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In economics, a reservation (or reserve) price is a limit on the price of a good or a service. On the demand side, it is the highest price that a buyer is willing to pay; on the supply side, it is the lowest price a seller is willing to accept for a good or service. Reservation prices are commonly used in auctions, but the concept can be ...
Customers often use commodization to drive down the price of a product during a negotiation. Thus, it is valuable to the seller to convince the buyer that the product is not a commodity when you understand the value and that the price of the product is justified.
The art of negotiation seems to be a lost skill among many shoppers in the U.S. The only items many people typically negotiate prices for in the U.S. are cars and houses. Read Next: 8 Best Items To...
In the social sciences, bargaining or haggling is a type of negotiation in which the buyer and seller of a good or service debate the price or nature of a transaction. If the bargaining produces agreement on terms, the transaction takes place. It is often commonplace in poorer countries, or poorer localities within any specific country.
When a business specifically cuts prices in order to make a sale, the customer can sense that the original price must be inflated if the business is so quick to slash the price. As a result, the customer may lose respect for the business and realize the prices are too high to begin with. Good customer service must show value to the customers.
The rationale for a senior discount offered by companies is that the customer is assumed to be retired and living on a limited income, and unlikely to be willing to pay full price; sales at reduced price are better than no sales. Non-commercial organizations may offer concessionary prices as a matter of social policy. [13]
A Most-Favoured-Customer Clause (MFC) is a contractual arrangement between vendor and customer that guarantees the customer the best price the vendor gives to anyone. The MFC prevents a company from treating different customers differently in negotiations.
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