1. You are involved in a negotiation for the sale of your couch. A sales represe
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Question
1. You are involved in a negotiation for the sale of your couch. A sales representative at the local furniture store told you the other day that the market value for this type of couch is between $ 300 and $500. the potential buyer asks if you have any other offer for the couch-you don't. How you will answer this question? what does your answer suggest about your negotiation ethics?
2. if you make the first offer in a negotiation, it may influence the other negotiator by which of the following heuristics?
Representativeness, or Availability, or Anchoring, or Reactive devaluation, or The endowment effect.
3. Why should negotiator generally explain the significance of what he or she is giving up when making a concession?
4. Assume that you have been offered a job by a company located in Dallas, Texas. your currently live in Florida and will be graduating from the college in a month. the human resource manager of the Dallas company wants to talk to you about the terms of the proposed employment contract, which includes a non-compete provision, meaning that if you quit your job with the company, you won't be able to work for one of its competitors for one year. If you take the job in Dallas, you will also need to buy a new car (your job will require a significant amount of car travel) and find an apartment to rent.
Would it make sense of any of these three negotiations – the negotiation over the terms of your employment contract, the negotiation for a new car purchase, and the negotiation of locating an apartment in Dallas—to use the services of an agent (The Use of Agents in Negotiation)? Why or Why not?
Explanation / Answer
Negotiation ethics is a legal term meaning "refraining from making fraudulent misrepresentations". Taking into consideration the negotiation ethics i am supposed to do the right thing and advise wisely to the buyer. I am supposed to disclose the knowledge best known to me to the potential buyer and encourage the buyer to go with the offer which seller had proposed.
The moral minimum for negotiating ethics consists of interests of well-being, autonomy, political freedom, standard social roles, and focal interests. When one displays unethical behavior in negotiation settings, painful consequences may possibly arise. According to research, those who choose to engage in unethical negotiations increase the likelihood for reputation risk.
ANSWER 2)
If we make the first offer in negotiation the other person will be influenced by anchoring principle. Here is why:-
According to the anchoring principle, the first offer made in a negotiation sets up a powerful, unconscious psychological anchor that acts as a gravitational force. Stated simply, there is a strong correlation between first offers and final outcomes. If you open first, the other party's counteroffer is influenced by your offer—not good for them. several research investigations show a strong and powerful positive effect of making the first offer. The negotiator who puts the first offer on the table has an advantage, other factors remaining constant. That means that if you and I have done equal preparation and have similar leverage points, you will have an advantage if you make the first offer.
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