Mike had been negotiating with a Japanese company for distribution rights for five days. He was afraid he was going to lose the contract, so at the last minute he decided to lower the price. They accepted the next day. What mistake did Mike make?
A) He should have come in with a low price at the outset.
B) He should have had a written concession plan before he began the negotiation.
C) He should have given the Japanese negotiators a menu of options including the lower price.
D) He should have avoided all concessions.
E) He should have deferred to his superiors.

Question

Quizplus · Accepted Answer

Having a written concession plan would have helped Mike manage the negotiation process better and avoid making last-minute decisions that could undermine his position.

Mike Had Been Negotiating with a Japanese Company for Distribution