WORKSHOP 1 - BUYER

PLEASE ANSWER THE FOLLOWING QUESTIONS

(Submit this form in the drop-box Session 2)

Student Name: Farah Balkis

Name of your counterpart in the negotiation: Buyer

Before beginning this negotiation, set the following targets for yourself:

1. The price you would like to pay for the Jetta $3500

Why? This offer aligns with my budget and represents a fair compromise. It allows me to secure a well-maintained
vehicle within my financial limits. Starting with this offer also leaves room for negotiation and potential adjustments
if needed during the bargaining process.

2. The price you will initially offer the seller $3700

Why? This offer is based on my assessment of the car's value and my budget. It's a reasonable starting point for
negotiation that is fair to both parties. It reflects my willingness to make a reasonable offer while leaving room for
potential adjustments if the seller has a different initial price in mind.

3. The highest price you will pay for the car $4000

Why? This price represents the maximum amount I am willing to spend on the car, considering my budget
and financial constraints. It allows for a reasonable negotiation margin, giving both me and the seller room to find
a mutually agreeable price.

After finishing this negotiation, answer the following questions:

4. Did you reach an agreement in this negotiation? If so, how much was the price? how satisfied are you
with the price? If not, are you satisfied that you did not agree? Why?

During the negotiation, we both compromised to reach a mutually agreeable price. I compromised by increasing
my initial budget of $3,500 to $4,200, and the seller also made a compromise by accepting $4,200
instead of the initial listing price. Additionally, I decided to allocate $200 from my $700 vacation fund
towards the purchase. I thought that overall the Jetta could potentially hold its value better over time,
which means that the potential savings from buying the Jetta might outweigh the upfront cost difference.
This was a key factor in my decision to choose the Jetta as it could provide better value in the future. I
wish he could've gone lower, and I'm not entirely satisfied because I didn't get the price I initially wanted.
However, considering the compromises made by both parties and the potential long-term value of the
Jetta, I believe the final price of $4,200 is reasonable and provides a balance between my budget and the
value of the car.

5. If you reached a settlement, how does the settlement price compare to your target price, to the buyer’s
opening offer, and to the lowest (highest) price that you were willing to accept? Who “won” in this
exercise?
In this exercise, the settlement price of $4,200 is higher than my target price of $3,500, ($700 more), My opening
offer was $3500, and the highest price I was willing to accept was $4000. The seller made a slight compromise by
going up from your maximum limit. However, I also compromised by accepting a price higher than my initial target
and an opening offer of $3,500. From a negotiation perspective, the seller "won" in this exercise by securing a
higher price than what I initially aimed for.
6. Who made the first offer? Does it matter who puts out the first number? Do you want to be the person
making the first offer, or the person hearing the first offer? Why? Under what circumstances might your
answer be different?

I made the first offer, which was negotiating a price of $3500 for the Jetta. In my opinion, it does matter because
the role of the party making the first offer can carry significant implications in negotiations. It can serve as an
influential starting point and provides advantages such as setting a positive tone and affording some level of
control over the negotiation process, so I'd like to be the person making the first offer. Under different
circumstances, my answer might be different. Factors that could influence my preference for making the first offer
include my knowledge of market prices and conditions, whether I possess information that the other person does
not have Ultimately, the decision to make the first offer should be made strategically based on the specific context
and goals of the negotiation.
 WORKSHOP 1 - SELLER
PLEASE ANSWER THE FOLLOWING QUESTIONS
(Submit this form in the drop-box Session 2)

Student Name: _______________________________________________________________________

Name of your counterpart in the negotiation: ________________________________________

Before beginning this negotiation, set the following targets for yourself:

1. The price you would like to receive for the Jetta $ ________________________

Why?_______________________________________________________________________________
____________________________________________________________________________________

2. The price you will initially present to the buyer $ __________________________

Why?_______________________________________________________________________________
____________________________________________________________________________________

3. The lowest price you will accept for the car $ ____________________________

Why?_______________________________________________________________________________
____________________________________________________________________________________

After finishing this negotiation, answer the following questions:

4. Did you reach an agreement in this negotiation? If so, how much was the price? how satisfied are you
with the price? If not, are you satisfied that you did not agree? Why?

____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________

5. If you reached a settlement, how does the settlement price compare to your target price, to the buyer’s
opening offer, and to the lowest (highest) price that you were willing to accept? Who “won” in this
exercise?
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________

6. Who made the first offer? Does it matter who puts out the first number? Do you want to be the person
making the first offer, or the person hearing the first offer? Why? Under what circumstances might your
answer be different?
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________