Negotiation is communication between two or more parties with the desired outcome of reaching a mutually satisfactory agreement. Negotiation can take place between a procurement professional and parties within the supply chain for a variety of reasons. Negotiation is used with the intension of all parties reaching an agreement. The ideal outcome is win-win but this is not always achievable. Negotiation can involve a number of ploys and tactics but regardless of the approach taken, preparation is key.
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Negotiation Strategy: Seven Common Pitfalls to Avoid
Negotiation Strategy: Seven Common Pitfalls to Avoid | Stanford Graduate School of Business
This article contains expert-led insights from a previous season of the Million Dollar Case Study. MDCS is a free, comprehensive video series by Jungle Scout in which veteran Amazon sellers show budding entrepreneurs how to succeed on Amazon—by actually doing it. The series takes viewers step by step through the process of launching a real product on Amazon in real time—from product research to finding a supplier to advertising. Check out our most current season here for the latest information on selling on Amazon. This is it… when the rubber meets the road, the pen to paper, final decisions on our supplier are made. This is a super exciting session of the Million Dollar Case Study, where we will cover our negotiations with suppliers, final evaluations, and contract.
How to Negotiate with Powerful Suppliers
In this series freelance author and supply chain expert Elaine Porteous explores core topics in procurement. This post has some edits and additions by the Sievo team. Commercial contracts that run smoothly throughout their lifespan are a rarity. So much can go wrong: uncontrolled price escalations, delivery problems, payment issues, unexpected changes in the market, miscommunications or equipment failures. Negotiating the terms of a contract must take into account all of the above.
Matters I take on often require skill in three substantive areas—mergers and acquisitions; deadlock resolution; and major contract negotiation. Recently I was asked to resolve what had become an urgent and make-or-break situation for a supplier with its fortune manufacturing company customer. I was very familiar with SupplyCo and OmniCo.