MGT 3513 Midterm: MGMT 3515 EXAM 1 (Got A+ on the test)
Document Summary
Negotiation is your key communication and influence tool inside and outside the company. Mental model knowing what to do and say in virtually every negotiation situation. Negotiation an interpersonal decision making process necessary whenever we cannot achieve our objectives single-handedly. Key reasons for the importance of negotiating skills: dynamic nature of business. 4% of managers reach win-win outcomes in negotiations. Nearly 50% of time, people who are in agreement fail to realize it. 80-20 rule applies to negotiation: 80% of your effort goes toward preparation, 20% should involve efforts in the negotiation. 3 mind-sets take by fixed-pie negotiators: soft bargaining resigning themselves to capitulating to the other side, hard bargaining preparing for an attack, compromise in an attempt to reach a midpoint between opposing desires. Mixed-motive enterprise involves both cooperation and competition. Effective preparation encompasses 3 general abilities: self-assessment, assessment of other party, assessment of the situation.
