Top five buzzwords

Negotiating skills and strategy: Top five buzzwords

 

No matter what your role, negotiation is a key part of business. These buzzwords provide a quick overview of negotiating tactics and strategy. Whatever you're negotiating, don't forget to stay patient, open-minded and keep the desired outcome in mind throughout.


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Table of Contents

Top five negotiation tactics and strategy buzzwords
1. Boulwarism
2. Bundling
3. Reciprocity
4. Tipping point
5. Winner's curse

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Top five negotiation tactics and strategy buzzwords

 Boulwarism is an offer or counter-offer that is not meant to be negotiated. A Boulwarism is named after a former General Electric vice president, Lemuel Boulware, who gave a worker's union just one offer, even when faced with a strike. You might also think of this kind of offer as the more commonly known "take it or leave it."

 Bundling is a practice of marketing two or more products or services with one price, in a single package. Bundling might come up in negotiating price, giving a customer an option of getting additional products or services for only a little more money.

 Reciprocity is a mutual or cooperative exchange of favors or privileges. When negotiating, you might think of this concept in the common terms "You scratch my back, and I'll scratch yours" and the Latin expression "Quid pro quo."

 Tipping point is the critical point in an evolving situation that leads to a new and irreversible development. As part of a negotiation strategy, a tipping point might be considered to be a turning point. In marketing, the tipping point is the threshold that, once reached, will result in additional sales. The term is used in many fields of business, and includes the use of radio frequency identification (RFID) technology in retail sales, and the widespread adoption of Web services.

 Winner's curse is an offer that is immediately accepted by the other party during negotiations. The term implies that although the offer was accepted, the person making the offer failed to get as good a deal as possible.

For more on CRM and business tactics, browse our CRM strategy topic section.

 

This was first published in July 2007

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