Be prepared for your next negotiation with these key words.
The words below are commonly used in negotiations. They are all nouns except for the last three.
Concession: something that you give to the other side to make them happy (“concede” = verb)
Compromise: an agreement that satisfies both sides by exchanging concessions (“compromise” = verb)
Impasse: when two sides cannot agree on an issue
Interests: the needs that each side is trying to satisfy
Alternatives: different options that can be proposed
Proposal: what one side offers to the other side (“propose” = verb)
Counterproposal: when you respond to a proposal with a different one that you came up with
Terms/Conditions: the requirements that each side must meet
Counterpart/The Other Party: the people who you are negotiating with
Ultimatum: a final “last chance” offer
Leverage: something that you can use as your advantage against the other side
Tactics: moves/actions that are part of a strategy to get an advantage
Strategize (v): to think of and develop a strategy
Negotiable (adj.): when something is not decided yet and can be negotiated
Compensate (v): to give someone something positive in order to “balance” a negative situation that they received
Practice
Match the words below with their definitions 1 - 15.
Concession / Compromise / Impasse / Interests / Alternatives / Proposal / Counterproposal
Terms / Counterpart / Ultimatum / Leverage / Tactics / Strategize / Compensate
different options that can be proposed
the requirements that each side must meet
to think of and develop a strategy
when two sides cannot agree on an issue
when something is not decided yet and can be negotiated
a final “last chance” offer
what one side offers to the other side
something that you give to the other side to make them happy
an agreement that satisfies both sides by exchanging concessions
moves/actions that are part of a strategy to get an advantage
something that you can use as your advantage against the other side
the needs that each side is trying to satisfy
the people who you are negotiating with
to give someone something positive in order to “balance” a negative situation that they received
when you respond to a proposal with a different one that you came up with
Put the words below into the correct blank:
Terms / Concession / Impasse / Leverage / Negotiable / Interests / Counterproposal / Compensate
The price isn't determined yet. It's _____________.
We can use our size as ____________ to get a good deal from this negotiation.
We couldn't give them the discount that they want, but we gave them free delivery to _________.
We didn't like their offer so we made a ____________. We'll see if they accept it.
We made a _____________ by reducing our price to meet their request.
If you don't like the ______________ of the contract, you can always walk away.
Mediators will be called in to help if the two sides reach an ______________.
It's important to understand the ____________ of the other party so that you offer them something that has value to them.
Answers
Definitions:
Alternatives
Terms
Strategize
Impasse
Negotiable
Ultimatum
Proposal
Concession
Compromise
Tactics
Leverage
Interests
Counterpart/The other party
Compensate
Counterproposal
Fill in the blank:
Negotiable
Leverage
Compensate
Counterproposal
Concession
Terms
Impasse
Interests
Comments