Mastering the Art of Negotiation in International Markets

6 minute read
Mastering the Art of Negotiation in International Markets

No wonder your negotiation skills are not hitting off in the international markets. Negotiation can be tricky in the markets of your own country itself, leaving apart the foreign land. Logically said, negotiation is an ART and learning which can take quite some time and experience too. All the market and all the vendors can land you in a self-doubt hue, so what is your plan to settle your feet in the market and be declared as the SuperNegotiator? Still trying to figure it out? No worries! You landed on the right page, you will return as a super negotiator if you complete the read.  

Negotiation Tips To Help You Master Your Negotiation Skills 

Here are the best, tried and tested tips and tricks that are going to help you set your feet in the international markets and make you the master of negotiation:

Mastering the Art of Negotiation in International Markets
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Know where to negotiate

Would it be very acceptable if you go to a shop for shoes and start bargaining the price which is quoted in the MRP tag? Instead of doing it at the local market vendor? No right. You need to know which places can you use the bargaining and where you cannot, to not come out as a fool. From my experience, you can negotiate in local markets, flea markets, etc but not at the stores, fixed-priced outlets, food shops, restaurants, cafes or even street food. It is one thing when you negotiate for food but another when you do it for cooked food. Vegetable is acceptable but cooked food is not. So, find the right and wrong places for the city you are in.  

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Know the market price

Do not hover over one vendor, roam around, ask a few vendors, see how much are they selling to other people, see if they are offering you a different price from the locals and then decide which one you should buy from. The most done mistake in the foreign market is to enter and buy from the first seller. You will sometimes be amazed to see the difference in the price that different vendors are charging for the same item.

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See what the last price the seller would settle in

Being a super negotiator does not mean you can demand an unnatural, illogical and completely out-of-the-place price and you will get the stuff for it. Imagine you asking for a 1000 INR worth item in 100 INR. is it even reasonable? Whereas asking 1000 INR iten in 800 INR is quite fine. But you must see if the seller will be ready for it depending upon the item, what if the purchase price itself is 750 INR? So, you will have to see and understand what will be the last price that the vendor will agree on and then decide to Quote accordingly.  

See how much can you pay for that product

After analysing the last price of the vendor, you also need to see what is the last price that you can pay for that product. There might be some products that the vendor will not set for a much lower price because it will take them in loss, but now you need to decide if that product is worth that price if you pay and purchase it. If you think it is worth then go for it, but if not then leave the product and buy from the place you find it feasible. 

Mastering the Art of Negotiation in International Markets
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Keep your enthusiasm hidden

Even if you like the product, but you want to negotiate, then keep your enthusiasm low. If the vendor gets the sense that you are not going to let the product go and are excited to buy it, forget the lowering of the prices. He is not going to budge from the price he had mentioned. So keep your negotiation low in the game of negotiation.

Display your knowledge

Even if you do not know, show the vendor that you have enough knowledge of shopping, market, buying and the current prices of the things you are buying. Your lack of knowledge display will get you high prices. Maintaining a mask of sanity will, on the other hand, get the vendor intimidated and listen to you.

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Use a friend 

There is a very high possibility that it is just you who is being asked for the higher prices. I mean not just you but the foreigners. Locals usually know the correct price and hence are less on the track of being cheated. Whereas the foreign population is unaware of the local prices and considering this innocence and unlock of knowledge the vendors usually take advantage. So it is advised to use a local friend in the markets you think you can not handle being a foreign person. 

Mastering the Art of Negotiation in International Markets
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Use multiple-item discount 

If you are buying a good number of things from the same merchant, for say 5 items together so instead of asking for discounts on each and every product what you can do is ask for a clubbed discount. Example. If the total is coming to be 500 INR instead of asking for a reduction on each item, quote a price for the clubbed bucket, like 400 INR for all. This way the vendor will not feel that you have discounted all the items and the amount will also not feel much to him as he is making a bigger profit on, more items being sold.

Keep calm 

No way you are going to get what you asked in one go. It will be highly magical if you pence named the price and the merchant agreed. Then you must have asked for an even lower price. This usually does not happen. You will have to usually ask the vendor a couple of times before he agrees to a price and hands you the product. So calm is the sward to your goal. You need to maintain calm and stick to what you want and how much you want it for. 

Find better prices elsewhere

The last thing to be a good and reasonable buyer is to leave the product if you do not find it worthy. If you think you are buying something that is not being sold at the correct price to you then you must not buy it. You can simply leave the product and buy it from another shop, another market or online. You will always find the best price elsewhere rather than regretting buying at the moment. 

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These tips are sufficient for making even a no-shopper a good negotiator and a shopper the master of negotiation. If followed you will master the art of negotiation in no time. So don’t lose the shopping spirit, just learn the right way to shop. Hope you are leaving the page with great learnings. 

Hoping Mastering the Art of Negotiation in International Markets was a fun read for you. To read more such interesting and informative blogs, kindly follow Infotainment and to read about studying abroad follow Leverage Edu.

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