Having this increases the negotiating power and determines the course of action if an

agreement is not reached within a certain timeframe. Anyone approaching for a negotiation deal should have this as your best alternatives or back up plans.

BATNA stands for _____?

If Fred wants to buy a used car for $5,000 or less, and Mary wants to sell one and will not go below for $5,500, do they have a ZOPA?

If Fred wants to buy a used car for $5,500 or less, and Mary wants to sell one and will not go below for $5,000, do they have a ZOPA?

Which of the following is NOT a definition of Red Sheet Methodology?

Negotiation as a series of steps is a crucial mindset for negotiators. This step-by-step concept is so important that the entire Red Sheet methodology has been structured within a STEP framework.

STEP stands for _____?

This step considers planning the things we can do to be in control of the event as much as we are able including considering room layout (where we can) and what we will do at the start of the meeting.

This step lays the groundwork for our negotiation planning. It helps to establish the context for this negotiation; identify those who need to be involved and consulted; determine any cultural differences or factors we need to attend to; and consider the personality match of our team to the negotiation in question, as well as everything we know about the other party’s anticipated team line-up.

This step includes reviewing how the negotiation went, to capture the key learnings and share knowledge with others internally. Doing this well requires those involved to make a conscious effort to review each negotiation once complete.

This step defines the specific target outcomes for the negotiation and planned approaches for our behavior in the negotiation along with plans to maximize power.

Contains the team line up, portfolio analysis and negotionality assessment.

Contains the context of the negotiation, value objective, relationship objectives and timeline.

Contains RACI (Responsible, Accountable, Consulted, and Informed) assessment and engagement plan.

Contains our MDOs, LDOs and BATNAs.

Contains event logistics and timing, room layout and opening tactics, opening statement, time based agenda and the tactics and techniques we will use.

Contains event planning, communications plan, pre-conditioning and internal alignment.

Contains review of event, what was achieved and key learnings.

Contains implementation plan and things to carry forward to the next.

True or False:

If a negotiator has a weak BATNA, it may be beneficial to disclose it, as this would prevent the other party/parties from acting as if a viable alternative did not exist.