Strategic use of anchoring in negotiations

Description

This Skill Bit explains the strategic use of anchoring in negotiations. Setting the first offer creates a reference point, shaping the negotiation range and influencing subsequent offers. The anchoring effect often guides both parties towards the initial offer. Skilled negotiators counter unfavorable anchors by proposing new ones or reframing the discussion. Mastering these techniques can significantly impact the outcome, making anchoring a powerful negotiation tool.

Duration approx. 3 Min.

Tier: proficiency