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The Art of Making Concessions

In: Business and Management

Submitted By badrben
Words 576
Pages 3
Badr eddine Ben Mokhtar

The Fine Art Of Making Concessions Summary

This little « tutorial » sums up useful negotiation tricks that we can use either in real common everyday life situation or in big business transactions. The author defines negotiation as an art and art recquires some specific skills.
We are given four lessons about making concessions in business negotiation, an the whole is illustrated by many exemples. First of all, « don’t assume that your actions will speak for themselves ». The concession you make have a price, and they cost you first and then cost your boss, employees and relatives. You must stand your position in negotiation, but making smart concessions will build a good relation between you and your business partners without spoiling your expectations. Make reasonable concessions, but let your business partner know that this arrangement is affecting you and your company : you give up on something to satisfy the other part. Then you must remind the counter part the benefits he make by the arrangement, he wants your product (the point of the negotiation) and he’s about to acquire it cheaper. Don’t forget that you must stand your position at first, « don’t give up your original demands » too fast or « too hastily », a buyer who’s interested by the first offer will be easily convinced by a small concession, on the contrary a concession made to a potential buyer who find the original offer too high will just confort him in this idea. In second, the author give importance to reciprocity in business, when you makes concessions try to encourage and shape as you want this reciprocity to be. It could be a little delay for the deadlines or any other arrangement in the future. You must shape it, and make some little demands in return of the concession you just made. Of course, and this is the third part of the lesson, if your having…...

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