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Final

BU121 Study Guide - Final Guide: Cash Management, Canadian Labour Congress, Current Liability


Department
Business
Course Code
BU121
Professor
Roopa Reddy
Study Guide
Final

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Andrew Ferraro BU 121 April/5/2014
BU 121 Final Exam
Basic Final Exam Review Guide
NEGOTIATING – (approx. 15%)
What is negotiation?
- The ongoing process through which two or more parties, whore positions are not
necessarily consistent, work in an effort to reach an agreement
“Negotiaphobia” – disease of attitude and skill deficiency
- Many people see negotiations as an act of combat or conflict
Three-Step EASY treatment Process
Engage
- Recognize you are in a negotiation and quickly review the viable strategies
Assess
- Evaluate your tendency to use each of the negotiation strategies, as well as the
tendencies of the other side
Strategize
- Select the proper strategy for this particular negotiation
You’re One Minute Drill
- Each time you begin a negotiation situation, take a minute to review the 3 steps
Thomas-Kilmann Conflict Mode Instrument
- Late in the negotiation process after legitimate strategies fully used
- When only a small gap remains on one issue
- Always directly tied to an agreement
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Andrew Ferraro BU 121 April/5/2014
Thomas-Kilmann Conflict Mode Instrument
(5 Basic Negotiating strategies)
Nine of the four strategies are universally applicable or appropriate
Avoidance
- Minimal issue
oRecognize it may grow in importance
oDo it in way that demonstrates investment in relationship
- Superior option readily available elsewhere
oObjections are a sign of interests
Accommodation
- In significantly weaker bargaining position – no leverage
oCan improve leverage with knowledge
- How you accommodate is as important as when
o“this time around we would be willing to consider” and don’t make excuses
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Andrew Ferraro BU 121 April/5/2014
Compromising
- Late in the negotiation process after legitimate strategies fully used
- when only a small gap remains on one issue
- always directly tied to an agreement
Competition
- opponent not inclined or capable of collaborating
oneed senior players to get at true needs
- Not worth the effort
oBe careful to look for true potential of negotiation
Collaboration
- When situation present a significant opportunity with capable and willing
decision-makers on all sides
oWin-win-win
o80/20 rule
- Requires preparation, need identification, and candor – trust
- Internal collaboration is prerequisite for external collaboration
Negotiation Strategy Matrix
2 categories of collaborators
Sages
- Recognize the opportunity to cooperate, they can naturally collaborate
Dreamers
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