Aspiration Point – what you hope to achieve, your goal in negotiation

Reservation Point – what is the worst case scenario for you and the minimum that you would accept

Bargaining Chip – something of value that you trade with the other party

Concession – the act of giving a bargaining chip away

BATNA – a term coined by professors at Harvard University. It means Best Alternative to a Negotiated Agreement. Your BATNA is your fall back if you cannot reach an agreement with this party

Integrative Negotiation – both parties collaborate to create ” win-win” value for all

Distributive Negotiation –  both parties compete to win the most value

Framing – is how you create a favorable frame of reference with persuasive messaging to influence the other party

Anchoring – is  how you emphasize strong facts favorable to you at critical points during the negotiation process

Position – what the other party says they want, a demand

Interest – what the other party really needs. You have to uncover it with skillful observation and questioning

 

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