Topic: Negotiations/Business talks 1

VOCABULARY REVIEW: Business negotiations

Need to review common terms relating to (and used in) business negotiations? We've got you covered!

Negotiation
Definition:
Negotiation is a discussion between two or more parties aimed at reaching a mutually acceptable agreement.v Example:
The negotiation lasted several weeks before both sides agreed on the price.

Bargaining position
Definition:
A bargaining position is the level of power or advantage a party has in a negotiation.
Example:
The supplier had a strong bargaining position due to high demand.

Leverage
Definition:
Leverage is the ability to influence the outcome of a negotiation by using advantages such as alternatives, resources, or information.
Example:
Having multiple offers gave the company more leverage.

BATNA (best alternative to a negotiated agreement)
Definition:
BATNA is the best option a party has if the negotiation fails.
Example:
Knowing her BATNA helped her negotiate more confidently.

Concession
Definition:
A concession is something one party agrees to give up in order to move toward an agreement.
Example:
The buyer made a concession by accepting a longer delivery time.

Compromise
Definition:
A compromise is an agreement where both sides give up something to reach a solution.
Example:
They reached a compromise on pricing and contract length.

Deadlock
Definition:
A deadlock occurs when negotiations stop because neither side will change its position.
Example:
The talks ended in deadlock over payment terms.

Counteroffer
Definition:
A counteroffer is a response to an offer that proposes different terms.
Example:
The seller made a counteroffer with a higher price.

Terms and conditions
Definition:
Terms and conditions are the detailed rules and requirements of an agreement.
Example:
The lawyer reviewed the terms and conditions before signing.

Win-win outcome
Definition:
A win-win outcome is a result where all parties feel they have benefited.
Example:
Flexible payment terms created a win-win outcome.

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