Reference no: EM133149375

Part 1- Multiple Choice Questions (circle, underline or highlight correct answer)

1. BATNA is:

a. Best Alternative Tactic of your Negotiation Agreement

b. Best Alternative To a Negotiation Agreement

c. Best Strategy to your Negotiation Agreement

d. All of the above

2. Target point is:

a. Your highest price point for negotiation

b. Your reservation point for negotiation

c. Your price that you would like to get for negotiation

d. All of the above

3. The degree of assertiveness is:

a. Is a party that shows interest toward working for the other's outcomes

b. Is a party that is concerned with its own interests

c. Is a party that works well only in a team

d. Is a party that concerns with everyone's goals in negotiation

4. The Negotiator's Dilemma is:

a. The agreement on whether you should close the deal at a particular price point or you can negotiate a higher price

b. The tension between engaging in competitive and cooperative behaviour in a the negotiation

c. The dilemma on which strategy should be used when you want to create

d. None of the above

5. What are the key steps in the integrative negotiation process?

a. Use some nonspecific compensation

b. Try to expand the pie 2 IBM1006 Midterm Examination 30%

c. Find a common solution that would satisfy all parties

d. All of the above

6. Zero-sum game is a situation when:

a. Zero-sum game is the deal where both parties are satisfied with the negotiated terms

b. Zero-sum game is when ONLY one party gets a good deal

c. Zero-sum game is when ONE party wins and other party loose

d. None listed above

7. Multiparty Negotiation is when:

a. More than one person who negotiates on behalf of the company

b. Only one person who represents the company

c. Parties are made up of more than one person

d. A multiple party negotiation

8. Concessions are:

a. Tricks that experienced negotiators use to close a deal

b. Hard ball tactics that are used during negotiations

c. Trade-offs

d. None of the above

9. Creating value in negotiation means to:

a. Claim what is your in the negotiation deal

b. Is an aspect of win-win negotiations in which parties benefit from the deal

c. Is a strategy where one party gives concessions to another party to claim value

d. None of the above

10. Intrapersonal conflict:

a. A conflict between the employer and employee

b. A conflict within an individual

c. A conflict that has occured at work because of a personal matter

d. A conflict between two employees that is not related to work

Part :- 2 - Definition

1. In your own words define what is cognitive bias and provide an example.

2. Please define what is the reservation point in negotiation and provide an example.

Part 3 - Critical Thinking

1. You are conscientious and a very diligent negotiator. Your next negotiation is to close a deal with a bank that will lend money to the company you are representing and your increase in salary depends on whether you close this deal or not. You know very well the other party's negotiator is an extravert. Which bargaining strategy would you use for this negotiation considering your counterpart's personality traits and why?

2. You work in sales for a high end company that sells luxury watches brands such as Rolex, Cartier, Bulgari, etc. Two customers walk into the stores, one is a male, another is a female.

Answer the following question to this scenario:

A. Will you use the same approach to both customers?

B. If yes, please explain your logic behind your answer. If no, please explain your logic behind your answer

C. Please describe which tactics and approaches will you use to sell the product and why?

3. Please provide a short example of how cognitive bias may or may not affect your negotiation integrative bargaining negotiation and a short example of the distributive bargaining negotiation/situation (not more than 3-4 sentences for each example/situation