Assume the following game is played one time only. Based on the information in the payoff matrix, PNC Bank and Citizens Bank are considering an implicit collusive agreement on interest rates. Payoffs to the two firms are represented in terms of profits in thousands of dollars:…
Summary: This was a multiparty negotiation, which involved 6 players all with very different negotiation styles. It was an exercise in which teams easily form a coalition. There were concessions about the value added each team would bring to the “table”, and my team in a situation of power saw how negatively the other teams reacted in name of fairness and how important was to share the pie.…
Lewicki, R., Barry, B., & Saunders, D. (2006). Essentials of Negotiation, 4th edition. McGraw-Hill. Learning Solutions. New York, NY. Retrieved from http://digitalbookshelf.argosy.edu/…
Gates, S. (2011). The Negotiation Book: Your Definitive Guide To Successful Negotiating (1st ed.). United Kingdom, UK: John Wiley and Sons LTD.…
The video is an informative/educative session that walks us through the DOs and DON’Ts of negotiation. Negotiation is an art that involves preparation, bargaining & settlement. Negotiation is all about striking a deal that benefits both the parties. One should be of the opinion that he/she needs to get the bigger portion of the pie and leave the other party in a loss situation. A deal will only last if both the parties are happy with the outcome. It is very critical that each party knows their advantages, strengths & weaknesses and that each party has done their homework before they begin the negotiation. Each party needs to research, ask the right questions and reach an optimal conclusion.…
Power Point Slides (2011). Managerial Negotiation: Integrative Bargaining (Collaborative, Win-Win, Mutual Gains, or Problem Solving). Presented by Professor Karen Chorbajian.…
Using the Internet the author of this paper will find two articles that describe a negotiation situation that employs different negotiation strategies. The negotiation processes used in the selected articles will be described. The two strategies will be compared and contrasted and how they may apply in the work setting.…
Money is a priority for both parties, which is obtained through good performing accounts assigned to their teams. Marilyn wants viable accounts work 5 billion dollars as directed by her VP Joe. Len, wants to keep the big, established accounts within his team and transfer smaller, less developed accounts to Marilyn’s team so that his team can keep the larger commissions and be a more profitable team within the company.…
The Prisoner’s Dilemma is a mathematical game theory that refers to a game in which the payoff from playing the dominant strategy is not the highest payoff possible and illustrates how self-interest can lead rational individuals and companies to pursue a course leading to mutual self-destruction, even when that destruction is foreseeable or in the case of companies certain decisions could have financial impact for better or worse. It seems that the Prisoner’s Dilemma impacts the many small decisions we consider making. The dilemma provides the logical framework for many situations we face every day in real life. Whether we're competitors conducting business, spouses negotiating understandings our choices are reflected by the prisoner dilemma’s model.…
Through the in-class activities about negotiation, I observed the significant influences that different negotiation tactics have on the result of the negotiation in the workplace. In the activity, I was assigned to play the role of manager Dale Williams who is facing with the challenge of persuading two of his subordinates to wear safety glasses without causing any conflicts. The whole play was reflecting and educational, and I was inspired by having an actual negotiation with my employees and also by observing the others doing the process.…
“The slugger’s come home” is an explicative and demonstrative video that represents an example of a negotiation process. It shows, from a baseball theme example, how does negotiation between 2 parties may work. While the video shows us the perspective of both parties, it also gives us some extra information about negotiation process.…
The negotiation with the Island Queen Company progressed very well and achieved a good result. The fact that both parties were implementing an integrative collaborative strategy resulted in a very pleasant and beneficial negotiation for both parties. Even though the result was lower than our target, it was above our BATNA and resistance point and was deemed to please both parties and as our strategy was also heavily concerned with building a strong relationship with the other company we believe that we achieved a successful result.…
There are many situations in life where a “distributive negotiations” Hellriegel & Slocum, (2011) in used as a strategy. Nowadays, negotiations come in forms of exchange and often we used distributive outcomes as the arguments to get what we want with the intention of losing less. As mention ‘distributive outcomes, also called, "win-lose" bargaining, is a competitive negotiation strategy that is used to decide how to distribute a fixed resource between two negotiators so that the more one gets, the less the other gets.…
Me and our team worked on an exercise called Pemberton’s Dilemma. In preparation, I was initially confused with scenario of the Pemberton's dilemma. I took the book of Negotiation: Readings, Exercises and cases and read in detail regarding the exercise. I waited for the professor to provide the team and the role whether our team were country market or corner store. I also Read the instruction given in the handout’s for the exercise were we note our profit’s or loses and which also had the objective of the exercise.…
Introduction Negotiation strategies and tactics come from understanding the negotiation process and knowing how other people use it. This allows the person negotiating to watch out for tricks another person might use to convince him that he’s wrong. Negotiation is about working a problem out so that both parties are happy, but it’s still best to know tricks that others ... Read More »…