What strategies were employed by the participants

Reference no: EM132442190

Assignment: Negotiation Exercise

This course has major project assignments due in Week 3 and Week 5. It will take more than a week's effort to adequately complete them. Plan time to start the research and work on those assignments earlier than the week in which they are due.

For this assignment, you need to assume the role of either the buyer or the seller of an automobile. You will need to ask a friend, a spouse, or an associate to play the other role. Make sure you provide the details of the scenario and the vehicle to the person playing the other role and give the person sufficient time to review and prepare for the negotiation. Basic details of the vehicle are below. Participants on both sides may create other details as necessary to make the situation as lifelike as possible. Participants should presume that the negotiation is taking place in their town or local area.

Background Information: The seller of the vehicle advertised the car on Craigslist®. The buyer discovered the advertisement because he or she was in the market for a used car. The vehicle information as listed in the advertisement is as follows:

• 2014 Chevrolet Impala LT 4-door sedan

• 57,000 miles

• 3.6 liter, V6 Flex Fuel engine

• Traction control and ABS

• Power door locks, power windows, and power seats

• Air-conditioning

• AM/FM MP3 Single disc and premium sound

• Dual air bags, side air bags, knee air bags, F&R curtain air bags

• Premium wheels

• Black body with a black interior

• New tires placed on the vehicle at 40,000 miles

The other details are as follows:

• The vehicle seems mechanically sound except for the need for new brake pads and other routine maintenance.

• The vehicle's exterior appearance is clean with the exception of a scratch on the front bumper and three small dents on the passenger door (probably from other vehicles parked near the car having their doors opened and making contact with the Impala).

• The vehicle's interior appearance is also clean, with some wear and tear on the driver seat and two small stains on the rear seats.

• The vehicle has had one owner, was locally owned, and has a clean title with no indication of flood, accident, or other major damage.

• The vehicle's asking price is $15,500

After reviewing the background information and the required analysis for your assignment submission, role-play the situation. The negotiation may occur in a single session or over multiple days. The more realistic the role-play, the more learning opportunity exists in the exercise.

After completing the role-play, provide a report of the negotiation.

In the opening paragraph (introduction), provide a brief summary of the negotiation scenario (background, participants, etc.) so that anyone picking up the document would have basic familiarity with the case. Include a description of the final outcome (e.g., purchase price and other details) in your introduction. Make sure you identify the role you played in the negotiation.

In the main paragraphs of your paper, address the following topics:

1. Analyze the preparation you completed for the negotiation event. What did you do to prepare? Include a brief assessment about what you could have done differently in the preparation phase to support your negotiation effort.

2. Assess the information exchange stage.

1. What information did you share?

2. What information did you withhold?

3. What did the other party share and withhold?

4. How did information sharing (or not sharing) impact the negotiation event?

5. What could you have done differently during information exchange to support your negotiation effort? Give a brief assessment.

3. Evaluate the problem-solving (or bargaining) phase.

1. Who made the first offer?

2. What were the initial positions?

3. What strategies were employed by the participants?

4. What interests surfaced during the negotiations?

5. How did all of those elements impact the negotiations?

6. What could you have done differently in the problem-solving stage to support your negotiation effort?

4. Analyze the resolution (or closure) phase.

1. What was the final outcome?

2. What other alternatives might have been available?

3. How did each party assess the outcome of the negotiation?

Be sure to conclude your paper with a summary of the key points of learning from your work.

Reference no: EM132442190

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