Negotiating with Retailers

Item: EL139

Negotiation is a core competence for retailers. They do it all the time, buying millions of dollars’ worth of merchandise for their businesses and the expertise they build rubs off on their colleagues in other functions such as IT and Finance. Many technology companies send their account managers to negotiate with retailers and then find out the hard way, just how good retailers are at this core skill. The net result is that vendors often leave margin on the table that could have been theirs to keep. Find out more about our different class pricing options here.

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Description

Negotiating with Retailers — Negotiation Training

Negotiation is a core competence for retailers. They do it all the time, buying millions of dollars’ worth of merchandise for their businesses and the expertise they build rubs off on their colleagues in other functions such as IT and Finance. Many technology companies send their account managers to negotiate with retailers and then find out the hard way, just how good retailers are at this core skill. The net result is that vendors often leave margin on the table that could have been theirs to keep.

Who Is It Suitable For?

The course is designed for everyone selling or marketing products to the retail industry as well as those new to the retail industry.  The following will benefit:

  • Consumer Goods companies selling to retailers
  • Vendors selling and marketing to retail companies.
  • Professional services teams working with retailers.

Course Objectives

By the end of this program learners will be able to:

  • Describe the retail culture and mind-set with respect to negotiation
  • Identify the pre-negotiation planning that will help them succeed and maintain control throughout the negotiation process
  • Recognize the tactics retailers will use on them and help them interpret the tactics correctly
  • Plan and deploy appropriate counter tactics
  • And, as a result, conclude negotiations to create more of a win-win for both parties.

Detailed Content

The detailed content includes:

  • Background to the retail culture including :
    • Retailers’ experience of negotiations
    • Dual vendor preferences
    • Dangerous questions to answer which weaken your negotiating position
    • How retailers purchase
    • What constitutes a win-win scenario
    • Mastery test
  • Preparation for negotiation:
    • Positioning for negotiation and what to look out for from the retailers
    • What you should learn about them
    • Yours and their strengths and weaknesses
    • Your walk away position
    • Your strategy and negotiating team
    • Assumptions and the danger of making them
    • Mastery test
  • Buyer tactics:
    • Intimidation
    • Stepping up the pressure
    • Raise objections
    • Dutch auctions
    • Unbundling
    • Give me your best price
    • Drive an early concession
    • Gambits
    • Switch gears
    • Use the cash flow
    • Mastery test
  •  Your counters:
    • Their real goals or objectives
    • Your USPs
    • Negotiating with the right people
    • Your pricing
    • Lower price? Take content away
    • Lifecycle cost
    • Dealing with objections
    • Common objections and good responses
    • Don’t get stressed – it’s what they want
    • Concessions
    • What concessions you can ask for and when to make them
    • The power of silence
    • How to signal you’ve been pushed too far
    • Mastery test
  • Common errors to avoid :
    • Things you might say and how they get misinterpreted
    • Share the risk
    • Statements NOT to make
    • Cost of technology over time
  • Summary
  • Mastery test
  • Learners completing the mastery test and obtaining an 80% pass mark will also receive a mastery certificate upon completion.

Benefits of Studying This Program

Learners studying this program will improve their negotiation skills and achieve more profitable outcomes for their company and create a win-win situation with their customers.

Hours of Study

4 hours

Resources Included

The class includes the following downloadable resources for printing and review:

  • Key performance indicators for the main retail segments

Pre-Requisites Necessary

Knowledge of the Retail Financials class would be a benefit as would knowledge of the Key Performance Indicators for the retail segments of interest.

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