PS 3363 Exam 1 Flashcards
List the five countries mentioned with negotiation approaches.
- Chinese
- Japanese
- French
- Mid - East
- From around the world
List the approaches from the Chinese
- Chinese: Quanxi,
- Precision in words,
- consistency of purpose
List the approaches from the Japanese
- Japanese: considered response and respectful silence,
- seeking heavenly approval (KAN), t
- time is money (Japanese style)
List the approaches from the French
- agree in principle, then negotiate details
- Give nothing without getting something in return (Quid-pro-quo)
List the approaches from the Mid East
- Make negotiations fun
Approaches from around the world
Words have a strange way of changing meaning from culture to culture
When a negotiator feels outnumbered, what happens?
They feel intimidated
Does setting good targets have a positive outcome?
yes
Should you anticipate resistance?
yes, because you can prepare for it beforehand
What are SMART targets?
Specific
Measurable
Attainable
Relevant
Time
What is the iceberg theory?
The tip of the iceberg represents the obvious needs/wants of the buyer. But underneath the surface of the water, is the rest of the iceberg. Which represents their unseen/unspoken needs.
14 Rules of Negotiating
- Pick the best place and time to negotiate
- What is our next choice if this negotiation fails?
- Be stingy with concessions and leave room to negotiate
- If you are the buyer, don’t give the seller a quick counteroffer
- Don’t say yes too quickly
- Buyers should get cost breakdowns. Sellers should not give them.
- Don’t make the first major concession
- Watch your concessions as deadlines approach - big mistakes are made
- SHUT UP
- Be skeptical
- Stop hoping for the best
- Watch out for funny money
- Do’s and Don’ts if you have to compromise
- Be a super-winner. you can always find a better deal for both parties.
What does it mean to lose face?
when respect is lost
What is the most important factor in determining the outcome?
POWER. The ability to control resources and benefits
what is the most important principle?
ALWAYS be a super winner.
Is there such a thing as home-court advantage?
YES
What is reciprocity
If one gives, the other gives
Do people lower expectations after success and raise them after failure?
What’s Quaxi?
One of the Chinese approaches. A mutual and loyal friendship saying the successful one will always help the lesser one. And the lesser one will always support the successful one when times are hard
Can your boss, after reviewing your negotiation have an impact on how you negotiate?
Yes
What culture grinds persistently?
Chinese
Is there a big ALWAYS in creating a win-win according to the author?
Yes
What’s a counteroffer?
an offer made in response to another
What is a concession?
Essentially when somebody gives in. What they’re willing to give up.
What happens when people aspire for more?
They get more
Do teams take bigger risks than individuals?
Yes
Who is the management guru Deming, and how did he influence negotiating?
he believed that the product purchased would be continuously improved as seller and buyer worked together to find a better deal. Instead of having multiple suppliers.
Sam Walton believed the rapid growth of Wal-Mart was a product of the phrase he originated and repeated continuously to his executives. What was it?
High expectations are the key to everything
What is a super winner?
A person who finds a better deal for both parties
What are some of the building blocks in the pyramid of negotiation?
- Power Source and limits
- Product and market strategy
- Short/long-term relationships
- Setting reachable targets
- Win-Win strategy
- Choosing the right team and negotiator
- Motivation Strategy
- Information Gathering Strategy
- Decision-making strategy
What do published rules do for people?
Supports their viewpoint,
What is a detailed memorandum, and why is it important?
I think this is talking about the planning outline for your negotiation. It’s important because it helps you plan, and get your thoughts/arguments organized.
