I have used leverage in a number of instances. One example is that of negotiatin
ID: 373482 • Letter: I
Question
I have used leverage in a number of instances. One example is that of negotiating a contract with a customer of mine. We had been working with the client for over two years. The contract was about to expire in 15 days when the talk of extending the contract started. I knew the client cannot change the vendor because the transition takes at least 3 months. If they changed the vendor at this late stage they would incur heavy costs in terms of lost output and lost reputation in the eyes of their top management. So, I started negotiating a 15% hike in the price knowing that the client would have to agree to my terms. That’s exactly what happened. I managed to get the contract renewed with a better price. The profitability of my project improved.
Leverage is power. If you have leverage, then you have the power to dictate the terms. People with weak leverage tend to have lesser power while negotiating. The amount of leverage keeps on changing during the process of negotiation as more information is unearthed. The party with access to more information can move towards higher leverage from a lower leverage position. People with weak negotiating skills can also dominate or be powerful if they have more leverage.
Explanation / Answer
The use of leverage is important in negotiations. Perhaps you have used some leverage in your previous negotiation and conflict resolution experiences.
Reflect upon this knowledge to explain leverage and its impact on a positive result. Instructions
When have you used leverage? How was it effective/not effective?
What is the relationship between leverage and power?
ANSWER this question in 200 words or MORE with one in text citation... NO COPY AND PASTE please!!