In this module, you learned the importance of planning prior to entering the negotiation waters. In order to stay afloat during the process, you need a strong plan of action and the ability change direction when the tide changes. Keeping with a nautical theme, your assignment will center on purchasing a boat from Captain Bob’s Boat Emporium. You spent months searching for the perfect boat and located it at Bob’s. The price of the boat is currently $25,000, which based on your research is about 15% higher than the Fair Market Value. In a few days you are meeting with Randy, a salesperson from the store.

In your paper for this week you will address the following:

1. Compare and contrast, then select the appropriate approach that you should take for this situation: distributive versus integrative.
2. Create a plan for negotiation in which you address the following:
   1. Define the interests of both parties
   2. Identify your limits
   3. Generate alternatives
   4. Set a target price
   5. Analyze the other party