Shared Flashcard Set

Details

Negotiation 1
1st set of Negotiation Flashcards for OB final- Class Notes
9
Business
Undergraduate 3
12/08/2009

Additional Business Flashcards

 


 

Cards

Term
Negotiation
Definition
The process where two or more parties decide what each will give and take in the context of their relationship.

A bargaining and influence process designed to reach agreement about a decision or outcome.

A core leadership and management competency.
Term
Name 4 Negotiation Traps to Avoid
Definition
1) Lose-Lose
2) Winner's Curse
3) Hubris
4) Agreement bias
Term
Lose-Lose
Definition
Leaving value on the table
Term
Winner's curse
Definition
Settling for too little
Term
Hubris
Definition
Walking away from the table
Term
Agreement Bias
Definition
Settling for terms that are wrose than your current situation.
Term
What are bad reasons to not negotiate?
Definition
Don't know its an option.
Unfortable with negotiating.
Term
Good reasons for not negotiating
Definition
Approve of Status Quo.
Issues too trivial or too important
Power differential is too great.
No opportunity for planning.
Term
Why to negotiate?
Definition
Women are less likely than men to ask for more money and their salary is 7% less than males of similar education. In fact most recruiters are willing to negotiate salary. By the age of 65, if you do not negotiate throughout your career the average person forfeits up to $700,000 by not negotiatin.
Supporting users have an ad free experience!