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This class will help you learn and understand some of the most common vocabulary and acronyms used in sales and negotiations. There are many more and more to come. Remember to take a look at the additional links we are leaving for you.
I have carefully curated this list especially for you, based on my coaching and teaching experience and my experience as a salesperson as well. Look out for other expressions I will be using in class and try to find out what they mean.
Check out when I use these new expressions throughout the course and learn more about how to use them.
To negotiate the terms of a purchase, agreement, or contract not to create value but to claim value. Also haggling.
An opportunity missed or overlooked due to a lack of information, perspective, intellect, or emotional appeal.
To pretend to be in a better position than one is.
The underlying or ultimate criterion or reason.
Offering two or more products or services together, in a single package, at one price or for only a little more money.
To accept terms and conditions you previously resisted or rejected.
A tactic where the client selects the parts of an offer he likes and rejects the parts he does not.
The terms mutually agreed upon by all parties in a negotiation.
To come to an agreement by mutual concession.
Something agreed to, that usually you do not like, but will help you reach an agreement or improve a situation.
Mutual agreement by all parties.
An alternative solution offered when you are not content with the original proposal.
An offer made as a response by one who has rejected the original offer.
A situation where you cannot move forward because the parties will not reach an agreement due to lack of compromise.
When the interests of each party are in absolute conflict. If one gains, the other loses. Also called Zero-Sum Negotiation or Win-Lose Negotiation.
An interest or goal that you do not want the other party to find out about.
To ask for a lot more than you think you will be offered.
To offer much less than you think is acceptable.
The issues or ideas that generate a reaction on the other party, most likely, an emotional reaction.
An advantage that gives you power in a negotiation. Also, upper hand.
The set of conditions a party demands or is not willing to concede to.
The least favorable point for your negotiation.
All those who have an interest in the negotiation.
To request more time simply to avoid reaching an agreement or postpone a decision.
To show you are not open to other options to see if the other party compromises or yields.
Best Alternative to a Negotiated Agreement.
Best Possible Agreement.
Least Acceptable Agreement.
Most Desired Outcome.
MEEP or MEEO
Multiple Economically Equivalent Proposals / Off.
Request for Information.ers.
Request for Proposals.
Request for Quotation.
Strengths, Weaknesses, Opportunities and Threats assessment.
Zone of Possible Agreement. The zone where the terms and conditions would make an agreement satisfactory to both parties.
You can follow these links to learn more sales and negotiation related vocabulary: