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Innovative Product Launch
Your company is working on an innovative product, which is expected to be ready for launch in next three months. You have already spent $10mn so far and another $2mn is required to complete this project.
A new development has taken place. Only yesterday, you have come to know that your competitor is ready to launch a similar innovative product by next month. This product is better, packed with good features and is also less expensive than your product.
You need to decide whether to continue with the project and release $2mn budget for this project. What will you do as CEO?
Photo Adaptation : pixabay / illustrations / tag-label-new-red-shop-sticker /1703954
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Negotiation is an important life skill
We negotiate most of our waking hours. We negotiate with our team members, colleagues, bosses and vendors at work, with our kids, spouse and parents at home. We negotiate during buying or selling of an asset e.g. house, car and also conflict resolution and during salary negotiations. Negotiation is an important life skill and it contributes to our success.
If we do not negotiate well or don’t negotiate at all then there is a big chance that we are going to leave money on the table, which could have been ours. We often don’t negotiate because we feel it is inappropriate or feel uncomfortable and fear it.
“You don't get what you deserve. You get what you negotiate.” Chester Karrass
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