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Negotiations MGMT 412 > Midterm 1 > Flashcards

Midterm 1 Flashcards

1
Q

Tangible

A

Price and terms of agreements

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2
Q

Intangible

A

Psychological factors, motives

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3
Q

Distributive Bargaining

A

Win-lose, zero-sum

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4
Q

Integrative Bargaining

A

win-win, value creation

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5
Q

BATNA (Best Alternative to a Negotiated Agreement)

A

Your back up plan

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6
Q

Reservation Point

A

Your bottom Line

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7
Q

Target Point

A

Your ideal outcome

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8
Q

Bargaining zone

A

the range where the agreement is possible

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9
Q

Dual Concerns Model

A

Forcing, yielding, avoiding, problem-solving, comprimising

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10
Q

Dilemas 2 type

A

Honesty (how much to share)
Trust (how much to beleive)

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11
Q

Distributive Bargaining

A

WIn-lose negotiation strategy, one parties gains comes at the expense of the other
Zero-sum because total value being negotiated is fixed

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12
Q

Characterstics of Distributive bargaining

A

Fixed amount of resources
conflicting goals
information is not freely shared

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13
Q

Key Tactics in Distribute Bargaining (5)

A

……

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14
Q

Anchoring

A

Start with an extreme first offer to shift the negotiation in your favor

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15
Q

Concessions

A

Make small, strategic concessions

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16
Q

silence and patience

A

let the other party make the next move

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17
Q

Threats and Deadlines

A

Pressure taticts can sometimes be effective

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18
Q

Bogey

A

Pretending a minor issue is important to trade it away later

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19
Q

Closing the Deal (4)

A

….

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20
Q

Provide alternatives

A

give the other party multiple choices

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21
Q

Split the difference

A

meet in the middle

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22
Q

exploding offer

A

a time-sensitive offer to create urgency

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23
Q

sweeteners

A

offer small bonus at the end to finalize the deal

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24
Q

Integrative Bargaining

A

A win-win negotiation strategy that focuses on creating value and expanding the pie

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25
Core principle os Intergrative Bargaing (5)
....
26
Share information
transparency builds trust
27
Understand interest
focus on why each party wants something, not just what
28
Expand the Pie
Find creative way to add value
29
Logrolling
trade concessions based on different priorities
30
Mutual Gains
look for solutions that benifit both parties
31
Negotiators Dilemma
if you cooperate too much you may be exploided If you compete too much, the deal may fall through
32
Ultimatum Game and fairness
proposer offers a split of money and the responder can accpet or reject the responder should accept any money, but in reality they often reject unfair offers
33
War of Attrition
a costly game where both parties endure losses to outlast each other
34
War of Attrition example
Bidding wars, law suits, long contractual disputes
35
Nash Bargaining Model
each player tries to maximize join surplus while claiming as much value as possible First offer matters because it sets the base line
36
Key steps in planning a negotiation (5)
.....
37
Define issues and interests
What do you want and why
38
Assess Constituencies and social context
who else is involved
39
analyze the other party
what are their interest, resources and alternatives
40
prepare a defense
have facts with evidence ready
41
set targets and openings
define your bargaining range
42
Field Analysis Model (Like a soccer match) (4)
....
43
your team
who supports you
44
opposing team
who is negotiating against you
45
sidelines
who influences the game
46
audience
who is watching
47
Negotiation
a decision making situation in which two or more interdependent parties attempt to reach an agreement
48
Independent Party
able to meet their own needs without the help or assistance of others
49
Dependent
must rely on others for what they need
50
interdependent
characterized by interlocking goals
51
Distributive Negotiation
Zero-sum one gains at the other's expense
52
Integrative Negotiation
Not zero-sum Free flow of information Minimize difference creative search for solutions that meet both parties needs
53
Outside Option is another name for
BATNA
54
Grim trigger strategy
I cooperate with you as long as you cooperate with me If you stop cooperating with me I impose the maximum credible punishment
55
conflict
sharp disagreement or opposition, as of interest, ideas, etc.
56
Equilibria
The outcome we can expect from the players
57
Nash Equilibrium
is a set of strategies such that neither player has an incentive to change there strategy given the strategy of the other
58
What does people are Bayesian means
they update their beliefs based on new information
59
Pareto Principle
noe offer should be accepted that doesn't consider A point where no more improvements can be made without harming someone else (the best possible outcome)
60
Responding to Hardball Tactics
Ignore them Discuss them Respond in kind Co-opt the other party
61
Mutually Beneficial Trade
Almost always gain from the trade or there is no need to negotiate
62
Substaniative Interest
Focal issues (economic anf financial)
63
process interest
the way a dispute is settled (people care about winnning or being heard)
64
Relationship Interests
in the moment or futre reputation
65
principle interest
fairness or ethical and moral considerations
66
Difference between negotiation and argument
Arguments are about winning negotiations are about finding a solution
67
Taticts
Short-term adaptive moves designed to enact or pursue broad strategies
68
Interpersonal trust
a generalized expectancy held by an individual that the word, promise, oral or written statement of another individual or group can be relied on
69
Machiavellianism
A tendency to be cynical about others' motives, more likely to behave unaltruistically toward others, and less willing to change their convictions under social pressure
70
Face threat sensitivity
The degree to which people are more or less sensitive to losing or saving face Refers to a person's social image, reputation, or self-worth
71
big 5 personality factors
extroversion - being sociable assertive, talkative agreeableness - being flexible conscientiousness - being responsible, organized emotional stability - secure, confident, not anxoius openess - being imaginative, broad minded
72
Cognitive ability
general mental capability that, among other things, involves the ability to reason, plan, solve problems, think abstractly, comparand complex idea, learn quickly, and from experience
73
Moral Hazard
Moral hazard in negotiations occurs when one party takes risky or opportunistic actions because they do not bear the full consequences, often due to asymmetric information or lack of accountability.
74
Interpersonal Trust
expectancy held by an individual that the word, promise, oral or written statement of another individual or group can be relied on
75
Self-monitoring
the extent to which people are responsive to the social cues that come from the social environment
76
Incremental Theorists
people who believe negotiation ability tends to be malleable rather than fixed
77

Negotiations MGMT 412 (1 decks)

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