strategy, negotiation framework, Social platforms.
Negotiation strategy solution for case study Finding the Right Role for Social Media in Innovation ” provides a comprehensive framework to analyse all issues at hand and reach a unambiguous negotiated agreement. At Oak Spring University, we provide comprehensive negotiation strategies that have proven their worth both in the academic sphere and corporate world.
What’s my BATNA (Best Alternative To a Negotiated Agreement) – my walkaway option if the deal fails?
What are my most important interests, in ranked order?
What is the other side’s BATNA, and what are his interests?
Social media success stories have highlighted the impact social media can have on companies'fortunes. Yet the authors argue that there is a significant opportunity that isn't being realized: utilizing social media to support innovation and new product development. Consultants and academics alike have touted social media as a vehicle for developing customer insights, accessing knowledge, cocreating ideas and concepts with users, and supporting new product launches. Yet despite this promise, the authors have found that the expected positive results are frequently not realized in practice. Although some companies have been able to use social media to develop new insights that lead to successful new products, many others simply do not know how to utilize social media for innovation. Some get distracted by the diversity of input and listen to the "wrong audience."Nevertheless, the authors believe that social media provides a game-changing opportunity for companies that learn how to develop clear strategies and objectives. Analyzing data on the social media practices of large global companies as they relate to new product development, the authors found that for the companies that jumped on the bandwagon and invested in social media initiatives without having a clear strategy, the right skills, or sufficient knowledge frequently did not achieve the results they were looking for. Those that utilized social media sources exclusively to search for technical information saw no improvements in new product development performance; in fact, the effect on performance for these companies was often negative (due to information overload and the complexity of processing such information). The companies that benefited the most from using social media for new product development were companies that used social media in every stage of the new product development processes; they built organizational processes and structures to support new product development activity. The authors use the analogy of summer camp, a setting where children can explore and learn from everything they do. They describe three "camps": Camp Explore, Camp Cocreate, and Camp Communicate. Each camp offers a distinctive approach to thinking about the different phases of the innovation process and delivers an important skill set. This is an MIT Sloan Management Review article.
By interests, we do not mean the preconceived demands or positions that you or the other party may have, but rather the underlying needs, aims, fears, and concerns that shape what you want. Negotiation is more than getting what you want. It is not winning at all cost. Number of times Win-Win is better option that outright winning or getting what you want.
Options are the solutions you generate that could meet your and your counterpart’s interests . Often people come to negotiations with very fixed ideas and things they want to achieve. This strategy leaves unexplored options which might be even better than the one that one party wanted to achieve. So always try to provide as many options as possible during the negotiation process. The best outcome should be out of many options rather than few options.
When soft bargainers meet hard bargainers there is always the danger of soft bargainers ceding more than what is necessary. To avoid this scenario you should always focus on legitimate standards or expectations. Standards are often external and objective measures to assess the fairness such as rules and regulations, financial values & resources , market prices etc. If the negotiated agreement is going beyond the industry norms or established standards of fairness then it is prudent to get out of the negotiation.
Every negotiators going into the negotiations should always work out the “what if” scenario. The negotiating parties in the “Finding the Right Role for Social Media in Innovation” has three to four plausible scenarios. The negotiating protagonist needs to have clear idea of – what will happen if the negotiations fail. To put it in the negotiating literature – BATNA - Best Alternative to a Negotiated Agreement. If the negotiated agreement is not better than BATNA then there is no point in accepting the negotiated solution.
One of the biggest problems in implementing the negotiated agreements in corporate world is – the ambiguity in the negotiated agreement. Sometimes the negotiated agreements are not realistic or various parties interpret the outcomes based on their understanding of the situation. It is critical to do negotiations as water tight as possible so that there is less scope for ambiguity.
Many negotiators make the mistake of focusing only on the substance of the negotiation (interests, options, standards, and so on). How you communicate about that substance, however, can make all the difference. The language you use and the way that you build understanding, jointly solve problems, and together determine the process of the negotiation with your counterpart make your negotiation more efficient, yield clear agreements that each party understands, and help you build better relationships.
Another critical factor in the success of your negotiation is how you manage your relationship with your counterpart. According to “Deborah L. Roberts, Frank T. Pillar”, the protagonist may want to establish a new connection or repair a damaged one; in any case, you want to build a strong working relationship built on mutual respect, well-established trust, and a side-by-side problem- solving approach.
According to
Harvard Business Review
, there are three types of negotiators – Hard Bargainers, Soft Bargainers, and Principled Bargainers.
Hard Bargainers – These people see negotiations as an activity that they need to win. They are less focused less on the real objectives of the negotiations but more on winning. In the “Finding the Right Role for Social Media in Innovation ”, do you think a hard bargaining strategy will deliver desired results? Hard bargainers are easy to negotiate with as they often have a very
predictable strategy
Soft Bargainers – These people are focused on relationship rather than hard outcomes of the negotiations. It doesn’t mean they are pushovers. These negotiators often scribe to long term relationship rather than immediate bargain.
Principled Bargainers – As explained in the seven elemental tools of negotiations above, these negotiators are more concern about the standards and norms of fairness. They often have inclusive approach to negotiations and like to work on numerous solutions that can improve the BATNA of both parties.
Open lines of communication between parties in the case study “Finding the Right Role for Social Media in Innovation” can make for an effective negotiation strategy and will make it easier to negotiate with this party the next time as well.
Deborah L. Roberts, Frank T. Pillar (2018), "Finding the Right Role for Social Media in Innovation Harvard Business Review Case Study. Published by HBR Publications.
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