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MKTG 561 Final Review

Terms in this set (25)

"Getting to Yes: Negotiating Agreement without Giving In" by _______________ and __________________
Dr. William Ury and Dr. Roger Fisher
Dr. William Ury and Dr. Roger Fisher define negotiating as
back-and-forth communication designed to reach an agreement when you and the other side have some interests that are shared and others that are opposed.
Drs. Ury and Fisher provided six key negotiation points in "Getting to Yes". They are:
1. Separate the people from the problem
2. Focus on interests, not positions
3. Learn to manage emotions
4. Express appreciation
5. Put a positive spin on your message
6. Escape the cycle of action and reaction
Dr. William Ury's TED Talk titled, "The Power of Listening": There are at least three important reasons why it's important to listen in any negotiation or conflict.
1. it helps us understand the other side
2. it helps us connect with the other human being
3. it makes it more likely that the other person will listen to us
___________ may be the golden key that opens the door to human relationship.
Listening
Harvard Program on Negotiation group's seven-element negotiation framework to help people prepare more effectively for negotiation
1. Interests
2. Legitimacy
3. Relationships
4. Alternatives or BATNA
5. Options
6. Commitments
7. Communication
__________ negotiation, aka a ___________ negotiation or a _____________ negotiation: : involves distributing a fixed amount of a resource (or competing for a portion), such as a pepperoni pizza. This type of negotiation is also referred to as _______ sum, win/lose, and adversarial.
position-based, distributive, competitive, zero
______________ negotiation, aka an ____________ negotiation or _______________ negotiation, attempts to expand the resource (pepperoni pizza) by integrating the parties interests (via collaboration). In this approach, ________________ is a key business goal and will surely resonate with our counterpart during the sales and negotiation processes. This type of negotiation is also referred to as ___________ sum, win/win, and problem-solving.
interest-based, integrative, collaborative, value creation, non-zero
______________________ seeks to answer the question--"What is your best alternative if there is no deal (or an agreement cannot be reached)?" Gives leverage in a negotiation, making one more powerful.
Best Alternative to Negotiated Agreement, or BATNA
_________________________ also called the "bargaining range", is the area in which the deal can take place. Exists if there is a potential agreement that would benefit both sides more than their alternative options would
Zone of Potential Agreement, or ZOPA
_____________________ is the highest price a buyer is willing to pay or the lowest price a seller is willing to take.
Reservation Price
__________________ is a reasonable value of a salable item based on facts (such as researching a 3rd party industry website which would provide the value of a used car or comparable for a residential home).
Likely Price
_________________ is realistic number, based on facts, which is higher than the most likely price from the seller's perspective and lower than the most likely price from the buyer's perspective.
Stretch Goal
Amy Gallo's three points of preparation
1) Mentally - (check your mindset);
2) Strategically - plan your message (emphasize common ground, shared goals); and
3) Logistically (right time, place, environment, participants, agenda)
If you have one hour to prepare for a negotiation
- Identify your goals
- Brainstorm your options
- Plan your opening move
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