When negotiating a deal on the purchase of a new automobile, Bradley had manufacturing cost data from his neighbor who worked for the car manufacturer. Bradley got himself a good deal on his purchase due to his ___________ power in the negotiation.

Question

26-12-2023
Business

High School

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When negotiating a deal on the purchase of a new automobile, Bradley had manufacturing cost data from his neighbor who worked for the car manufacturer. Bradley got himself a good deal on his purchase due to his ___________ power in the negotiation.

Answer :

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tyagidikshaqa tyagidikshaqa · Answer 1 · 2023-11-09T02:56:46-05:00

Final answer:

Bradley leveraged insider information about the manufacturing costs of the car, which gave him a stronger bargaining position during the negotiation. This is known as informational power, where one party in a negotiation has superior information relative to the other.

Explanation:

When negotiating a deal on the purchase of a new automobile, Bradley was able to leverage manufacturing cost data he had received from his neighbour who worked for the car manufacturer. Bradley's informational power in the negotiation played a key role in him obtaining a good deal. Informational power refers to a situation where one party in a negotiation has superior information relative to the other. This concept pertains to the world of imperfect information, where sellers know more about the product than the buyers and use that information advantage to their benefit.

In Bradley's case, he turned the tables by leveraging insider information about the manufacturing costs of the car. This gave him a stronger bargaining position, allowing him to negotiate more effectively for a better car price. Thus, his informational power played a crucial role in his negotiation and successful deal-making.

Learn more about Informational Power here:

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