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Whether you're aware of it or not, you've been negotiating your whole life. We negotiate with our colleagues, customers, suppliers, bosses, family and friends. We negotiate for business agreements, higher pay, a better job, our home or car. While preparing for a negotiation, it is important to estimate the Reservation Value of your counterpart. It is the range between each parties Reservation Values and is the overlap area that each party is willing to pay in a negotiation.
Collect all the information you can from open sources and from experts you know. On the basis of the information you collected, make your preliminary assumptions. Try to visualize them in the same way as is shown above. Test and adjust your assumptions during the negotiation round.
Cart 0. It can also be the highest possible price a buyer would feel comfortable paying for a product or service. It is unlikely that you will sell your car to a buyer below that amount. ZOPA is a different concept entirely. It explains the financial range at which an agreement can be met, and both parties can leave happy, neither a worst-case scenario nor absolute lowest selling point.
ZOPA can work in tandem with these concepts, however. ZOPA negotiations are not always as simple as the used car example. When entering a business negotiation, the reservation price of the opposite party is not always explicitly stated or shared beforehand.
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