MGT 365 Lecture Notes - Lecture 16: Best Alternative To A Negotiated Agreement

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Role of alternatives to a negotiated agreement: In some negotiations, parties have only 2 fundamental choices: reach a deal w/ other party, reach no settlement at all. In other negotiations, one or both parties may have possibility of alternative deal w/ another party. Alternatives are important b/c they give negotiators power to walk away from any negotiation when emerging deal isn"t very good. # of realistic alternatives that negotiators have will vary considerably from one situation to another. When there are many attractive alternatives, negotiators can set goals higher. & make fewer concessions: negotiators w/ no attractive alternative have much less bargaining power. Good distributive bargainers identify realistic alternatives before starting discussions w/ the party: they can properly decide how firm to be in negotiation. Good bargainers try to improve alternatives while negotiation is under way: negotiators are also aware of their worst alternative.

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