Key Terms
BATNA. The acronym for “best alternative to a negotiated agreement.” Knowing your BATNA means knowing the options of what you will do or what will happen if you do not reach agreement in the negotiation at hand. For example, the BATNA for a consultant negotiating with a potential client about a monthlong assignment might be to spend three weeks developing marketing materials for a different client.
Bluffing. When one party in a negotiation indicates that it may be willing to do or accept something that it actually has no intention of following through on. For example, a tenant may bluff that he will not renew his lease unless certain improvements are made to his office space.
Die-hard bargainers. People for whom every negotiation ...
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