May 2007
Intermediate to advanced
232 pages
5h 4m
English
Content preview from Practical Negotiating: Tools, Tactics & Techniques
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Types of Currencies
In identifying different currencies, be as creative as possible. As the number of available currencies increases, there is a greater likelihood that a win-win agreement can be reached. Currencies can be divided into three types:
Prime currency: The central focus of the negotiation, usually money in the form of price, rate, or discounts. In most instances, the prime currency is the key component of the Opening Position.
Alternative currencies: Things that one party has that might meet the needs of the other party. Often, alternative currencies can close the gap when two parties are far apart on prime currency. These can take many forms, as we see later.
Elegant currencies:[1] Things that are of high value to the receiver but that are low cost to the provider.
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