Exam2 - FC1 - The flashcards are formatted for printing....

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Escalation of Commitment Overly Affected by Presentation of Information
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During negotiations, it’s a common mistake to be affected by context and not content; flashy framing. Occurs when a previous course of action is continued, even though it’s no longer reasonable; sunk costs.
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Anchor Upon Irrelevant Information Assuming Win- Lose Paradigm
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A negotiation mistake where you create a competitive “us vs. them” mentality; there’s a time and a place for it, but not constant. Assume facts are the gospel, even if they’re unimportant.
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Overconfidence in Attaining Outcomes Reliance on Readily Available Information
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In negotiations, we tend to think the information we have is special, even though there may be better information elsewhere. Fail to see the bigger picture in negotiations, so we don’t maximize the outcomes.
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Aspect Ratio Framing 1. Assuming win-lose paradigm 2. Failing to consider counterpart’s perspective 3. Overly affected by presentation of information 4. Escalation of commitment 5. Overconfidence in attaining outcomes
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6. Reliance on readily available information 7. Anchor upon irrelevant information
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The most common cognitive mistakes in negotiation: Even though the dollar amount may remain the same, the perceived savings on a purchase will diminish as a motivator with an increase in price.
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Seller Status Framing Aspect Ratio Framing
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People tend to base behavior on readily understood terms, such as percentages; all other things being equal, more people are willing to suffer the same inconvenience to save $30 on a $70 item Perceived product quality is enhanced or diminished according to retail outlet status; often, a consumer is willing to pay more for the identical product or service sold at a swank specialty shop than at
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than they are to save $30 on a $800 item. a discount store.
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Seller Status Framing Seller Status Framing
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There’s a tendency to assign a greater value to the quality of the transaction over the actual intrinsic worth of a product or service; the same item on sale at even a higher price in a high status business i.e. Levi’s jeans sold at Sears cost less than the same jeans at Macy’s because of the perceived quality
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may be considered a “bargain” by a customer but considered a “rip off” at a lower status business.
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Relevant Polarity Framing Relevant Polarity Framing
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Acceptance of an offer often depends on how the negotiator has presented the issue, and on which polar attribute emphasized; “maximize profit” approaches enjoyed greater profitability A decision framed in a positive manner is more likely to be accepted than the identical decision framed in a negative manner; negatively framed negotiators were less
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expenses”. concessionary and
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Exam2 - FC1 - The flashcards are formatted for printing....

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