New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

MGT 428 -- Week 2

by: Elijah Duduit

MGT 428 -- Week 2 MGT 428

Elijah Duduit
GPA 3.6
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for Negotiations

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Negotiations notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

Unlock FREE notes

About this Document

Covers various aspects of basic negotiating in both personal and professional scenarios.
Wai Kwan Lau
Class Notes




Popular in Negotiations

Popular in Business, management

This 3 page Class Notes was uploaded by Elijah Duduit on Friday January 22, 2016. The Class Notes belongs to MGT 428 at Marshall University taught by Wai Kwan Lau in Spring 2016. Since its upload, it has received 25 views. For similar materials see Negotiations in Business, management at Marshall University.


Reviews for MGT 428 -- Week 2


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 01/22/16
MGT  428  (Negotiations)  Notes  –  Week  2     Ch.  1     Why  do  we  need  negotiation?   -­‐   Deals/compromise   -­‐   Build  relationships   -­‐   Increase  understanding   -­‐   Reach  accomplishment   -­‐   Skill  worthy  of  practice     Characteristics:   -­‐   Multiple  parties   -­‐   Must  have  situation  of  mutual  interest   -­‐   Must  expect  positive  outcome   -­‐   Parties  must  desire  agreement  above  all  else   -­‐   Give  something,  get  something   -­‐   Tangible  and  intangible  features,  not  just  outcome     Nature:   -­‐   Interdependence  (not  a  dominant  party,  working  process)   -­‐   Issues  (distinct  items  to  be  discussed)  vs.  interests  (what  you  want  originally )   -­‐   Role  of  incentives  (people  respond  to  incentives,  can  promote  better  negotiation)   -­‐   Conflict  (can  destroy  hopes  of  negotiating )     Conflict:   -­‐   Intrapersonal  (what  a  person  feels  inside;  not  negotiation)   -­‐   Interpersonal  (between  people)   -­‐   Intragroup  (inside  groups)   -­‐   Intergroup  (between  multiple  groups)   -­‐   Conflict  can  be  beneficial  and  harmful,  but  always  needs  to  be  carefully  managed     Best  Negotiators:   -­‐   Preparing  takes  more  time  than  actual  negotiating   -­‐   Must  be  problem-­‐solver  instead  of  competitor   -­‐   Identifies  all  parties’  issues  &  interests   -­‐   Prioritizes  issues  &  interests   -­‐   Lists  all  avenues  if  mutual  agreement  is  fail ed  to  be  reached   -­‐   Decide  plan  and  how  to  execute  it   -­‐   Prepares  for  various  reactions   -­‐   Research;  focus  on  facts  and  logi c  instead  of  emotional  decision-­‐making     Ethics   -­‐   Always  a  chance  that  deception  may  try  to  rise   -­‐   Utilitarian  approach;  best  option  gives  best  benefits  to  highest  number   -­‐   Rights  approach;  must  protect  rights  of  all  people   -­‐   Justice;  abide  by  and  apply  rules             Ch.  2     Bargaining  mix:   -­‐   All  issues  in  negotiating   -­‐   Ex.      Job  offer  includes  priorities  and  other  choices,  salary,  benefits  with  job,  insurance,  retirement,  etc   -­‐   The  more  issues  there  are,  the  higher  the  chance  all  parties  will  leave  happy  with  thei r  deal   -­‐   Excessive  issues  makes  negotiating  unmanageable   -­‐   Expanding  pie  –  key  principle;  means  making  more  value  for  all  parties,  more  things  need  negotiated     Initial  offer:   -­‐   Aka  opening  offer;  begins  negotia ting  and  shows  boundary,  can  give  advantage  to  one  who  makes  it   -­‐   Seller’s  perspective:  listing  price   -­‐   Buyer’s  perspective:  only  the  first  offer   -­‐   Person  who  gives  initial  offer  varies  on  situation   -­‐   Good  negotiators  make  statement  with  offer,  leave  room  for  ta lks,  do  their  research     Target  point:   -­‐   Aka  aspiration;  best  possible  outcome  that  is  within  reason   -­‐   Issues  with  money  should  be  calculated  prior  to;  must  do  research   -­‐   Issues  not  involving  money  should  still  have  the  facts   -­‐   Good  negotiators  set  challenging  goal  for  each  issue,  do  not  give  away  their  target  point,  are  strategic   with  their  information     Resistance  point:   -­‐   Aka  reservation  amount;  where  negotiator  refuses  to  go   -­‐   Point  where  negotiation  decides  to  take  or  leave  offer   -­‐   Usually  remains  secretive,  can  be  final  offer   -­‐   Varies  depending  on  buyer/seller     Best  Alternative  to  a  Negotiated  Agreement  (BATNA):   -­‐   Best  outcome  to  be  reached  without  negotiating   -­‐   The  better  the  choices,  the  better  the  negotiator’s  bargaining  power,  more  likely  to  make  initial  offer   -­‐   Must  analyze  all  choices  to  have   highest  negotiating  position     Worst  Alternative  to  a  Negotiated  Agreement  (WATNA):   -­‐   Opposite  of  BATNA;  worst  outcome   -­‐   Always  think  about  WATNA  before  talks/negotiating     Bargaining  range:   -­‐   Aka  settlement  zone;  between  all  parties ’  resistance  points   -­‐   If  overlap  occurs,  there  is  positive  range  and  agreement  is  probable  upon  good  information   -­‐   If  points  match,  bargaining  range  becomes  0  and  agreement  is  less  likely   -­‐   If  no  overlap,  zone  is  negative  and  agreement  is  highly  unlikely     Settlement  point:   -­‐   What  parties  have  agreement  with   -­‐   There  is  one  for  all  issues   -­‐   Must  never  overlook  issues     **Look  up  Figure  2.5  in  book:  Comparison  of  models     Concern  for  other’s  outcomes  while  not  concerned  about   mine:  avoiding  inaction   Concern  for  other’s  outcomes  while  highly  concerned  about  my  outcomes:  high  competition   Concern  for  relationship  while  low  concern  for  my  outcome:   accommodating  and  yielding   Concern  for  relationship  with  high  concern  for  my  outcome:  collaboration   Compromise  is  all-­‐around  mixture  of  aspects     Approaches  to  negotiations:   -­‐   People  change  approach  with  differing  circumstances   -­‐   Personality  is  high  influence   -­‐   Distributive  approach:  compe titive  behavior,  winner  and  loser,  not  worried  about  relationship  after  talks   -­‐   Integrative  approach:  expanding  pie,  meet  all  parties’  needs,  desire  to  maintain  relationship     Framing:   -­‐   Perspective  of  negotiation   -­‐   Positive  frame  generates  better  outcome;   negative  generates  worse   -­‐   The  more  negative  the  frame,  the  higher  the  chance  for  conflict   -­‐   Can  reframe  negotiations  (ex   –  buying  house  in  need  of  repairs,  seller  claims  it  is  fine)     Reciprocity:   -­‐   If  someone  gives  you  a  favor,  you  owe  them  one  back   -­‐   Most  powerful  principle  according  to  experts   -­‐   Can  lead  to  concessions   -­‐   Bad  behavior  can  lead  to  mirroring  approach,  which  can  mean  to  destruction  of  negotiation  


Buy Material

Are you sure you want to buy this material for

0 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.