MGMT 451 EXAM 1_139 QUESTIONS WITH
VERIFIED ANSWERS
a form of decision making in which 2 or more parties talk with one another in an
effort to resolve their opposing interests - CORRECT ANSWER Negotiation
best alternative to a negotiated agreement - CORRECT ANSWER BATNA
point at which you exercise your BATNA - CORRECT ANSWER Reservation price
optimistic outcome - CORRECT ANSWER Target
most optimistic possible outcome you can imagine - CORRECT ANSWER Opening
offer
the range of possible agreement between the two parties minimally acceptable
settlements - CORRECT ANSWER Bargaining zone
1. is the future relationship with the other party important?
2. is the reputation I create from this particular negotiation going to affect future
negotiations - CORRECT ANSWER Two fundamental questions
- if time pressure is high
- when you’re not prepared
- a situation where you could lose everything
,- if the demands are illegal, unethical, or immoral
- when the other party acts in bad faith
- if waiting would improve your position - CORRECT ANSWER When to walk away
from a negotiation
going after a sweetener right at the very end of the negotiation - CORRECT
ANSWER The nibble
inundate the other party with information to confuse and distract - CORRECT
ANSWER Snow job the person
take out the negotiating form and begin to complete it, then ask for a signature -
CORRECT ANSWER assume the close
great to use after an exaggerated opening - CORRECT ANSWER split the difference
creates time pressure and, hence, mistakes can be considered a hardball tactic -
CORRECT ANSWER exploding offers
- ignore them
- call the other party on it
- respond in kindness - CORRECT ANSWER Countering hardball tactics
- win lose
- fixed pie to be divided - CORRECT ANSWER distributive/competitive negotiations
, - win win
- pie an be expanded - CORRECT ANSWER integrative/collaborative negotiations
- speedy decision is needed
- you are in a power position and your relationship with the other party is not
important
- unfavorable decision by the other party very costly to you - CORRECT ANSWER
Competitive style:
appropriate when
- speedy decision isnt necessary
- both parties are equally powerful
- relationship is important to you
- issue is complex - CORRECT ANSWER Competitive style:
Inappropriate when
- preserving relationship is important
- you anticipate reciprocation later
- issue is more important to other party
- you have less power - CORRECT ANSWER Accommodative style:
Appropriate when:
- issue is important to you
VERIFIED ANSWERS
a form of decision making in which 2 or more parties talk with one another in an
effort to resolve their opposing interests - CORRECT ANSWER Negotiation
best alternative to a negotiated agreement - CORRECT ANSWER BATNA
point at which you exercise your BATNA - CORRECT ANSWER Reservation price
optimistic outcome - CORRECT ANSWER Target
most optimistic possible outcome you can imagine - CORRECT ANSWER Opening
offer
the range of possible agreement between the two parties minimally acceptable
settlements - CORRECT ANSWER Bargaining zone
1. is the future relationship with the other party important?
2. is the reputation I create from this particular negotiation going to affect future
negotiations - CORRECT ANSWER Two fundamental questions
- if time pressure is high
- when you’re not prepared
- a situation where you could lose everything
,- if the demands are illegal, unethical, or immoral
- when the other party acts in bad faith
- if waiting would improve your position - CORRECT ANSWER When to walk away
from a negotiation
going after a sweetener right at the very end of the negotiation - CORRECT
ANSWER The nibble
inundate the other party with information to confuse and distract - CORRECT
ANSWER Snow job the person
take out the negotiating form and begin to complete it, then ask for a signature -
CORRECT ANSWER assume the close
great to use after an exaggerated opening - CORRECT ANSWER split the difference
creates time pressure and, hence, mistakes can be considered a hardball tactic -
CORRECT ANSWER exploding offers
- ignore them
- call the other party on it
- respond in kindness - CORRECT ANSWER Countering hardball tactics
- win lose
- fixed pie to be divided - CORRECT ANSWER distributive/competitive negotiations
, - win win
- pie an be expanded - CORRECT ANSWER integrative/collaborative negotiations
- speedy decision is needed
- you are in a power position and your relationship with the other party is not
important
- unfavorable decision by the other party very costly to you - CORRECT ANSWER
Competitive style:
appropriate when
- speedy decision isnt necessary
- both parties are equally powerful
- relationship is important to you
- issue is complex - CORRECT ANSWER Competitive style:
Inappropriate when
- preserving relationship is important
- you anticipate reciprocation later
- issue is more important to other party
- you have less power - CORRECT ANSWER Accommodative style:
Appropriate when:
- issue is important to you
