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10 Cards in this Set
- Front
- Back
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What is negotiation?
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Decision making process between interdependent parties who do not share identical preferences
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What is distributive bargaining?
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Negotiation that seeks to divide up a fixed amount of resources (win-lose)
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What is integrative bargaining?
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Negotiation that seeks one or more settlements (win-win)
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What are the characteristics of the two types of bargaining?
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What are the keys to negotiating?
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Assess personal goals and identify other's goals
Identify target and resistance points Identify BATNA (best alt. to negotiated agreement) |
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Why are integrative strategies so key?
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They build trust, share info, emphasize commonalities, minimize differences, and make multiple offerings at once
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What are 3 common mistakes in negotiation?
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1) Irrational escalation of commitment
2) Belief in the mythical "fixed pie" 3) Anchoring and adjustment |
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What are the 3 keys to negotiating well?
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Planning
Not leaving value on the table Knowing everyones BATNAs |
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What are the two types of 3rd party involvement?
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Mediation (3party aids in process, or intervenes in content)
Arbitration (3party has authority to dictate terms of settlement) |
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What are the 2 types of arbitration?
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Conventional arbitration (arbitrator chooses any outcome)
Final Offer arbitration (each party makes final offer, then arbitrator chooses one) |
