As a procurement associate at XYZ Corporation, handling high-stakes negotiations with suppliers has been an integral part of my job. An example of this was when I was negotiating a significant deal with an important supplier who was escalating their prices.
Recognizing the high stakes, I began by thoroughly researching our supplier's market conditions and competition. I then used a dual-concern model, which advocates for addressing both ours and the supplier's concerns. This provided a common ground where we could respectfully discuss both our interests.
By demonstrating our understanding and acknowledging their concerns, I could negotiate a fair increase that considered both the supplier's needs and our budget constraints. This not only maintained our important relationship with the supplier but also ensured a balanced deal that upheld our financial objectives.