Negotiation

Question 1

Negotiation

Answer 1

2 parties communicate to reach a mutually acceptable agreement on issues where they may have conflicting interests or goals (FB marketplace).

Question 2

Mutual Benefit

Answer 2

Solution that provides value/advantage to all involved parties, nurtures positive relationships and long-term cooperation.

Question 3

Conflict Resolution

Answer 3

Address and resolve differences, minimizing misunderstandings and preventing escalation of disputes.

Question 4

Purposes of Negotiation (4) - separate ideas that overlap

Answer 4

1. Resource Allocation - decide how resources (time, money, space, responsibility) will be distributed amount parties.
2. Goal Alignment - align interests, whether in personal, organizational, or professional contexts - smoother collaboration.
3. Relationship Building - built trust, rapport, understanding among parties - foundation for future interactions.
4. Decision-Making - create clear, structured process for making choices that involve multiple stakeholders, balancing different perspectives and priorities.

Question 5

Negotiation Styles

Answer 5

1. Competitive (win-lose).
2. Collaborative (win-win).
3. Compromising (split the difference).
4. Accommodating (lose-win).
5. Avoiding (lose-lose).

Question 6

Positions vs. Interests

Answer 6

Positions - What they say they want

Interests - Why they want it

Question 7

Best Alternative to a Negotiated Agreement (BATNA)

Answer 7

• Plan B or best option if all else fails.
• Not your ideal outcome, best fallback position.
• What you CAN do, not what you WANT to do.
• Determines walk-away power.

Question 8

Guanxi

Answer 8

Chinese term for relationship (network of social connections and relationships built on trust and mutual obligation.
- Emphasizes importance of strong, personal bonds and leveraging those connections to achieve personal and professional goals.
- Involves building relationships based on shared experiences, favours and loyalty.