What is Concession?
Concession: Something you give up during a negotiation.
Where Concession fits
Concession is part of Negotiation & Pitch in Sales & Negotiation. Negotiation is solving a shared problem. Know your BATNA and walk-away point, anchor with a first offer, trade concessions and aim for win-win deals.
Practical tip
Prepare alternatives before you talk numbers.
Related terms
- BATNA
- Your best alternative if a negotiation fails.
- Upselling
- Persuading a customer to buy a pricier version or add-on.
- Cold calling
- Contacting potential customers who have not asked to hear from you.
- Value proposition
- Why a customer should choose your product.
- Anchoring
- Making the first offer so it shapes the rest of a negotiation.
- Win-win
- An agreement that benefits both sides.
- Counteroffer
- A reply to an offer that changes its terms.
- Closing the deal
- The final steps to get the customer's commitment.
Formulas you will use with it
Test yourself
Which term means: “Something you give up during a negotiation.”?
Cold calling · Concession · Closing the deal
Answer: Concession
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