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Strategic Gaming and Bargaining

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Strategic Games & Bargaining:

Consider the following hypothetical. You've entered into a contract to purchase a new house, and the closing is scheduled for next week. It's typical for some last-minute bargaining to occur at the closing table, where sellers often try to renegotiate terms of the deal' (e.g., trying to get the buyer to pay more). You have three options for the closing: (1) attend yourself; (2) send an attorney authorized to close only per the previously negotiated terms; or (3) pre-sign all the closing documents per the current terms and do not attend the closing. Evaluate the strength of your bargaining position for each option. Which of these would be the most advantageous? Explain your reasoning.

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--Consider the following hypothetical. You've entered into a contract to purchase a new house, and the closing is scheduled for next week. It's typical for some last-minute bargaining to occur at the closing table, where sellers often try to renegotiate terms of the deal' (e.g., trying to get the buyer to pay more). You have three options for the closing: (1) attend yourself; (2) send an attorney authorized to close only per the previously negotiated terms; or (3) pre-sign all the closing documents per the current terms and do not attend the closing. Evaluate the strength of your bargaining ...

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The review into strategy and negotiation during a loan closing.

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Strategy Simulation Game (Tata Interactive System)

Please help getting started with a two to three page review of playing the strategy simulation game, the decisions you made and the results of those decisions. Relate your experience to what you learned in the assigned readings below (it doesn't have to be all the assigned reading).

Required Reading:

Porter, Michael E., The Five Competitive Forces That Shape Strategy: In HBR's 10 Must Reads on Strategy
Grant, Robert M. The Resource Based Theory of Competitive Advantage: Implications For Strategy Formulation, California Management Review, Vol. 33, Number 3, Spring 1991.
Grant, R.M. (2008). Contemporary strategy analysis (6th ed.). Malden, MA: Blackwell. Chapters 3-5. (Optional)

Multimedia:
YouTube - The Five Competitive Forces That Shape Strategy
YouTube - How to Develop Competitive Advantage
MBA Reference Guides
Competitive Advantage
Porter's Five Forces
Porter's Generic Strategies

The following is a highly educational interactive exercise which visually demonstrates the impact of various strategic decisions that you can make, under different kinds of industry characteristics. Play the simulation.

Tata Interactive Systems. Economics for Managerial Decision Making. Retrieved April 29, 2005, from http://info.umuc.edu/mba/public/TIS/economics/market/economics_market_part1.swf

NOTE: You may have to copy this link and put it directly in your browser window to reach the simulation.

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