negotiation

Vocabulary Word

Definition

Negotiation is a method where people having differences sit together to reach a mutually beneficial agreement. It's usually give and take, like trading a baseball card for another you need.

Examples in Different Contexts

In technology acquisitions, 'negotiation' is fundamental. A tech entrepreneur might assert, 'In every acquisition, skilled negotiation is key for aligning interests, determining fair valuations, and facilitating smooth transitions and integrations.'

Practice Scenarios

Tech

Scenario:

The client has proposed additional features, but we need to consider the technical complexity and development time.

Response:

We should enter into a negotiation with the client to figure out a balance between their wants and our capabilities.

Business

Scenario:

Our goal is to strike a deal with the supplier at a lower rate without compromising the quality.

Response:

I believe a tough negotiation with the supplier can help us reduce costs without losing quality.