This week in Negotiation I learned a variety of different terms and strategies that deal with making deals with other parties. One of the main things that I caught onto with the early negotiation activities is how difficult it is to figure out what information the other party has and knowing how far they are willing to go. At this point, in all activities I have been the seller, so I am never too sure what the reservation price of the buyer is which makes it difficult to work out a deal that I am comfortable with. Knowing an absolute Zone of Potential Agreement during the negotiation process would probably help the buying and selling parties split the difference so there would not really be a winner and a loser. For me, negotiation worked a little better with the "used car" activity. I made enough money on that transaction to cover the down payment for the Acura and possibly a few monthly payments. In the piston sale negotiation activity, I did settle for less then expected for the pistons that I sold. The price was below the cost of production, but the price was still much better then my next best alternative, so I was banking on the fact that the size of this deal will give some good advertising and provide future profits (or at least the buyer had some good strategies of convincing me with this idea). My aspiration of the deal was to receive some profits in the short term, but hopefully it pays off in the long term.
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