HRM 4490 - Module 4

This set of flashcards contains key vocabulary and definitions related to negotiation strategies, concepts, and techniques as discussed in the lecture.

Alternatives

Options available to negotiators that can influence negotiation outcomes and strategies.

Integrative Negotiation

A negotiation approach that aims to create value for all parties involved by addressing their interests and needs.

Distributive Negotiation

A negotiation strategy that focuses on dividing a fixed amount of resources, often resulting in a win-lose outcome.

BATNA

Best Alternative to a Negotiated Agreement; the most advantageous alternative course of action a party can take if negotiations fail.

Interest vs. Position

Interest refers to the underlying reasons or needs driving a negotiator, while position is the specific outcome or demand they express in negotiations.

Pareto Efficient Frontier

A concept in negotiations where both parties maximize their outcomes; moving toward this frontier leads to a mutually beneficial agreement.

Self-Efficacy

The belief in one’s ability to succeed in specific situations, which influences negotiation performance.

Emotional Intelligence (EQ)

The ability to understand and manage your own emotions as well as the emotions of others, particularly in social interactions.

Active Listening

A communication technique that involves fully focusing, understanding, responding, and then remembering what the other person says.

Compromise

An agreement or settlement of a dispute reached by each side making concessions.

Negotiation Tactics

The strategies used by negotiators to gain an advantage or leverage in a negotiation.

Trust in Negotiation

A crucial element that affects how freely parties share information and collaborate in negotiations.

Cognitive Bias

A systematic pattern of deviation from norm or rationality in judgment, affecting negotiation perceptions and decisions.

Cultural Differences in Negotiation

Variations in negotiation styles and practices which are influenced by cultural backgrounds.

Underlying Needs

The deeper motivations or realities that drive negotiators beyond their expressed positions.

Win-Win Solution

An outcome in negotiation where both parties feel satisfied with the agreement reached.

Trade-Offs

Exchanging one benefit for another during negotiations in order to create a solution that satisfies both parties' interests.