Question 13 abcde

Question 13: Which one of the following is the most common mistake made by negotiators in the Bargain step of negotiations?
A Putting a price on demands
B Over valuing concessions
C Under valuing concessions
D Not having a wish list
E Giving not trading - in other words Elk Steaking

Well done, E Giving not trading is the correct answer! Most alleged negotiators make the mistake of believing that “Goodwill begets gratitude” and that it doesn’t matter if they give away a few concessions to “buy the deal”. Unfortunately this sends the wrong message to the other side. It doesn’t say you’re a nice, fair person, it says you were overcharging, overpricing or asking for too much in the first place and that if you can afford to give those things away now you can probably afford to give away even more. Their demands will be ramped up. Your goodwill simply begets greed not gratitude from the other side.

The solution? Remember the Elk Steak story! Don’t feed and reward the wolves. Trade everything and put a price on their demands. The more excessive their demands the more excessive the price you should put upon them.

What about the other answers?

A Putting a price on demands – This is exactly what good negotiators do!

B Over valuing concession – If you attempt to overvalue the concessions you are trading with the other side all you will do is provoke them. You’ll hear them say things like “are you serious” or “are you completely barking mad”. Neither is a good sign. You should value your concession in terms of what they cost you (together with what you will get in return) and what they’re worth to the other side.

C Under valuing concessions – As referred to above, if you give in too easily the other side will simply ramp up their demands. Value your concessions appropriately - what they cost you (together with what you will get in return) and what they’re worth to the other side.

D Not having a “Wish List” – If you don’t have a wish list you will be unable to trade and will be left with only “Yes” or “No” when asked for concessions by the other side. Yes means you give in and end up with poorer deals. No simply results in more argument. Having an extensive Wish List is crucial to enable you to both repackage and trade. The longer your wish list is the greater the flexibility you will have in negotiations.

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