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 The Customer:Founded in 1949 Medtronic is the world's largest medical technology company.
Listed among Fortune 500 companies, Medtronic employs over 38,000 individuals.
Medtronic generated 3.5 billion in revenue in 2008.
The Challenge:
- Rising costs
- Static reimbursement
- Reimbursement set by insurance companies that will only pay one allowable
- New patients migrating to competition
- Competition carving out niche markets
- Customer satisfaction failing under high costs
The Solution:
- Maximize the effectiveness of strategic, tactical,
telephone and face-to-face negotiation situations
- Increase profits through well-planned and executed
collaborative negotiations
- Minimize conflict and deadlocks through the five core
negotiations phases
- Maintain focus on interests to avoid dangerous positions
- Structure concessions of high value and low cost to both
sides
- Increase confidence and integrate new negotiation skills
through successful practice, feedback and coaching
The Breakthrough:
- Increased revenue on insulin pumps by $800,000 (14%) over 2 years
- Avoided price reduction accepted by all competitors in the same market
- Integrate client and employee Negotiation Styles to enhance personal negotiation
- Expand the pie to gain more benefits for both sides
- Increase results through customized, real world specific exercises.
Skill Areas and Business Processes Impacted
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Material Components
- 3 Customized Role Play
- Workbooks
- Visual Reinforcement
- Case studies
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20 Key Negotiation Tactics
- Krunch
- Limited Authority
- Blanketing
- Competition
- Bogey
- And 15 more…
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Five Phases of Negotiation
- Preparation
- Discussion
- Proposal
- Bargaining
- Evaluation
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Interaction
- Application exercises
- Practice exercises
- Group discussion
- Coaching and Feedback
- Immediate practical application
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