MGMT2004 Lecture Notes - Lecture 8: Best Alternative To A Negotiated Agreement
Document Summary
Pattern of concession making: when successive concessions get smaller, the concessio(cid:374) (cid:373)aker"s positio(cid:374) is pro(cid:271)a(cid:271)l(cid:455) getting firmer and the resistance point is being approached. When your initial asking price is below your resistance point, a 10% concession would constitute a change upward. The effect of power on concession making: a higher level of power lower requests to make concessions, sources of power. Final concessions: be specific about final concessions, a quick close can be achieved. By making the final concession more substantial. Trust: (cid:862)a(cid:374) i(cid:374)di(cid:448)idual"s (cid:271)elief i(cid:374) a(cid:374)d willingness to act on the words, actions and decisions of a(cid:374)other(cid:863, three things that contribute to trust, i(cid:374)di(cid:448)idual"s (cid:272)hro(cid:374)i(cid:272) dispositio(cid:374) to(cid:449)ard trust, situational factors, history of the relationship between the parties. Recent research on trust and negotiation: many people approach a new relationship with an unknown other party with remarkably high levels of trust.
