Details: The role and info sheet is attached in file, I am the developer, Pat, in this simulation. Your planning document should include the following sections: Issue(s) to be negotiated and my goal and resistance point for each one My overall strategy and key tactics Prediction of my counterpart’s overall strategy and key tactics Relationship with my counterpart (role or actual) and its relevance to the negotiation Application of two concepts from the module readings associated with the simulation Guidelines: Two full pages (and no longer than this), double-spaced, 1-inch margins and a 12-point font, with each section labeled (e.g., “Issue(s) to be negotiated and my goal and resistance point for each one”). Upload in PDF format. Section 5 is the most important, so it should be the longest section. Grading: See the rubric below. Rubric Planning Documents (sim) For section 5, please relate to the following two readings: THE POWER OF SOCIAL CAPITAL One commonly-overlooked source of power is your social capital. Whereas your financial capital essentially refers to the amount of money you or your company have, your social capital refers to the value of your relationships with others. Imagine that I can create a map of an industry in terms of who has a relationship with whom (e.g., Person A has closed a deal with Person B in the past, Person A is currently a coworker with Person C, Person B and C went to college together, etc.). That map might look like the following: The boxes represent people and the blue lines represent their relationships with others. Notice that some people have more relationships than others. Notice also that some people are connected with others who do not have many relationships with others (low influencers) and some people are connected with others who have several relationships with others (high influencers). Individuals tend to have more power as negotiators if (a) they have several relationships with others and (b) if these relationships are with high influencers. One counter-intuitive research finding is that the strength of one’s relationships in their social network doesn’t have a significant effect on a negotiator’s power. In other words, it doesn’t seem to matter whether the relationship is strong (frequent interactions, high closeness) or weak (infrequent interactions, low closeness). As long as negotiators have access to that relationship, they can acquire power from it. Social capital provides negotiation power because it can give you access to valuable information (“I know you’ve worked with this company before. Got any advice?”) and it can convey to others that you have status (“Oh, I didn’t know you were friends with my associate!”). It can also provide alternatives to you, but we’ll cover that later. In sum, social capital can create other sources of power. Take another look at the image above and think about which person in the network represents you. What is your own social capital? What can you do to expand it? THE POWER OF ALTERNATIVES As we have discussed, information, status, and social capital can give you power as a negotiator. There is one major source of power left to discuss, and it’s actually the most “powerful”. I’m referring to your alternatives to the current negotiation and in particular your best alternative to a negotiated agreement (BATNA), which we discussed in Week 1 (“Fundamental Concepts”). To underscore the relationship between a BATNA and a negotiator’s power, consider what negotiation researchers typically do. If we want to know how much power a negotiator really has, we measure the strength of their BATNA more than any other source of power. Yes, having a BATNA can instill you with power, but what’s really important is the value of your BATNA. If you are a buyer trying to negotiate a lower price with me, and you have identified a seller who is willing to sell you an inferior product at a cheaper price (i.e., you have a weak BATNA), who cares! But if you have the option of getting a comparable product at a cheaper price (i.e., you have a strong BATNA), well then, that’s a different story. You can easily “walk away from the table” and make a deal with someone else. In other words, you aren’t as dependent on me. OK, OK – I’ll lower the price for you! If you have a weak BATNA, it’s usually best to not even mention it to your counterpart. Doing so might convey a sense that you are unable to get a better deal (This may or may not be true, but what matters is the impression it entails). Finding out that you have a weak BATNA may even embolden or justify your counterpart’s current position, making you worse off than if you never even revealed your unimpressive alternative. The bottom line is that you should strive to identify and secure a valuable BATNA before negotiating. It’s the surest way of gaining power in your negotiation. I understand that sometimes you simply don’t have a valuable BATNA, so what can you do in this situation if you still want to acquire power as a negotiator? Read this week’s article titled “Negotiating with a 900-pound gorilla” for some great tips. In addition, some of my recent research involves a new concept called a “Phantom BATNA,” which offers another potential solution for what you can do in this tough situation. Phantom BATNA For the past few decades, negotiation researchers from across the world have studied the influence of BATNAs on negotiation outcomes. But previous research has only investigated BATNAs only in terms of their value. For example, holding all other factors constant, studies have determined that negotiators with a $9 million BATNA, generally perform better that negotiators with a $4 million BATNA, who tend to secure better outcomes than negotiators with no BATNA. I recently published a study on BATNAs with my colleagues at Michigan State University, Southern Methodist University and here at the University of Delaware. Rather than examining BATNAs in terms of their value, we consider them in terms of their probability of materializing or becoming available. We coined the term “Phantom BATNA” to represent a negotiation alternative that may or may not materialize. In other words, it has a greater than 0%, but less than 100% chance of becoming available. For instance, imagine that you’re negotiating a job offer, and you already have an offer from another company, that is a traditional BATNA. By contrast, a Phantom BATNA may refer to the possibility of getting another offer from a different company that you interviewed at previously. To be clear, you don’t have an offer from that company, but you might in the future. That’s a Phantom BATNA. As another example, you may be negotiating with a supplier over the terms of a procurement contract. A Phantom BATNA could refer to the possibility of getting a better deal from a competing supplier. Even though you don’t actually have such a deal yet, the key is that it might happen – it’s possible. And there’s no ethical dilemma here. A Phantom BATNA is not a lie. It’s just an uncertain future outcome. In our research, my colleagues and I examined negotiators who had BATNA as an identical value. And yet their probabilities differed. For instance, prior to a given job negotiation, some candidates had a $90,000 offer in hand from another company. Others had interviewed at a different company for a job that was expected to pay $90,000, but the candidates had a certain probability of actually getting the offer. For example, a 90%, 60%, 10 or even 0% chance to get it. We found that the probability of a BATNA was positively related to negotiator performance. So the greater the likelihood that a BATNA would materialize, the better negotiators would perform. Interestingly, those with a Phantom BATNA, even if it was associated with a very small probability, actually perform better then those with no BATNA, and almost as well as those with a traditional BATNA! All Because of Power Our research also demonstrated that these effects occurred because of perceptions of power. Specifically, Phantom BATNAs imbued negotiators with a sense of power – in their own minds and in the minds of their counterparts, which translated into a greater ability to claim more value in their negotiations. The bottom line is that Phantom BATNAs, even though they merely represent an illusion because they may or may not actually become a tangible alternative, can boost your performance as a negotiator. From a strategic perspective, even if you don’t have a traditional BATNA that’s highly valuable, it will be wise for you to identify any Phantom BATNAs you might have as you prepare for a given negotiation and mention it to your counterpart. On the other side of the negotiation table, if someone uses a Phantom BATNA against you, I would advise you to remind yourself and your counterpart that it’s not a sure thing. As the old adage goes, “a bird in the hand is worth two in the bush.” So you should emphasize the risk or uncertainty in your Phantom BATNA, and that its value should be discounted accordingly. I hope you find this research interesting and useful in your future negotiations. Phantom BATNAs really underscore a theme throughout this course, namely that negotiation is largely a matter of perception and not necessarily reality. I was recently interviewed to discuss this research. The clip below provides a nice overview of Phantom BATNAs, so you may find it useful. By the way, I’m not going to quit my day job. I guess my mom was right: I have a face for radio, not TV. Haha! Criteria Ratings Pts This criterion is linked to a Learning Outcome 1. Issue(s) to be negotiated and my goal and resistance point for each issue 3.5 pts Very accurate and reasonable 2.0 pts Somewhat accurate and reasonable 0.0 pts Not accurate and reasonable 3.5 pts This criterion is linked to a Learning Outcome 2. My overall strategy and key tactics 3.5 pts Very logical and clearly explained 2.0 pts Somewhat logical and clearly explained 0.0 pts Not logical and clearly explained 3.5 pts This criterion is linked to a Learning Outcome 3. Prediction of my counterpart’s overall strategy and key tactics 3.5 pts Very logical and clearly explained 2.0 pts Somewhat logical and clearly explained 0.0 pts Not logical and clearly explained 3.5 pts This criterion is linked to a Learning Outcome 4. Relationship with my counterpart (role or actual) and its relevance 3.5 pts Very accurate and clearly explained 2.0 pts Somewhat accurate and clearly explained 0.0 pts Not accurate and clearly explained 3.5 pts This criterion is linked to a Learning Outcome 5. Application of two concepts from the module content 5.0 pts Very accurate and clearly explained 3.0 pts Somewhat accurate and clearly explained 0.0 pts Not accurate and clearly explained 5.0 pts This criterion is linked to a Learning Outcome Followed guidelines 3.0 pts 2 full pages, double-spaced, 1” margins, 12 pt. font, Each section labeled 1.5 pts One aspect of guidelines not followed 0.0 pts Two or more aspects of guidelines not followed 3.0 pts This criterion is linked to a Learning Outcome Writing effectiveness 3.0 pts Great clarity, grammar, and spelling 1.5 pts Moderately good clarity, grammar, and spelling 0.0 pts Poor clarity, grammar, and spelling 3.0 pts Total Points: 25.0
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