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MGMT 353 || with Complete Solutions.
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Negotiation is.. correct answers - your key communication and influence tool -An interpersonal decision-making process necessary whenever we cannot achieve our objectives single-handedly -not just about resources - it is equally about relationships and trust Key reasons effective negotiation s...

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  • August 25, 2024
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  • 2024/2025
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MGMT 353 || with Complete Solutions.
Negotiation is.. correct answers - your key communication and influence tool
-An interpersonal decision-making process necessary whenever we cannot achieve our objectives
single-handedly
-not just about resources - it is equally about relationships and trust

Key reasons effective negotiation skills are important: correct answers - dynamic nature of
business
- interdependence
- Economic forces
- information technology
- globalization

People are poor at negotiation because of the influence of 4 fundamental biases: correct answers
-Egocentrism
-Confirmation bias
-Satisficing
-Self-reinforcing incompetence

Common Myths about Negotiation correct answers -they are fixed sum
-good negotiators take risks: because if you prepared correctly you don't need to take risks
-you need to be either tough or soft
-life experience is a great teacher
-good negotiators are born with the skill
-good negotiators rely on thier intuition

The learning objectives of this book are: correct answers -to improve your ability to negotiate
successfully
-to form your general strategies for successful negotiations
-to pursue negotiations from an enlightened model, which assumes that the other person you are
negotiating with is every bit as motivated, intelligent, and prepared as you

Godfather movie correct answers Do want to be hard for the godfather because you need him, he
does not need you

Chapter 2: Preparation: What to do Before Negotiation correct answers Preparation for a
negotiation is the key to success

People with this fixed-pie perception take one of three mindsets when preparing for a
negotiation: correct answers -resign themselves to capitulating to the counterpart
-prepare for hard bargaining with the counterpart
-compromise in an attempt to reach a midpoint between opposing demands

The fixed-pie perception correct answers -There is only so much to go around, but the proportion
to be distributed is limited but also variable.

,-The outcome is often conceptualized as a pie - one is a winner and one is the loser
-Fix-pie I have to be hard, surrender or agree
-It is commonly assumed that concessions are necessary by one or both parties to reach an
agreement.
-is almost always wrong and often leads to an ineffective approach to negotiations.
-EFFECTIVE APPROACH TO NEGOTIATIONS.

Mixed-Motive Decision-Making: correct answers a more effective and accurate model
-a more accurate model of negotiation is to approach it as a mixed-motive decision-making
enterprise involving both cooperation and competition.
-effective preparation for a negotiation encompasses three general abilities
-its based on the motives - cant do it if your not prepared
-Have to think about the bigger picture - the entire situation
-Lottery pick you get the same salary there is not negotiating that

Effective preparation for a negotiation encompasses three general abilities: correct answers -Self-
assessment
-Assessment of the counterpart
-assessment of the situation

Self-Assessment: What do I want?
Identify what you want may sounds straightforward, but three major problems often arise:
correct answers -under-aspiring negotiator (the winner;s curse)
-Over-aspiring or positional negotiator
-The grass-is-greener negotiator

Winner's curse: correct answers happens when a negotiator makes an offer that is immediately
accepted by the other party

Self-Assessment: What is my BATNA?
what is my Best Alternative To a Negotiated Agreement in this situation? correct answers -
BATNAs are not wishful, they are factual
-your BATNA is time sensitive
-Do not let the other party manipulate your BATNA
-negotiators should be willing to accept any set of terms superior to their BATNA

Self-Assessment: What is My Reservation Point?
You can determine you reservation point or the quantification of your BATNA, with respect to
other alternatives by the following steps: correct answers -brainstorm your alternatives
-evaluate and order each alternative's value
-attempt to improve your BATNA
-Determine your reservation price based on facts

reservation point correct answers -is a quantification of a negotiator's BANTA with respect to
other alternatives - lowest point you will go
-Most direct influence in the final outcome

, -IT SHOULD BE BASED ON FACTS
-Can lead to 2 bad outcomes if failure to assess reservation point - Agree to outcome that is
worse than BATNA-Reject an offer that is better than their BATNA

Self-Assessment: Setting up the Negotiation
When determining your reservation point, be aware and knowledgeable of the following: correct
answers -be aware of focal points
-beware of sunk costs
-do not confuse your target point with your reservation point
-identify the issues in the negotiation
-identify the alternatives for each issue
-Identify multi-issue proposals of equivalent value

Focal points - correct answers are salient numbers, figures, or values that appear to be valid but
have no basis in fact

Sunk costs correct answers - money you have invested that is gone- get you in trouble all the
time
-Should think about future costs and benefits for a decision
-Can influence your own behavior and the behavior of the counterparty

Risk aversion - correct answers a strong preference of one thing over another reflects a
fundamental principle of negotiator behavior

Reference Point correct answers defines what a person considers to be a gain or a loss
- Going to be based on different people

premature concessions correct answers Discourage starting a range - this gives the opportunity to
let the opposite part move closer to their BATNA

Self-Assessment: Assess your risk propensity correct answers -most people are risk-seeking
when it comes to losses, and risk-averse when it comes to gains
-reference points define what people consider to be a gain or a loss

In any negotiation, negotiators should consider the differential impact of three sources of risk:
correct answers Strategic risk
BATNA risk
Contractual risk

Strategic risk correct answers refers to the riskiness of the tactics that negotiators use at the
bargaining table
-- riskiness of the tactics that negotiators use at the bargaining table
-Choose between extremely cooperative tactics and competitive tactics
- Those who experience a string of failures are more likely to adopt a "loss frame" and feel less
"in control" whereas those who experience a string of successes feel greater in control.

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