U3 Effective Negotiation Strategies

Question 1

you can negotiate everything

Answer 1

everything is fair game

Question 2

ask to speak w a manager/owner

Answer 2

• the floor level workers are making minimum wage, your money does not put money in their pockets\
• find someone who benefits from the sales

Question 3

keep a poker face

Answer 3

• keep your cool, don’t show unusual interest in the item
• limit your enthusiasm and compare it to other products
• shop around, keep your options open, and seek more potential buyers

Question 4

don’t make the offer first and don’t negotiate with yourself

Answer 4

• there is a chance their initial offer is better than the offer you had in your head
• after you make an offer, do make another offer until they counteroffer

Question 5

bundle

Answer 5

• group items when the offer is too high
• it adds stakes to the importance of the transactions

Question 6

barter

Answer 6

work to offset the monetary amounts of a transaction

Question 7

use silence and time as a tatic

Answer 7

• do not respond to an offer too quickly
• pause to convey that you’re not desperate
• silence gives pressure to the other party

Question 8

willing to walk away

Answer 8

• if they do not comply to your maximum, force yourself to walk away
• such a strong action will more often than not get what you want

Question 9

keep it light

Answer 9

• never let it get too intense
• smile and insert humour when possible

Question 10

use written communication, if possible

Answer 10

• foreign markets tend to write numbers on pads of paper
• solves language barriers
• produces a record of the negotiation
• strips away body language factors
• gives you time to analyze situations and make an educated, non-panicked offers

Question 11

practice

Answer 11

• practice makes an expert negotiator
• improves negotiation skills and gives you confidence