In this project, you are to negotiate a series of Four or more trades, starting with a paperclip and ending with something substantially more valuable.
Three Important Rules
- Don’t trade with relatives or your significant other.
- Don’t pay another person for an item you receive in a trade. No cash, checks, or IOUs are allowed. However, gift certificates or vouchers that can be redeemed by anyone are permissible.
- Conduct at least 4 trades. You are encouraged to try many more! Your receipt of the paperclip with these instructions does not count toward the 4 trades.
You will submit a 1). negotiation log (see sample below) of all your trades. You will also complete 2). an analysis (single-spaced, double-spaced between paragraphs) with minimum word of 650, emphasizing which negotiation strategies worked best for you across the entire series of negotiations.
Your negotiation log should include: The part of yellow highlight will be provided
- Item and approximate value
- Date of trade
- Who you traded with (name and relationship to you)
- Rationale as to how negotiation partners were chosen.
- Discussion of what occurred, what items were negotiated for, how you attempted to influence your partner, thoughts on why you were successful.
Your analysis should consider the following questions:
- What enabled you to negotiate for something more valuable?
- Which negotiation strategies worked well, which didn’t?
- Why was the person willing to give you something more valuable compared to what he or she received from you?
- What information did you share with the person you negotiated with? Why?
- What information did you withhold from the person you negotiated with? Why?
- Over time, did you get better at negotiating? In what way?
- What trades were the most satisfying to you? To the other party?
- What did you learn during the process?
- What guidelines/recommendations would you give that provide useful advice for engaging in negotiations?
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