L4M5 The sequel

Question 1

In economic theory what best describes the relationship between prices, supply and demand?

Answer 1

As prices go up, supply increases and demand decreases

Question 2

At which stage would you ask for missing information?

Answer 2

Testing stage.

Question 3

A person who enjoys bargaining is what?

Answer 3

A dealer.

Question 4

Apart from dealer what are the three other negotiation styles?

Answer 4

Warm - a people person, Tough - hard nosed and Logical - a numbers person.

Question 5

Who has the responsibility to follow the agenda?

Answer 5

The chairperson.

Question 6

Apart from the team leader (chair person) what are the other roles?

Answer 6

Chief negotiator (spokesperson), commercial lead, technical lead, observer and scribe.

Question 7

What is the equilibrium price?

Answer 7

The equilibrium price is the point where demand and supply curves intersect.

Question 8

Which approach can be used as the ability to affect the thinking of another?

Answer 8

Influence (pull)

Question 9

A buying organisation with a high spend and a reputation for paying late is what type of business?

Answer 9

Exploit

Question 10

Thomas Kilmann Model has four quadrants

Answer 10

Avoid Accommodate Compete Collab. Compromising.