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Foundations of Leadership > Quiz #1 > Flashcards

Quiz #1 Flashcards

1
Q

People who:
* look around a lot more
* make higher $$ on avg.
* compare upwards
* overall more unsatisfied

A

maximizers

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2
Q

What characteristics fall into the escalation of commitment?

A

invest in initial course of action -> does not produce desired return -> commit more resources to cover -> cost of failure rises -> commit more resources -> cost of failure rises

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3
Q

Are maximizers or satisfiers at a greater risk for escalation?

A

maximizers!

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4
Q

Cognitive shortcuts or mental rules of thumb are also known as __________ ____________.

A

decision heuristics

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5
Q

The tendency to seek and attend to info that confirms our theories and avoid seeking or attending to info that disconfirms them is ______________ _________.

A

confirmation bias

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6
Q

Overconfidence in conclusions based on incomplete data is an example of ____________ _________.

A

confirmation bias

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7
Q

The tendency to evaluate risk differently depending on how a decision is presented (framed) is _____________ __________.

A

framing heuristic

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8
Q

When thinking on a framing heuristic, if a situation is presented as a LOSS, you’re likely to…

A

take the risk, risk-seeking, gamble

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9
Q

When thinking on a framing heuristic, if a situation is presented as a GAIN, you’re likely to…

A

take the gain + walk, be risk-averse

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10
Q

The tendency to base judgments on how readily relevant examples, experiences etc., come to mind is ____________ ___________.

A

availability heuristic

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11
Q

______________ _____________ is affected by recency, vividness, primacy.

A

availability heuristic

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12
Q

The tendency to overweight initial information or estimates when forming a final judgment, even when it’s meaningless is ______________ _________.

A

anchoring bias

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13
Q

What are the three major advantages to network-building, according to HBC?

A
  1. access to private info
  2. access to diverse skillsets
  3. power
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14
Q

Control over resources that another person, team or organization cares about is _________.

A

power!

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15
Q

True or false: The resources for which you can have power can be tangible or intangible.

A

true

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16
Q

True or false: resources don’t have to be valued by the other party in order to render power.

A

false

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17
Q

What is formal power?

A

hierarchical, stems from your official position, ability to reward / punish / coerce

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18
Q

What is informal power?

A

stems from what you bring to the table, reputation, who you know; expertise, trust / admiration, friendship

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19
Q

When networking, it is beneficial and most powerful to be a ___________.

A

broker

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20
Q

What does a broker do?

A

connects unconnected groups of people, be the middleman

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21
Q

What is the homophily tendency?

A

when your strong ties = overlap in networks, causing redundant resources

22
Q

The process of affecting others’ attitudes and behaviors to achieve an objective is ____________.

A

influence

23
Q

What are the six principles of persuasion?

A
  1. liking
  2. reciprocity
  3. consistency
  4. social proof
  5. authority
  6. scarcity
24
Q

Liking means that we…

A

do things for the people we like

25
Q

Reciprocity means that we…

A

feel obligated to reciprocate

26
Q

Consistency means that…

A

people are motivated to consistently behave with commitments

27
Q

Social proof means that people…

A

look to others to decide how to act

28
Q

Authority means that we…

A

believe the experts

29
Q

Scarcity means that…

A

people want what they can’t have

30
Q

The formal or informal process by which 2+ parties decide what they will give and take in the context of a relationship is _____________.

A

negotiation

31
Q

The BATNA is the…

A

best alternative to a negotiated agreement

32
Q

The RP is the…

A

reservation price, or how much @ max the buyer can pay / seller can sell for

33
Q

The ZOPA is the…

A

zone of possible agreement

34
Q

Why might buyers pay more than they should?

A
  • overly committed to product
  • agreement bias (the tendency to reach an agreement b/c we want to agree, even if the deal < BATNA)
35
Q

Why might sellers accept less than what is rational?

A
  • bird in hand
  • relational considerations
  • feelings of sympathy
  • emotional appeals
36
Q

The person who makes the _______ offer generally claims more value in a negotiation.

A

first

37
Q

The AP is the…

A

aspiration price, or the best outcome you realistically hope to achieve

38
Q

What are the three types of issues in negotiation?

A
  1. distributive issues
  2. integrative issues
  3. compatible issues
39
Q
  • one party’s gain = the other’s loss
  • success means gaining value from the counterpart
A

distributive issues

40
Q
  • one party’s gain does NOT = the other party’s loss
  • variable sum situation
  • using multiple issues to create value and claim value from counterpart
A

integrative issues

41
Q
  • one party’s gain = the other’s gain
  • creating value w/counterpart
  • great for relationship-building
  • frequently overlooked
A

compatible issues

42
Q

To maximize joint gains, you should…

A

package your issues

43
Q

Negotiation where goals of parties are not mutually exclusive; possible win-win solution, is ___________ __________.

A

integrative bargaining

44
Q

True or false: we tend to assume that all issues are compatible.

A

false! we assume all issues are distributive

45
Q

True or false: we tend to assume that you can only negotiate one issue at a time

A

true

46
Q

For the best chance of agreement, the disclosure should look like:

A

both parties disclosing

47
Q

For the worst chance of agreement, the disclosure looks like:

A

neither party discloses

48
Q

I should worry about the other party taking advantage of me if the disclosure looks like:

A

I disclose and they don’t

49
Q

The other party could worry about me taking advantage of them if:

A

They disclose and I don’t

50
Q

You end up sharing this pretty immediately with your first offer.

A

aspiration price

51
Q

You can share this when the negotiation is strong, but sometimes it hurts you to share it.

A

BATNA

52
Q

NEVER share this in a negotiation. It gives the other party a chance to manipulate and only offer you something marginally better.

A

reservation price

Foundations of Leadership (2 decks)

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