Recently, our CEO Tracy Yun had an interview with Clear Admit. Ms. Yun is a graduate of Columbia Business School with over 10 years of experience in mergers and acquisitions, and is the only female CEO of a major GMAT test prep company. Here’s what she had to say about why Manhattan Review is a great way to prepare for business school:
• It employs teachers that are better rounded than those at other prep courses. That is, a high GMAT score doesn’t cut it when we hire. Experience, maturity and enthusiasm distinguish Manhattan Review instructors.
• It is meant for people with very little time on their hands, which encompasses most of the population. Fast problem-solving approaches are taught, and the courses are suited to people of all skill levels, whether you’re a math whiz or a math diz.
• We have been selected by prominent institutions such as top business schools and non-profit organizations to pre-MBA training in subjects such as corporate finance and communications skills. Also, because the GMAT is not the only element of the MBA admissions process, we also offer GRE and TOEFL preparation.
• The class sizes are small, fostering a personal learning environment.
• Powerpoint presentations are a thumbs-down here. We believe that it is more dynamic and effective to have a verbal, non-scripted analysis of GMAT problems.
• We host an annual business school event – the MBA Gate, which has been well attended since its launch in 2000. There’s nothing better than offering potential MBA students face-to-face interaction with recruiters and admissions officials.
While she respects her competitors, she believes that Manhattan Review courses offer many things that larger test prep companies do not. With a passion for education and business, coupled with a 99th score on the GMAT and a Columbia MBA degree, Ms. Yun clearly knows what she’s talking about when it comes to GMAT, MBA admissions, and has the creativity to come up with unique strategies. To read more, visit Clear Admit.
Recently Manhattan Review has had a number of raffle drawings and scholarship giveaways with partnering organizations. We are pleased to announce two of our recent raffle winners: Tim Brackrock and Ricardo Moraes!
- Better Score Guarantee – Unlimited Classes, Online Library & Advice
- Turbocharge Your GMAT Math/Verbal Study and Solutions Guides
- Extensive Quant and Vocabulary Glossaries
- Three on-line challenging Computer Adaptive Tests
- After-class Home Study Guideline provided
- Discount for Private Tutoring & MBA Admissions Services
- Discounted Access to Online Recording Library for tailored study
- US$200 Student Referral; US$1000 Corporate Account Referral (applicable only for paying students)
- Double Your In-Person Class Hours with an Online Course at No Additional Cost (up to 56 Hours of Total Real-time Instruction Hours)
Ricardo Moraes in Brazil entered a photo contest sponsored by the MBA tour . He won a free online GMAT course (a $1,025 value), a set of Manhattan Review Turbocharge Your GMAT course books, and an Elite School Dedicated Package for 5 schools (a $5,500 value), worth a total value of $6,525. The Elite School Dedicated Packs are part of our MBA Application Review and Advisory Services and give you the end-to-end, comprehensive guidance for your entire admissions process.
Thanks to everyone who entered our drawings!
Manhattan Review is very excited to present a chapter from our new book, Negotiation and Decision Making, which is coming out in conjunction with a MBA training seminar in california. The book also serves as the base for our Negotiation and Decision making class which is taught by expert practioners who have had substantial experience with million-dollar deal negotiations . Our Turbocharge Your Career series has seven more books planned for publication. All of the eight books will be available on Amazon.com and in Barnes and Noble stores across the US. We will also host this class online or in-person at selected locations around the world. Email us at firstname.lastname@example.org for more details.
5.1 Important Steps to a Good Deal
5.1.1 Understanding/Problem Solving
Prior to engaging in a negotiation, it is important to get to know the scenario and “the playing field”.
The scenario is composed of various elements
Time – The pressure created by time can cause negotiators to make mistakes. Therefore, if you know how to use your time wisely and plan well, you can achieve a better outcome from you negotiation.
Information – Having more information or access to more information can create the leverage you need for a successful negotiation. Information allows you to create more opportunities and alternatives.
Power – Power is in many ways purely the perception of the other side. You must appear to have power even if you really don’t
Passion – Passion will be the final factor that puts you ahead of your opponent. The more passion you have, the greater your ability will be to get the deal
There are certain facts that you must know about the other side to engage in a mutually successful negotiation.
- Their goals and objectives broadly
- What they want out of this particular negotiation
- Pressures on them
- Who makes the final decision
- Their possible bargaining zone
Please check with our Pre-Negotiation Assessment Chart to be sure that you cover all the elements.
The above will necessitate research on your part. You must have ample information available before you try and successful negotiate. There are many tools available.
- Public information (financial reports etc.)
Not only know what you are negotiating about, but know who you are negotiating with. Without proper research before hand you will not be successful in your negotiations. By having information, you will be able to test them on their level of honesty. You can ask questions about their situation and if you know the answer and are being lied to, you will be able to assess their negotiation style rather quickly.
Some authors recommend outlining some possible outcomes
- Best Possible Outcome
o This is the best possible, but not necessarily realistic outcome
- Worst Possible Outcome
o The worst and least acceptable outcome
- Expected Outcome
o A likely and somewhat acceptable outcome
- Resistance Point (Walk-away Point)
- BATNA (Best Alternative to a Negotiated Agreement)
5.1.3 Building Communication
- Share information: Hiding all of the details creates a negative environment
- Active Listening: Show that you want to know about their position and what are their needs and wants of the negotiation
- Acknowledge their Needs: Show them that your business can help them and give them what they want. If you don’t they will turn to someone else.
- Ask questions so you can discover their needs and decide whether or not you can meet them.
5.1.4 Controlling the Negotiation
The more control you have over certain aspects of the negotiation, the more likely you will be to gain an advantage. Here are some ways to gain control
1. Speak First – In many instances, if you speak first you will control the tone and tempo of the rest of the negotiation
2. Ask Questions – By asking questions you will control the content of the negotiation. By asking questions, you are also finding ways to come to an agreement
3. Don’t Argue – The key to negotiations is sharing information and not being combative.
4. Prepare to meet the other person’s needs – fully understand the other side’s position, motivations and needs and be ready to meet them
5. Listen – The more you understand of the questions you ask, the more control you will have on the outcome of the negotiation
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