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BUS346 Exam Prep
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1Select 5 Negotiation theory models
- Distributive / integrative / principled negotiation
- ZOPA
- BATNA- ADistributive negotiation
- BDisruptive negotiation
- CIsolated negotiation
- DIntegrative negotiation
- EPrincipled negotiation
- FZOPA
- GBATNA
- HBANTAC
2Match the meanings to the various Negotiation Theories.
Distributive negotiations
- [blank_start]‘win-lose’[blank_end]
- [blank_start]substance, not relationship[blank_end]
- [blank_start]fixed pie assumption[blank_end]
- [blank_start]advances for one are concessions[blank_end] for the other
Integrative negotiations
- [blank_start]‘win-win’[blank_end]
- [blank_start]substance and relationship[blank_end]
- [blank_start]creation, not concession[blank_end]
Principled negotiation [blank_start]creates value[blank_end], [blank_start]invents options for mutual gain[blank_end]- A‘win-lose’
- Bsubstance, not relationship
- Cfixed pie assumption
- Dadvances for one are concessions
- E‘win-win’
- Fsubstance and relationship
- Gcreation, not concession
- Hcreates value
- Iinvents options for mutual gain
3Positional bargaining vs [blank_start]principled negotiation[blank_end]
- Aprincipled negotiation
4Positional bargaining
- places [blank_start]substance[blank_end] goals above all else
- can damage [blank_start]relationships[blank_end]
- leaves no room for [blank_start]softer[blank_end] negotiating
- misses opportunities for [blank_start]value[blank_end] creation- Asecurity
- Bsubstance
- Corganisational
- Drelationships
- Ereputation
- Fculture
- Gfuture
- Hharder
- Isofter
- Jvalue
- Kprofit
- Lrelationship
5Principled negotiation creates value, invents options for mutual gain
- ATrue
- BFalse
6Positional bargaining creates value, invents options for mutual gain
- ATrue
- BFalse
7PIOC - the four basic points of principled negotiation;
- [blank_start]People[blank_end]: Separate the [blank_start]people[blank_end] from the problem
- [blank_start]Interests[blank_end]: Focus on [blank_start]interests[blank_end], not [blank_start]positions[blank_end]
- [blank_start]Options[blank_end]: Generate a variety of [blank_start]possibilities[blank_end] before deciding what to do
- [blank_start]Criteria[blank_end]: Insist that the result be based on [blank_start]objective standards[blank_end]- APrinciple
- BPeople
- CPriority
- DPatience
- Eprinciples
- Fpride
- Gpeople
- Hpriority
- IInterests
- JImportance
- KIrrational Behaviour
- LIrritability
- MIncome
- NImportant Documents
- OInterests
- PIrrational behaviour
- Qpeople
- Rpositions
- Sdocuments
- TOpportunity
- UOpenness
- VOblation
- WOptions
- Xpossibilities
- Yconversations
- Zinterests
- AACapabilities
- ABCriteria
- ACCommunications
- ADobjective standards
- AEclear communications
- AFinternal capabilities
8BATNA: ‘the [blank_start]best[blank_end] [blank_start]alternative[blank_end] [blank_start]to[blank_end] [blank_start]negotiated[blank_end] [blank_start]agreement[blank_end]’, what each party will do if they cannot reach a satisfactory deal
- Abest
- Balternative
- Cto
- Dnegotiated
- Eagreement
9[blank_start]Target point[blank_end]: the ideal goal, the point at which the negotiator would like to conclude negotiations
- ATarget point
10[blank_start]Initial point[blank_end]: the first position a negotiator takes
- AInitial point
11[blank_start]Reservation point[blank_end]: the point farther from the target point a negotiator will go before declining a settled negotiation and reverting to BATNA
- AReservation point
12ZOPA: ‘[blank_start]zone[blank_end] [blank_start]of[blank_end] [blank_start]possible[blank_end] [blank_start]agreement[blank_end]’, the range of positions that concur between party a’s [blank_start]target point[blank_end] and [blank_start]settlement point[blank_end] and party b’s target point and settlement point
- Azone
- Bof
- Cpossible
- Dagreement
- Etarget point
- Fsettlement point
13[blank_start]Multiphase negotiations[blank_end]
- negotiations implemented in stages
- negotiations with expectations of future engagement
[blank_start]Multiparty negotiations[blank_end]
- negotiations with more than two parties with interests in the outcomes
- more complicated than single iteration two-party negotiations
- even more need for integrative interest-based value-creation approaches- AMultiphase negotiations
- BMultiparty negotiations
- CMultiphase negotiations
- DMultiparty negotiations
14[blank_start]The Authority Issue[blank_end] – recurring problem for buyers, sellers and other negotiators
- ANegotiating with an agent
- BBATNA
- CThe Authority Issue
- DThe Walk-away
15Preferred course of action in absence of deal is known as [blank_start]BATNA[blank_end]
- AZOPA
- BBATNA
- CThe Walk-away
16[blank_start]Improve[blank_end] your BATNA
[blank_start]Know[blank_end] their BATNA
[blank_start]Weaken[blank_end] their BATNA- AImprove
- BIncrease
- CLeverage
- DGrow
- EUndermine
- FStrategically align
- GInterprete
- HKnow
- IWeaken
- JReduce
- KDissolve
- LIncrease
17The Walk-away is the least favourable terms under which a deal can be agreed
- ATrue
- BFalse
18[blank_start]Zone Of Possible Agreement[blank_end] - The range within which a satisfactory agreement may be reached
- AZone Of Possible Agreement
19Focus on [blank_start]interests[blank_end], not [blank_start]positions[blank_end]
- Ainterests
- Bpositions
20Two negotiation goals
- 1. [blank_start]Substance[blank_end]
- 2. [blank_start]Relationship[blank_end]- ASubstance
- BRelationship
21Sites of culture
- [blank_start]National[blank_end] culture
- [blank_start]Organisational[blank_end] culture
National culture at two levels
- [blank_start]Psychic[blank_end] level
- [blank_start]Institutional[blank_end] level
Expressions of culture
- [blank_start]structure[blank_end] and hierarchy
- [blank_start]families[blank_end] and gender
- [blank_start]holidays[blank_end]
- managerial [blank_start]devolution[blank_end]
- [blank_start]language[blank_end]- ANational
- BOrganisational
- CPsychic
- DInstitutional
- Estructure
- Ffamilies
- Gholidays
- Hdevolution
- Ilanguage
22[blank_start]Power[blank_end] [blank_start]distance[blank_end] - Degree of acceptance that power is distributed unequally within society
[blank_start]Uncertainty[blank_end] [blank_start]avoidance[blank_end] - Degree of comfort with risk and uncertainty; ritual and procedure vs flexibility, informality, unorthodoxy
[blank_start]Individualism[blank_end] - Individualism and loosely-knit social frameworks vs collectivism and tightly-knit social frameworks
[blank_start]Masculinity[blank_end] - Preference in society for achievement, assertiveness and material rewards vs cooperation, caring for vulnerable and consensus oriented society
[blank_start]Long[blank_end] [blank_start]term[blank_end] / [blank_start]short[blank_end] [blank_start]term[blank_end] [blank_start]orientation[blank_end] - Maintenance of tradition and norms with suspicion of social change vs encouragement of adaptation and future oriented shift in education and practices (high score = short term)
[blank_start]Indulgence[blank_end] - Support / tolerance for basic human drives for having fun and enjoying life vs suppression of such needs through social regulation and conservative norms- APower
- Bdistance
- CUncertainty
- Davoidance
- EIndividualism
- FMasculinity
- GLong
- Hterm
- Ishort
- Jterm
- Korientation
- LIndulgence
23Dimensions of Chinese business culture
- AEgalitarian
- BConfucianism
- CChinese stratagems
- DIndividualist
- EThe PRC Condition (guoqing)
24[blank_start]Guoqing[blank_end] - The “special national circumstances” caused by institutional and social changes
- AGuoqing
25Moral cultivation and the ‘Five Virtues’
[blank_start]Humaneness[blank_end] and [blank_start]benevolence[blank_end] (ren 仁)
Righteousness and [blank_start]justice[blank_end] (yi 义)
Rituals and [blank_start]etiquette[blank_end] (li 礼)
[blank_start]Wisdom[blank_end] and knowledge (zhi 智)
[blank_start]Sincerity[blank_end] and [blank_start]trust[blank_end] (xin 信)- AHumaneness
- BHumour
- CHumility
- Dwisedom
- Ekindness
- Fbenevolence
- Gjustice
- Hhumility
- Ipeace
- Jetiquette
- Kreligion
- LLiteracy
- MMathmatics
- NWisdom
- OSincerity
- PHonesty
- QRelationship
- Rknowledge
- Shumility
- Ttrust
26“…the Chinese negotiator… embraces a mixture of different roles together: ‘[blank_start]Maoist[blank_end] [blank_start]bureaucrat[blank_end] in learning’, ‘[blank_start]Confucian[blank_end] gentleman, and ‘[blank_start]Sun[blank_end] [blank_start]Tzu[blank_end]-like [blank_start]strategist[blank_end]’.” (Fang 2006:50)
- AMaoist
- Bbureaucrat
- CConfucian
- DSun
- ETzu
- Fstrategist
27What is due diligence?
An [blank_start]investigation[blank_end] or audit of a potential [blank_start]investment[blank_end] or agreement.
A comprehensive [blank_start]appraisal[blank_end] of a business by a prospective buyer, seller or partner.
Due diligence is a way of preventing unnecessary harm to either party involved in a negotiated agreement.
Due diligence often seeks to establish a business’ assets and liabilities and to evaluate its commercial potential.
Due diligence also involves legal and technical considerations.- Ainvestigation
- Binquiry
- Cinvestment
- Dbusiness aquisition
- Eappraisal
- Fassessment
28[blank_start]Financial[blank_end] due diligence
Vetting assumptions that determine projected earnings, valuations and purchase price
Conducted by audit professionals
[blank_start]Legal[blank_end] due diligence
Investigating contractual, jurisdictional and governance issues that may impact the completion of the agreement and ongoing management of the business
Conducted by lawyers
[blank_start]Commercial[blank_end] due diligence
Understanding the market environment in which an agreement is taking place and financial implications of commercial agreements
Conducted by commercial professionals
[blank_start]Technical[blank_end] due diligence
Assessing of the technical aspects of a business, including product or process quality (QC, QA) and maintenance and continuity planning
Conducted by technical assessors- AFinancial
- BLegal
- CCommercial
- DTechnical
29Two useful ways of undertaking CDD:
Complete valuation of the business ([blank_start]DCF model[blank_end])
[blank_start]Porter’s[blank_end] [blank_start]Five[blank_end] [blank_start]Forces[blank_end]- ADCF model
- BPorter’s
- CFive
- DForces
30Blackman’s model of Chinese negotiation process
1. [blank_start]Opening[blank_end] [blank_start]Phase[blank_end]- Pleasant and general
2. [blank_start]Technical[blank_end] [blank_start]Discussion[blank_end] - Penetrating and drawn-out
3. [blank_start]Terms[blank_end] [blank_start]of[blank_end] [blank_start]Contract[blank_end] [blank_start]Discussion[blank_end] - Challenges on Technicalities
4. [blank_start]Contract[blank_end] [blank_start]Signing[blank_end] - Immediately preceded by demands for new concessions
5. [blank_start]Post[blank_end]-[blank_start]contract[blank_end] [blank_start]negotiation[blank_end] - Ongoing- AOpening
- BPhase
- CTechnical
- DDiscussion
- ETerms
- Fof
- GContract
- HDiscussion
- IContract
- JSigning
- KPost
- Lcontract
- Mnegotiation
31Pre-negotiation stages are;
[blank_start]People[blank_end]
[blank_start]Analysis[blank_end]
[blank_start]Prepare[blank_end]- APlan
- BPeople
- CAnalysis
- DBATNA
- EPrioritise
- FPrepare
32Stages of formal negotiation
1. [blank_start]Non-task sounding[blank_end]
2. [blank_start]Task-related exchange of information[blank_end]
3. [blank_start]Persuasion[blank_end] – [blank_start]Concession[blank_end] - [blank_start]Agreements[blank_end]- ANon-task sounding
- BPlanning
- CTask-related exchange of information
- DTask Task Task
- EPersuasion
- FPeople
- GCapability
- HConcession
- IAgreements
- JAlignment
33Sun Tzu Stratagems
[blank_start]Loot[blank_end] a burning house- ALoot
34Sun Tzu Stratagems
[blank_start]Attack[blank_end] him where he is [blank_start]unprepared[blank_end], [blank_start]appear[blank_end] where you are not [blank_start]expected[blank_end].- AAttack
- Bunprepared
- Cappear
- Dexpected
35Sun Tzu Stratagems
There is no instance of a country having [blank_start]benefited[blank_end] from [blank_start]prolonged[blank_end] warfare.- Abenefited
- Bprolonged
36Sun Tzu Stratagems
It is only one who is thoroughly [blank_start]acquainted[blank_end] with the evils of war that can thoroughly understand the [blank_start]profitable[blank_end] way of carrying it on.- Aacquainted
- Bprofitable
37Sun Tzu Stratagems
He will win who knows [blank_start]when[blank_end] to fight and [blank_start]when[blank_end] [blank_start]not[blank_end] to fight- Awhen
- Bwhen
- Cnot
38Sun Tzu Stratagems
He will win who knows how to handle both [blank_start]superior[blank_end] and [blank_start]inferior[blank_end] forces- Asuperior
- Binferior
39Sun Tzu Stratagems
He will win whose army is [blank_start]animated[blank_end] by the [blank_start]same[blank_end] [blank_start]spirit[blank_end] through-out all its ranks- Aanimated
- Bsame
- Cspirit
40Sun Tzu Stratagems
Hide your [blank_start]knife[blank_end] behind your [blank_start]smile[blank_end]- Aknife
- Bsmile
41The ‘Confucian gentleman’ as a moral, trustworthy individual who values [blank_start]ritual[blank_end], [blank_start]relationships[blank_end] and [blank_start]proper[blank_end] behaviour
- Aritual
- Brelationships
- Cproper
42[blank_start]Collectivist[blank_end] society – family and immediate networks as basis for identity, protection and strength
- ACollectivist
43Guanxi traits
[blank_start]Utilitarian[blank_end]
[blank_start]Reciprocal[blank_end]
[blank_start]Transferable[blank_end]
[blank_start]Personal[blank_end]
[blank_start]Long[blank_end]-term
[blank_start]Intangible[blank_end]- AUtilitarian
- BCollectivist
- CRespectful
- DReciprocal
- ETransferable
- FExclusive
- GPersonal
- HOrganisational
- IShort
- JMedium
- KLong
- LUnique
- MIntangible
44Guanxi are dynamic
- ATrue
- BFalse
45Inappropriate behaviour / a failure of reciprocity cannot damage or break guanxi
- ATrue
- BFalse
46Hofstede’s dimensions of culture;
(Paula Undercooked her Indian Meal and Offended his Insides)- AP - Power distance
- BU - Uncertainty avoidance
- CI - Individualism
- DM - Masculinity
- EO - Long term / short term orientation
- FI - Indulgence
47Factors to consider for different negotiation models;
- ASize of business
- BOwnership – state or private
- CManagement – government or entrepreneur, traditional or western-oriented
- DRegional variations
48The Chinese word for negotiation—tan pan—combines the characters meaning “to [blank_start]discuss[blank_end]” and “to [blank_start]judge[blank_end].”
- Adiscuss
- Bjudge
49From a Chinese perspective, negotiation exists primarily as a mechanism for building [blank_start]trust[blank_end] so that two parties can work together for the benefit of [blank_start]both[blank_end].
- Atrust
- Bboth
50Trust is built through [blank_start]dialogue[blank_end] that lets each party judge or evaluate the partner and the partner’s [blank_start]capabilities[blank_end] and assess each other’s relative [blank_start]status[blank_end].
- Adialogue
- Bstatus
- Ccapabilities
51From a Chinese perspective, the concept of negotiation hinges on creating a framework for long-term cooperation and problem-solving much more than on drafting a one-time agreement.
- ATrue
- BFalse
52Negotiation in China is viewed as an ongoing, dynamic process that takes into account practical matters and [blank_start]context[blank_end]
- Acontext
53Americans may see Chinese negotiators as [blank_start]inefficient[blank_end], [blank_start]vague[blank_end], and perhaps even [blank_start]dishonest[blank_end], while Chinese perceive American negotiators as [blank_start]impersonal[blank_end], [blank_start]impulsive[blank_end], and overly focused on immediate [blank_start]gains[blank_end].
- Ainefficient
- Befficient
- Cstern
- Dvague
- Edishonest
- Fincompetent
- Gimpersonal
- Hselfish
- Iimpulsive
- Jpragmatic
- Kwealth
- Lgains
54When adapting to Chinese-style negotiations, task-based, time-conscious foreign partners must balance the need for [blank_start]quick[blank_end] settlement on specific issues and contract terms with the [blank_start]slower[blank_end]-paced and seemingly [blank_start]abstract[blank_end] building of interpersonal relationships. Competing effectively within a Chinese negotiation framework means understanding and [blank_start]accommodating[blank_end] the Chinese-style approach in order to craft a strategic plan that works on a local level.
- Aquick
- Bslower
- Cabstract
- Daccommodating
55To minimize the focus and discussion on price, be prepared to highlight product [blank_start]values[blank_end] and company comparison in areas like brand recognition, [blank_start]quality[blank_end], service, and overall perception in China.
- Avalues
- Bquality
56In Chinese-style negotiations, saying more is always better than saying too little.
- ATrue
- BFalse
57Chinese negotiators are more concerned with the means than the end, with the process more than the goal.
- ATrue
- BFalse
58In China, the intermediary—not the negotiator—first brings up the business issue to be discussed. And the intermediary often settles differences.
- ATrue
- BFalse
59The PRC Condition or guoqing in Chinese, is a set of contemporary social and institutional forces driving the PRC since it was founded in 1949. This dimension is comprised of 8 variables;
1. [blank_start]Politics[blank_end] - China is a socialist state ruled by the Chinese Communist Party. Chinese politics has a persuasive influence on every aspect of Chinese life; Chinese business and politics can hardly be separated.
2. [blank_start]Economic[blank_end] planning - Chinese economic structure is still essentially a centralised one that is characterised by strong government control. Chinese enterprises are not independent economic entities, but rather the 'factories' of the Chinese government who is the "biggest boss"
3. [blank_start]Legal[blank_end] Framework - China's legal framework is still young and unstable; law is often subjected to political ideology and influenced by many human factors.
4. [blank_start]Technology[blank_end]- China is short of modern technology. To import and attract foreign technologies in various forms to modernize China and enhance the people's living standard is the reason that China opened her economy in 1978.
5. Great [blank_start]size[blank_end] - population is still the world's largest.
6. [blank_start]Backwardness[blank_end] - China is still relatively poor with some 300 millon people living under the poverty line.
7. Rapid [blank_start]change[blank_end] - reform and importation of foreign technology since the late 1970s have brought about great changes in Chinese society.
8. Chinese [blank_start]bureaucracy[blank_end] - characterised by red tape- APolitics
- BEconomic
- CLegal
- DTechnology
- Esize
- FBackwardness
- Gchange
- Hbureaucracy
60Ping pong model of Chinese negotiation;
Pre-negotiation phases
[blank_start]Lobbying[blank_end]
[blank_start]Presentation[blank_end]
[blank_start]Informal[blank_end] discussion
[blank_start]Trust[blank_end] Building
Formal Negotiation
[blank_start]Task[blank_end]-related exchange of information (e.g. price, contribution)
[blank_start]Persuasion[blank_end]
[blank_start]Concessions[blank_end] and Agreements
Post-Negotiation
Implementation and new rounds of negotiations- ALobbying
- BLoitering
- CPresentation
- DPeople
- EInformal
- FFormal
- GCapacity
- HTrust
- ITime
- JTask
- KPersuasion
- LDictation
- MArguments
- NConcessions
Information
- Description
- BUS346 Exam Prep
- Author
- Charlotte Caruso
- Language
- English
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