Prof. Gregory Northcraft hypothetically offered two skybox tickets (with free drinks in the box) to the NFC Championship game between the Packers and the Bears to the class with a bidding process. In the end the prices being offered vary with one student not willing to pay anything for it. I was confident that I would be the guy who is willing to pay the most for them. Prof. Northcraft then offered the student to sell the tickets to me for $1,000. He would've accepted it and I'd be happy to take it.
Thing is, he didn't know I was willing to pay for up to $3,500 for those awesome tickets. Would he change his decision had he known my stance?
I wasn't shocked that I was the only student offering more than $1,000 for those tickets because I know the situation on how much those tickets are valued in the real world. With 90% of our class being international students and not familiar with the current state of American Football, it's not their fault that they are not aware of the magnitude of how important the game is. Then Prof. Northcraft asked again to the student whether he will be willing to sell it for $1,000 knowing that I would pay up to $3,500. He would have definitely changed his decision having known that piece of information.
Information is key, and that was one of the main topics explained in this Negotiation Workshop. At one point in our lives we would definitely be faced with a negotiation process. Negotiating our salary on an interview, about mergers and acquisitions, work contracts, or even something that doesn't have anthing to do with money such as work and project schedule. In this workshop we were taught on how to handle these type of situations. We were given an exercise other than the tickets example to practice our negotiation skills.
There are a lot of factors that can be involved in a negotiation, and usually the side with the most information wins. Setting a common goal, making a personal connection, and determining the atmosphere of the negotiation by moving in first with a first offer are just some of the most common strategies to consider. I believe the workshop was really helpful to everyone because at the very least we were paired with one another and exposed to another person's train of thoughts. It was fun, and for some teams it was intense, but I believe everyone learned a lot from this workshop.
Oh and by the way, those skybox tickets could sell up to $3,000 EACH. The National Football League may have one Super Bowl contested every year, but it's definitely treated as big as the once-every-four-years World Cup here in America. Go Bears.