What is the phrase used to describe a negotiating teams

Reference no: EM133181378

Professional Practice

Part 3: Negotiation

Outcome 1: Understand different types of negotiating outcomes
Outcome 2: Identify key skills that make a good negotiator

• To develop your career and become more employable - negotiation skills are highly in demand from employers
• To ensure you receive a fair deal - negotiating involves seeing the value of a situation and finding a balanced solution that benefits everyone
• To help find the middle ground in a situation - The ability to empathize and see another perspective helps to develop conflict resolution skills.
• To remove pressure and friction from your life -

This benefits everyone.

A union and management are negotiating a pay rise for workers.

Before negotiating what type of information should each party research and prepare?

A union negotiator has told the management party that the union wants a new wage of $15.00 / hr. This is the union negotiator's initial offer. However, she also has a minimum reservation point of $13.25 /hr. This is the lowest wage that she is willing to accept for the union.

Considering the situation from the management side, the management negotiator offers $12.75 as his initial offer. His maximum reservation point, the highest wage that he is prepared to offer the union, is $13.75 / hr.

The bargaining zone is the space between one party's minimum reservation point and the other party's maximum reservation point.

Question 1. What is the phrase used to describe a negotiating team's first proposal?

Question 2. What is the phrase for the lowest price that a party is willing to accept?

Question 3. What is the phrase for the highest price that a party is willing to accept?

Question 4. What is the bargaining zone for the two parties in this example?

Reference no: EM133181378

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