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This is a quantified one-on-one procurement negotiation exercise. The negotiation, carried out over a set of eight issues, is between the Regional Sales Manager for Thermal Coal of Earth Energy, a global mining company, and the Acquisition Team Leader for Thermal Coal of National Electric Power, a Malaysian mid-size public utility company.

Supplement to SMU259. This is a quantified one-on-one procurement negotiation exercise. The negotiation, carried out over a set of eight issues, is between the Regional Sales Manager for Thermal Coal of Earth Energy, a global mining company, and the Acquisition Team Leader for Thermal Coal of National Electric Power, a Malaysian mid-size public utility company.

When it comes to negotiating, attitudes and approaches matter more than people think. In fact, master negotiators share many attitudes and approaches to deal making. Rather than focusing on differences and incompatibilities — a tendency known as incompatibility bias — they first focus on similarities and common values and deal with differences later. Recognizing that a wide gap in interests calls for resilience and value creation, they share a spirit of cooperation and rarely resort to destructive threats and ultimatums. Despite being focused on harmonizing interests and striking deals, they see the fragility of the deal-making process and remain conditioned to walk away from the negotiating table if necessary. Most importantly, they never underestimate the value of continuous planning and preparation. Based on numerous interviews with top deal makers from the worlds of business, diplomacy, sports and labour, this article highlights how the best in the business achieve results.