|Currencies are tangible or intangible resources that are perceived to have value by the receiving party.|
|Types of currencies:
- Prime: Usually money or the central focus.
- Alternative: Things that one party has that might meet the needs of the other party.
- Elegant: Currencies of high value to the receiver, but with low cost to the provider.
|Categories of currencies in negotiations:|
- Recognition and rewards
- Proprietary agreements
- Mitigation of risk
|Currencies in complex selling situations:|
- Inbound logistics
- Outbound logistics
- Marketing and sales
|Concessions are defined as giving any or all of a currency.|
|Key considerations in making concessions:
- What will the other party infer from my concession?
- When should I make a concession?
- How much (or what size) of a concession should ...