1. Thing through a good outcome Show
2. Assess your needs and interests 3. Identify your BATNA 4. Improve your banta if possible 5. Determine your reservation price 6. Evaluate the trade offs between issues and issues 7. Assess the other sides BATNA 8. Assess the other sides interests 9. Anticipate the authority issue 10. Learn all you can about the people and culture on the other side 11. Strive for fairness by gathering external standards and criteria 12. Prepare for flexibility in the process - don't lock yourself into a rigid sequence 1 Contending/Competing 2 Yielding/Accommodating 3 Inaction/Avoiding 4 Problem
solving/Collaborating 5 Compromising Recommended textbook solutions
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Terms in this set (49)With regard to negotiation, the winner's curse occurs when: a negotiator makes an offer that is immediately accepted by the other party A type of negotiation behavior known as reactive devaluation refers to: a negotiator who does not know what he or she really wants, other than not wanting what the other party is offering Negotiators should consider the impact of three types of risk with regard to their alternatives. These three types of risk include: strategic risk, BATNA risk, and contractual risk A negotiator's BATNA (Best Alternative to a Negotiated Agreement) determines the point at which a negotiator is prepared to: walk away from the negotiation table One strategy for improving one's BATNA in negotiation is to: improve your alternative options before going to the negotiation table In negotiation, buyers and sellers may adopt differing bargaining positions for an object, but their private valuations for the object should not differ as a consequence of who has possession. The endowment effect is best described as: a tendency for people to value an object more once they own it A negotiator's reservation point is a quantification of the negotiator's: BATNA In negotiation, the fixed-pie perception is defined as: the belief that concessions are necessary by one or both parties in order to reach an agreement A dispute is best defined as a situation in which: a claim is made by one party and rejected by the other party Negotiators who have fixed pie perception usually adopt one of three mindsets: They resign themselves to capitulating to the other side (soft bargaining). They prepare themselves for attack (hard barganing). They compromise in an attempt to reach a midpoint between their oppoising demands. what is mixed-motive enterprise? negotiation involves both cooperation and competition What are three abilities to have for effective preparation? Self-assesment, Other Assesment, situation assesment What is a target point or aspiration point? is when a negotiator would determine an ideal outcome Uderaspiring Negotiator sets his/her target too low which results in the winners-curse Overaspiring negotiator or positional negotiator too tough, sets the target point too high and is unwilling to make any concessions Grass-is-greener negotiator Negotiator who does not know what he or she really wants- only that he or she wants what the other party does not want to give- and does not want what the other party is willing to offer reactive devaluation A process of devaluing contribution or concessions that others make during a negotiation What is an alternative to reaching an agreement? Using the BATNA. Negotiators should be willing to accept any terms superior to their BATNA or reject any term that are worse then their BATNAs What are focal points? like anchors, are slaient numbers, figures, or values that appear to be valid but have no basis in fact. What are sunk costs? a cost that has already been incurred and cannot be recovered What is risk aversion? Preferring a sure thing over a risky outcome what is a refernce point defines what a person considers to be a gain or loss What are implications for negotiation? Negotiators should consider the differential impact of three sources of risk in negotiation: strateic risk, BATNA risk, and contractual Risk Strategic Risk refers to the riskiness of the tactics that negotiators use at the bargaining table BATNA risk the more risk averse the negotiator,the more likey it is that she or he wil make greater concessions. Thus, given BATNAS of equal epxected value, the more risk averse negotiator will be in a weaker bargaining position. Contractual Risk The risk associated with the willingness of the other party to honor its terms endowment effect the value of an object should be the same, whether we are a buyer or a seller. counterfactual thinking the tendency to imagine alternative events or outcomes that might have occurred but did not Sure thing principle if alternative X is preferred to Y in the condition that some event, A, occurs, and if X is also preferred to Y in the condition that some event, A, does not occur, then X should be preferred to Y, even when it is not known whether A will occur Why would people pay a fee to a consultant or intermediary to delay the decision when they would make the same coice either way? Violations of the sure thing principle are rooted in the reasons people use to make their decisions Overconfidence effect refers to unwarrented levels of confidence in people's judgement of their abilities and the occurance of positive events and underestimating the likelihood of negative effects Hidden table The most important parties are not present at the negotiation table Are parties monolithic? Monolithic refers to whether parties on the same side of the table are in argreement with one another concering their interests in the negotiation. One-shot negotiation A transaction occurs, and no future ramifications accrue to the parties repetitive negotiations Situations in which negotiators must renegotiate terms on some regular basis Long term & repetitive negotiations negotiators must consider how their relationship evolves and how turst is maintained over time. What are two major types of conflict in negotiations? Consensus and Scarce resource conflict consensus conflict Occurs when one person's opinions, ideas, or beliefs are incompatible with those of another, and the two seek to reach an agreement of opinion Scarce resource competition Exists when people vie for limited resources. For example: when business partners are in conflict concerning how to divide responsibilities and profits, each ,ay feel he or she deserves more than the other Is the negotiaition one of necessity or oppurtonity? In many cases we must negotiate in other it is more of a luxury or oppurtonity. The recognition of negotiable oppurtonities is a key predictor of success in negotiation. Transactional negotiations Parties come together to exchange resources, such as when a buyer sees greater value in a seller's goods than the seller wants for them, and an exchange takes place Disputes Negotiations take place because a claim has been made by one party and has been rejected by the other party Linkage effects The fact that some negotiations affect other negotiations Ratification refer to whether a negotiationg party must have a contract approved by some other body or group. final deadline a dealine for one is a dealind for the other. The shortest final dealine is the one that counts, and if they dont have a deal by that point, then negotiators must reveal their BATNAs Time-related costs setting a final deadline on the negotiations can be helpful, especially if the passage of time is costly for the negotiator. Time Horizon The amount of time between the negotiation and the consequences or realization of negotiated agreements Do negotiators communicate explicitly or tactily? in a typical buyer-seller it is explicit. However in other situation, communicaiton is tacit and people communicate thru their actions. Is precedent important? In many negotiations precedent is important, not only in anchoring on a particular point or reference but also in defininf thw range of alternatives Sets with similar termsMind and Heart of the Negotiator- Ch. 2 Preparation41 terms Niki_Goward Negotiation 154 terms lewishide Negotiation85 terms toms4golf Negotiations Ch. 1, 2, & 6 Quizzes29 terms kelleyhirschey Sets found in the same folder
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What is it called when there is a negotiation between two parties?Compromise is normally the basis of negotiation. Negotiations can take place between buyers and sellers, an employer and prospective employee, or governments of two or more countries.
What are the 2 negotiation types?The two distinctive negotiation types are distributive negotiations and integrative negotiations. The Negotiation Experts' sales course and purchasing negotiation training teach both methods. Both types are essential to negotiating successfully in business.
What is the process of negotiation called whereby one party stands to gain at the other party's expense?Distributive Negotiation
Also referred to as 'Win – Lose', or 'Fixed – Pie' negotiation because one party generally gains at the expense of another party.
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When two or more people from one party negotiate with two or more people from the other side it is called quizlet?
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