BUSM $5140$ Spring $2024-$ Simulation $1$ primarily a "distributive" negotiation between a student and hiring manager. This post has some additional info you need to prepare. It also outlines the actual assignment submission for $15$ marks. You should understand this as you prepare and negotiate terms.YOUR ROLE: consider carefully! $($you will negotiate during class on January $20$ prepare carefully. Watch for the additional info on your role description below! Student:You are a recent graduate of Kwantlen Polytechnic University. For $6$ months you have been actively looking for your first full time job post graduation. you are feeling a little discouraged.Your apartment roommate informs you that her employer is hiring for a position in the field in which you studied. You live in Surrey and company offices are in North Vancouver. Your roommate has a car.You immediately apply and are asked to attend an interview. You do the interview and immediately afterward are asked to meet with the hiring manager. You are not fully prepared but are excited about the job and agree to do so$.$ You did give some thought to salary prior to the interview. You want a minimum of $$65,000$ a year but did not discuss salary in the initial interview.You enter a large, beautifully furnished office, and introduce yourself to the hiring manager. He is an older distinguished looking gentleman. You are told that you are suited to the job and he would like to offer the position. After discussing your background for $10$ minutes or so he tells you the job pays $$50,000$ a year plus good benefits. It is a level $5$ position, in a newly created department. You will report directly to him. He looks at you with a big grin, stands and extends his hand to seal the deal! Your emotions run wild!What do you do$?$ You really need a stable job and a chance to build a resume in your field. However, you believe strongly you are worth more the $$50,000$ a year. You like the company and are impressed by the people you have met that work there, including your roommate. How do you ask for more money? What if the hiring manager gets angry and refuses to increase the salary?You ask for some time to consider the offer. An appointment is scheduled.You must negotiate and complete a deal. Consider: salary, vacation, perks, insurance benefits, bonus potential, commuting distance and expenses Hiring Manager:You have been contacted by HR department and asked to meet with a prospective employee in your newly created department. You received approval from executive management to create the new department several months ago. You fought for more but the budget is very tight. You have been looking for good candidates for several weeks. HR says this employee is right for the job. You are leaving town for a few days so suggest HR bring the prospective employee right over.The candidate is brought to your office. You have $45$ minutes to size up the candidate before leaving for the airport. You introduce yourselves then you sit down to discuss the candidates qualifications and background. After $20$ minutes or so you realize HR was right. This is a very good candidate with the right skills and experience for this entry level job. Candidate will be a welcome addition to the team. You need manpower and want to hire before going out of town.You decide seal the deal and explain salary and benefits. You expect the candidate to be happy and grateful at the prospect of getting the job! It has room for growth in a good company. You grin and offer the job immediately. You only have $20$ minutes or so or you will miss your plane. You stand and extend your hand but the candidate looks worried and stays seated. The candidate asks for a few days to consider the offer. You are disappointed but agree to meet again to conclude negotiation. In the interim you can both consult your peers for advice!You do not have a lot of room to negotiate. BUSM $5140-$ Negotiation Simulation $1-15$ marks $-$ "individual negotiation"The student and the hiring manager have scheduled a meeting for January $20.$ Both must prepare for the meeting. This is clearly a distributive negotiation, sometimes referred to as "win$/$lose$".$ For this simulation you "must" reach an agreement. If not you each lose $5$ marks. I will evaluate your success or failure in the negotiation. Consider all relevant factors to reach a deal that makes sense to both parties. Do not be bullied, do not be afraid to say $"$no$"$ as you seek a compromise! Marks will be awarded accordingly. Avoid being overly stubborn or disruptive: both parties ultimately need a successful negotiation!Answer the following questions from your respective role as either student or hiring manager. Submit your answer to me online to my KPU email address by January $27.($Use the negotiation concepts and principles outlined in our textbook for best grade. Explain and defend your thoughts and ideas$)!.$ How did you prepare for the initial online meeting?$2.$ Define from your perspective the following:a$.$ your opening offer $-$ explain which elements $-$ bargaining rangeb. target point $-$ for each element abovec. resistance point $-$ for each elementd. what is the BATNA in this negotiation from your perspective?$3.$ describe your counterparts opening offer and approach to negotiation$\mathrm{.}4,$ What tactics did you employ to push your point of view?$5.$ What was the final result of your interview session and final job offer as a result of your negotiation?$6.$ In your prospective role, student or hiring manager, what should you have done differently? Focus on what you both did well and poorly$\mathrm{.}7.$ Who did the best job? What should you have done differently to be more successful? Was the outcome fair? If so why? If not why not? EXPLAIN $......$