“The House on Elm Street” Exercise: Essential Negotiation Strategies and Skills

by: George Siedel

Publication Date: October 30, 2018
Length: 4 pages
Product ID#: 8-658-192

Core Disciplines: Ethics, Negotiations, Strategy & Management

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Teaching Note

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Success in business transactions and personal relationships requires an understanding of negotiation. This role-playing exercise, “The House on Elm Street”, provides an introduction to essential negotiation strategies and skills. The exercise involves a transaction anyone can identify with —  the sale of a house. Each student receives a short role description as either the buyer or seller. They negotiate for 30 minutes, followed by an instructor-led debriefing. There is a twist in the exercise known only to one of the roles. At the conclusion of the exercise, students receive an assessment of their negotiation skills that forms a plan for improving those skills in the future.

The comprehensive teaching note for this exercise provides all the information an instructor will need to set up, execute and debrief this exercise and includes the following documents, as well as a slide deck that can be used during the debriefing of the exercise.

  • Appendix A: Tracy (Seller’s) Role
  • Appendix B: Pat (Buyer’s) Role
  • Appendix C: Self-Assessment and Feedback

To access the teaching note, instructors can log into wdi-publishing.com with their email address and password. If not yet registered, please do so at: https://wdi-publishing.com/register/

Teaching Objectives

After reading and discussing the material, students should:

  • Understand different types of negotiations.
  • Prepare for negotiations.
  • Recognize and decide ethical issues.
  • Develop and use negotiating power via the concept of Best Alternative to a Negotiated Agreement (BATNA).
  • Apply contract concepts to negotiations.
  • Create value in a manner that benefits both sides.