Best Alternative To Negotiated Agreement (BATNA) is the most advantageous alternative course of actions if two parties cannot come to an agreement. Knowing your BATNA gives negotiators confidence to walk away from a deal not in their best interests.
Logrolling is the idea of navigating multiple issues concurrently. This usually involves the exchange of favors, and requires that a negotiator know both their own and the other side's non-price priorities.
Zone of Possible Agreement (ZOPA) is the space to negotiate between BATNAs of two negotiating parties. Accurately locating the ZOPA gives negotiators a better chance of making more effective offers to come to an agreement.
Concessions are terms granted in response to demands. Labelling concessions during a negotiation can be valuable to illicit the other party to meet a negotiator on other important terms (i.e. contingent concessions), thus cultivating reciprocity.
Reservation value is the lowest (highest) value a seller (buyer) is willing to accept before walking away from a deal. It is crucial to set this value before entering a negotiation and keep it confidential from the other party.
Anchoring involves assigning importance to the first value presented. Negotiators must recognize and defuse the anchor quickly as anchors become stronger the more they are referenced.
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