MGMT 412 - #1
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17 questions
| 🇬🇧 | 🇬🇧 |
| Q: What is a negotiation? | A decision-making situation where two or more interdependent parties attempt to reach an agreement. |
| Q: What are tangibles and intangibles in a negotiation? | Tangibles are the price or terms of the agreement; intangibles are underlying psychological motivations that influence the parties. |
| : What are the three types of party dependence in negotiations? | Independent (can meet needs alone), Dependent (must rely on others), and Interdependent (goals are interlocked). |
| What is the difference between distributive and integrative negotiation? | Distributive is zero-sum (one gains at another’s expense); integrative is not zero-sum and seeks mutual benefit. |
| What is BATNA? | The best outcome you can achieve if you walk away from the negotiation; also called an outside option. |
| : What are concessions in negotiations? | Things you give up, relative to your most preferred outcome, in exchange for reaching an agreement. |
| What are the dilemmas of honesty and trust in negotiations? | The dilemma of honesty is how much truth to tell; the dilemma of trust is how much to believe from the other party. |
| What is the Grim Trigger Strategy in negotiations? | Cooperate as long as the other party cooperates; if they stop, impose the maximum credible punishment. |
| : What is the difference between value claiming and value creating? | Value claiming focuses on maximizing your own benefit (distributive); value creating focuses on mutual gains (integrative). |
| What is more important in effective communication during negotiations: speaking or listening? | Listening is more important, as it helps understand the other party's needs and guides the negotiation. |
| What is comparative advantage in negotiations? | Recognizing and leveraging your unique strengths and skills relative to others. |
| What are the four tools in the toolbox approach to negotiations? | 1) Know yourself, 2) Know your negotiating partner, 3) Know the field of play, 4) Commit to improving skills and building a reputation. |
| What is the difference between formal games and informal heuristics in negotiation? | Formal games use logic in well-defined scenarios, while informal heuristics rely on experimental studies and anecdotes. |
| Why are anecdotes important in negotiation? | They appeal to emotions and can influence outcomes, but they don't fully explain the negotiation scenario. |
| Why is being yourself important in negotiation? | Authenticity leverages your unique perspective and skills, rather than mimicking others |
| How should trust be managed in negotiations? | Trust everything until proven otherwise; once deceived, rely only on verifiable information. |
| What is the impact of trust on societies and negotiations? | High-trust societies tend to be wealthier and more successful in negotiations, while distrust can hinder outcomes. |