NEGOTIATION TEST

NEGOTIATION TEST #2

GBM 427

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FOLLOW ALL OF THESE SPECIAL DIRECTIONS. FAILURE TO FOLLOW WILL RESULT IN A REDUCTION OF YOUR GRADE OF AT LEAST 10 POINTS.

 

ANSWER ALL QUESTIONS ON THE ATTACHED ANSWER SHEET. EMAIL ONLY THE ANSWER SHEET BACK TO ME BY NO LATER THAN MIDNIGHT 11/28/2021.

 

PLACE YOUR MULTIPLE CHOICE RESPONSE NEXT TO ITS CORRESPONDING #.

 

ON THE SHORT ANSWERS, THE SPACE ALLOTED IS NOT INDICATIVE OF HOW MUCH SPACE YOU MAY NEED. FEEL FREE TO USE MORE SPACE THAN PROVIDED.

 

USE TIMES NEW ROMAN FONT 12 POINTS OR GREATER

 

SEND YOUR ANSWER SHEET ONLY BY EMAIL NO LATER THAN MIDNIGHT NOVEMBER 28, 2021. DO NOT PUT ANY PROTECTION/PASSWORDS YOUR ANSWER SHEET. DO NOT SEND BACK THE QUESTIONS.

 

ON YOUR EMAIL SENDING YOUR TEST ANSWERS, YOUR SUBJECT LINE MUST READ: LAST NAME, FIRST NAME TEST #2

FOR EXAMPLE, FISHER, DAVE TEST #2

 

IN ADDITION, THE ATTACHED TEST ANSWER SHEET MUST BE SENT IN WORD FORMAT ONLY AND BE NAMED AS FOLLOWS:

READ: LAST NAME, FIRST NAME TEST #2

FOR EXAMPLE, FISHER, DAVE TEST #2

 

 

 

USE WORD FORMAT ONLY.

 

I WILL GRADE YOUR ANSWERS USING TRACK CHANGES IN REVIEW FUNCTION AND SEND BACK YOUR GRADED TEST SO YOU CAN SEE THE RESULTS.

 

 

MULTIPLE CHOICE. 2 POINTS EACH. (60 POINTS TOTAL)

Indicate the answer choice that BEST completes the statement or answers the question.

1. You and your sibling are dividing your mother’s jewelry. The following represents thinking out of the box:

a. Dividing the jewelry equally

b. Dividing the jewelry by flipping a coin

c. Having your sibling split the jewelry and you choosing which pile you want

d. None of the above.

 

2. Which are obstacles to inventing options:

a. Premature Judgment

b. Searching for a single answer

c. Both A and B

d. None of the above

 

3. The following are reasons pre-negotiation planning is generally skipped:

a. Time Consuming

b. Demanding

c. Complex

d. All of the above

 

4. Which person below was not known for thinking out of the box:

a. Steve Jobs (Apple)

b. Walt Disney

c. George W. Bush

d. Jeff Bezos (Amazon)

 

5. Pre-negotiation planning is important because it:

a. Allows you to get together and have cup cakes

b. Allows you to define and prioritize issues

c. Allows you to set your goals and BATNA

d. Both B and C

 

6. Changing your negotiation style is always the best approach:

a. Agree

b. Disagree

c. Agree, but it is difficult to change your style.

d. None of the above

 

7. Making the initial offer in a negotiation:

a. Is never a good idea

b. Set the table on the negotiation

c. Puts you in a weak position

d. Makes no difference

 

 

8. You have finishing your initial brainstorming to uncover new options. What are your next steps:

a. Select the most promising ideas

b. Schedule time to evaluate the ideas

c. Look to improve the ideas

d. All of the above

 

9. Remember to consider cultural differences:

a. When making the initial offer

b. When making concessions

c. Always

d. All of the above.

 

10. Is brainstorming with the other side a good idea:

a. Generally yes, but risks exposing your interests

b. Never

c. Always

d. None of the above.

 

11. Which is an example of a Provisional Agreement:

a. Trying out a temp employee before hiring full time

b. Allowing an individual to edit the initial chapters of a book before hiring full time

c. Sales test of select products via an online marketplacebefore all SKUs offered for sale

d. All of the above.

 

12. BATNA means:

a. Best alternative to a necessary agreement

b. Best agreement to a needed answer

c. Best alternative to a negotiated agreement

d. None of the above

 

 

 

13. Is making a threat in negotiations a good idea:

a. Yes, if you understand their implications

b. Never

c. Always

d. None of the above.

 

14. How can you negotiate with someone who only wants to engage in Positional Negotiations:

a. Focus on what they can do

b. Look for common interests

c. Be silent

d. All of the above.

 

15. Principled Negotiations:

a. Avoids arbitrary outcomes

b. Maintains good working relationships

c. Considers the other side’s interests

d. All of the above.

 

16. To deal with someone who uses unfair negotiation tactics you should do the following:

a. Be nasty to them

b. Point out their tactic to them.

c. Plot your revenge for the next negotiation session

d. None of the above.

 

 

 

17. The following represents the use of objective criteria:

a. Using industry publications

b. Using an independent third party

c. Flipping a coin

d. All of the above

 

18. Being fair in negotiations:

a. Maintains good working relationships

b. Means the other side will be fair to you

c. Avoids your having a guilty conscience

d. Both A and C

 

19. Making concessions means:

a. You will get one in return

b. Should be considered during your pre-negotiation planning

c. Never a good idea

d. None of the above.

 

20. In negotiating with key suppliers:

a. You should squeeze every last penny from them

b. There is no correct approach

c. You should be fair to ensure the long term relationship

d. None of the above

 

21. A Reservation Point is:

a. Your line in the sand you must obtain in the negotiation

b. Something you make with an airline

c. Helps set limits on the concessions you will give

d. Both A and C

 

22. To deal with a stubborn person on the other side:

a. Know your BATNA

b. Be willing to walk from the deal

c. Be stubborn back

d. Both A and B

 

23. The location of a meeting:

a. Depends on the specific situation

b. Is important if one side is trying to exert power

c. Is important if you may walk out during the negotiation

d. All of the above.

 

24. The following are NOT negotiation tricks:

a. Threats

b. Being tough on the issues

c. Psychological warfare

d. Reopening the issues

 

25. Your initial offer:

a. Anchors the discussions

b. Should not be made too early

c. Should be reasonable

d. All of the above

 

26. To finalize a negotiation:

a. Have a timeline

b. Make all concessions

c. Requires a framework agreement/letter of intent

d. None of the above.

 

 

 

27. After completion of a negotiation you should:

a. Review your performance

b. Move on the next project

c. Congratulate yourself

d. None of the above

 

28. Who said the following: “Let us never negotiate out of fear. But let us never fear to negotiate.”:

a. Franklin D. Roosevelt

b. Martin Luther King Jr.

c. John F. Kennedy

d. None of the above

 

 

29. The initial agreement between Nike and Amazon to test Nike products on the Amazon marketplace was an example of an:

a. Compromised Agreement

b. Final Agreement

c. Letter of Intent

d. Provisional Agreement

 

30. Nike’s main concern for not continuing to sell through the Amazon marketplace was:

a. Proliferation of Counterfeit products on the Amazon marketplace

b. Failure of Amazon to take down Unauthorized retailers in its marketplace

c. Both A and B.

d. None of the above

 

 

 

 

 

 

 

 

 

 

 

 

SHORT ANSWERS. – 40 Points Total. Value specified in each question.

Provide a short answer to the following questions. To receive full credit, fully explain the reasons for your answer and give examples, if applicable.

1. Value 15 Points

You are the CEO of a company that sells clothing to teenage girls that is struggling with market share and profitability You recognize that you need better designs from your independent third party designers. The team that negotiates with these designers and makes final decisions on their designs is your C level management comprised solely of white male baby boomers.

 

You recognize you need alternative options and decide to have a brainstorming session. What steps and actions do you need to make to have a successful brainstorming session? Remember to consider who should be part of the session as well as its location.

 

 

2. Value 15 Points

The United States has a firm policy of never negotiating with terrorists.

A. Is this firm policy always followed? (Value 3 Points)

B. Is strict adherence to this policy good or bad? (Value 12 Points)

 

 

 

 

 

 

 

3. Value 10 Points

Bob, a former college QB, currently works as a procurement manager for a struggling phone accessory startup. Bob’s boss advises him that he will be lead in negotiating an essential agreement with a key component supplier that will impact the long term survival of the company, as well as Bob’s career.

 

Jack is the negotiator for the component supplier. Jack is old school and believes his company, which has leading market share for the component, gives him great power in the negotiations. As a result, he demands the meeting take place in his office and further is belligerent and obnoxious from the start of the negotiations and unreasonable in the Sale Price he first offers for the component.

 

Prior to the negotiations, Bob did his homework on the component marketplace including fair pricing. He further learned that Jack is an avid football fan and has 2 children around the same age as Bob, one which went to the same college as Jack. Bob also learned that Jack’s company is having financial issues and its market share has been dropping.

 

What steps would you recommend to Bob to finalize negotiations with Jack?

 

LAST NAME, FIRST NAME:

 

 

ANSWER SHEET TEST #2

 

MULTIPLE CHOICE

1 16

2 17

3 18

4 19

5 20

6 21

7 22

8 23

9 24

10 25

11 26

12 27

13 28

14 29

15 30

 

 

 

 

 

SHORT ANSWER #1

 

 

 

 

 

 

 

 

 

 

SHORT ANSWER #2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT ANSWER #3

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