My bargaining tactics.
What is bargaining in business? |
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Bargaining has been around as long as trade has. To put it simply, bargaining is the process of negotiating a price or conditions of a price between a buyer and a seller until they both agree. Bargaining allows you to ask for a 'discount' in the price of an item or service, especially if you feel uncomfortable because the item feels overpriced, unlike fixed pricing, where the price of an item is set and can't be changed.
Many individuals and families have this skill deeply ingrained in them; some might have even been born with it. People in Africa (particularly in Nigeria), Asia, and the Middle East expect to bargain when they buy something. It is a part of the buying experience. Bargaining is also a big part of making deals and making money in modern businesses like real estate and wholesale trading.
Are you good at bargainer? To be a good bargainer, you need to do more than just ask for a lower price. It has to do with being patient, having faith, praying that the seller does not have anger management issues, and having a plan. Some people are so naturally good with it, you might even think they are born with it, for example, my mother, while others find it hard.
For me, I think I'm an average negotiator. I try my best but still get cheated at times. I usually use simple tricks like comparing prices from different sellers, acting like I'm not in a hurry, or politely pointing out flaws in the product to get the price down. But many experienced negotiators (like my mum) go even further.
She might even walk away on purpose to show that she isn't interested, knowing that the seller might call her back with a better offer. Some people start negotiations at half the asking price to make it easier to reach a sweet price.In the end, good bargaining isn't about being pushy; it's about getting a fair deal that works for both sides.
Should All Goods Be Negotiated or Set? |
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This is a question that people disagree on, especially sellers. Bargaining is good because it lets people be flexible, save money to buy a new road bike, and usually gets buyers better prices.
It can also waste time and make things inconsistent, though. It would be crazy and impractical if you had to bargain over your essentials at a supermarket (superstore) or at a filling station (gas station). Because of this, some goods and services are better off with fixed prices, especially those that are needed every day and are standardized.
In fields like real estate, car sales, or open markets, though, bargaining is still useful. I think that not all goods should be up for negotiation. Instead, bargaining should only happen in industries where prices are naturally flexible.Getting Sucked Into Bad Bargaining The majority of people (e.g., me 🥲) have at some point overpaid due to a lack of negotiating skills.
Have you fallen victim of buying things higher due to not knowing how to bargain? |
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At a local market in my area, I once purchased a pair of slides. Believe me when I say I tried my best to bargain, but later I learned that my mom had bought the same pair of slides for half the price I paid from the same seller. I learned a valuable lesson from the experience: it can be costly to not know how to haggle. In the hopes that buyers will haggle, sellers frequently increase their prices.
Even when there are less expensive options, you might unintentionally pay "Johnny just come" or premium rates, or, as the white man would say, "tourist prices" if you don't haggle. Even though they are embarrassing, these kinds of situations frequently improve our future negotiating skills.In conclusion, bargaining is a social skill and a communication method that goes beyond simple business transactions.
It instills in us the value of patience, skill, and awareness. Although not all goods or services should be subject to bargaining, being aware of when and how to do so can result in cost savings and win-win outcomes. However, not negotiating can result in regret and needless spending that could be used to buy a new bike. The art of bargaining ultimately involves striking a balance between fairness and satisfaction in addition to price.
I invite @pat-enterprise, @bossj23 and @basil20
Curated by: @ alexanderpeace
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