Victoria Medvec is the Adeline Barry Davee Professor of Management & Organizations and Executive Director of the Center for Executive Women. Professor Medvec joined the Kellogg School’s faculty in 1995. Her research focuses on judgment and decision making, with a particular emphasis on how people feel about the decisions they have made. Her current research explores both independent decision making and interdependent decisions within the context of negotiations. Her work is published in academic journals such as Psychological Review, the Journal of Personality and Social Psychology, and Organization Behavior and Human Decision Processes. In addition, her research has been highlighted in numerous popular media outlets including the Wall Street Journal, the New York Times, the Washington Post, and the Today Show.
High Stakes Negotiations
Dr. Medvec, Northwestern University’s premier negotiations expert, has several critical negotiation tools useful during these turbulent times – ranging from emphasizing “avoidance of loss” vs. “benefits” to the importance of driving all negotiations via synchronous communication – a critical technique for dramatically reducing sales cycle time.
It is challenging to be calm in the midst of the current economic environment and the stress that this environment is creating.
Many of you are probably encountering tough negotiations as a result of the economic pressure today. In this session, we will talk about how to manage these challenges by using the right negotiation strategies.
Today’s business environment creates many opportunities though. This session will highlight how to leverage these opportunities to your advantage.
Crisis creates the opportunity to build customer relationships because of customers’ increased dependence on you.
Crisis also creates the perfect opportunity to lead change initiatives. People tend to be risk seeking in the domain of losses and risk-averse in the domain of gains. This makes the status quo very sticky in gain periods. The losses we are currently experiencing create an ideal environment for change.