Do you want to get the best offer? Do you want to build a long relationship with your partner? Adam Castor, a professor of SKK GSB raised these questions while delivering his lecture on Negotiations to the students of SKK GSB, Kelley, Tuck, and EDHEC this semester. Professor Castor’s class teaches students the essential tools of negotiation, to help them to improve their negotiation skills as well as to let them understand their strengths and weaknesses and improve their negotiation style in their lifetime. A good negotiator is usually well prepared before the negotiation starts. • BATNA: Best backup plan to a negotiated agreement A successful Negotiation usually has a good planning strategy. Prepare 2 -3 options during the planning • Reservation price: Worst offer you’re willing to accept Analyze how important each issue is to you and your opponents. • Bargaining zone: Range between buyer and seller’s reservation prices • Target price: Ideal agreement A good negotiator usually has the following motivation. The smarter negotiator appears to be able to understand his or her opponents' real interests and thus to provide them with better deals at lower cost, which is the cornerstone of integrative negotiations. Top negotiators always have a win-win motivation. Cognitive ability tends to reach the best agreement for both parties. With that attitude, ask more questions during the negotiations and try to understand the other party’s situation. Understand their style. Different negotiators have different personal or cultural preferences. Many Western cultures have a quick-paced approach to negotiations, while it can be a little different for Asian cultures. To find the tradeoffs and creative solutions that ensure that everyone gets a fair deal, you have to share information about your needs and priorities. The extent to which you trust the other party should determine your approach to sharing and collecting information. Usually, the best chance for a good agreement comes from both parties trusting each other and disclosing information on each side and trying to find the best solution for both sides. This also can build a long-term relationship. A good negotiator usually follows these steps during the negotiation. It gives fewer reasons to support arguments. Tries to make the first offer, usually the recipients use the first offer as an anchor and they do not adjust a lot within their Bargaining zone. The people who make the first offer generally win the negotiation. Asks counterparts to explain their reasoning, and sometimes waits for a response or threatens to walk away. Adam Castor holds a Ph.D. in Managerial Science & Applied Economics from the Wharton School of Business. He was an Instructor at the Wharton School, University of Pennsylvania, Philadelphia, and is now a professor of SKK GSB. Yin Lin, SKK GSB PR Committee, Class of 2021
January 6, 2020—The Full-Time MBA Class of 2021 started their second semester with the first-class on Investment Management taught by Prof. Raunaq Pungaliya. He started the class by talking about the global financial crisis. Everyone used what they had learned from earlier classes and wrote a short essay about what happened in their hometowns and what their governments and central banks did to handle the Financial Crisis. Everyone was assigned their new teams in Investment Banking, Marketing Planning, and the ABP program. There are 50 French students from MMS(Jointly offered by SKK GSB, EDHEC and UC Berkeley-Haas) and 6 American students from Dartmouth-Tuck and IU Kelley school who joined the students of the GSB class of 2021 this semester. The same evening, Tyron Sabatta, the President, and Melina Bauer, the Vice President of Class of 2021 arranged the welcome dinner on the 5th floor of the International Building. Professor Raunaq Pungaliya and Aleksios Gotsopoulos attended the event. Students sat in different groups and played games to practice their creativity and use their intelligence. Students of diverse nationalities and backgrounds showed a united front and cooperated well with each other. SKK GSB values the idea of bringing together diverse students and fosters a sense of faith and coexistence. Yin Lin, SKK GSB PR Committee, Class of 2021
SKK GSB, #1 MBA in Korea for 9 consecutive years 2020 Financial Times - 13th in Asia & 54th in the world - (Jan 28, 2020) Financial Times’ (FT) Global MBA Rankings announced SKK Graduate School of Business (SKK GSB) Sungkyunkwan University as #1 in Korea, #13 in Asia, and #54 in the world. FT announces the world’s top 100 MBA programs every year. In 2020, it ranked Harvard Business School as #1, University of Pennsylvania, Wharton as #2 and Stanford Graduate School of Business (USA) as #3 in the world. Among Korean business schools, SKK GSB is ranked among the top 100 MBA programs in the world again. SKK GSB has been crowned as No.1 MBA in Korea for the nine consecutive years since 2012. SKK GSB was evaluated highly in ▲ career development and ▲ globalization by FT. Its strong competitiveness in these areas has boosted SKK GSB as the world's 50s MBA program again. Related Articles (in Korean) SKK GSB is ranked # 1 in Korea & #54 in the world by 2020 FT (University News Network)
January 8, 2020 - With the full support of Kelley School and the SKK GSB faculty, the Kelley-SKK GSB Women in Leadership Club began its much-awaited journey toward inspiring and influencing those in need and one another. The president of the Women in Leadership Club, Grace Ko (Executive MBA Class of 2018, Jones Lang LaSalle Korea), said, "I believe that Kelley-SKK GSB EMBA seniors and juniors hold a key position of influence for the positive development of our society. As we will have to face more challenges and more heavy burdens if we keep going to the top position, I hope we can talk to experienced senior alumni and ask for advice whenever we face such unexpected experiences in higher positions. Let's hope to grow into a female executive with a high level of AQ (adversity quotient)." It was an honor to invite Brenda Marie Bailey-Hughes, a professor at Kelley school, to give a lecture on 'You Don't Get What You Don't Ask For.' During the opening ceremony, the 31 participants understood that the Women in Leadership Club would be a lifelong supporter for the members.