Name: Khương Đình Khoa Lecturer: Pham Thai Bao Ngoc

Student ID: 1957010267 Assignment: Week 3

Ordinal Number: 27
Mark Comments

How to bargain

Commercial activities have been around since the earliest human

civilisations. Regardless of time or culture, when making a deal, both sellers

and buyers are determined to negotiate for the best prices for themselves, hence

the term “bargain”. The process of bargaining is an art of a successful dealer,

the steps of which vary from one individual to another, yet it can be sorted into

three sequences: before, during and after bargaining.

The first step of bargaining involves doing some market research in

advance. Whatever item one has on their mind, it is crucial to understand every

detail about what is being offered on the market. That means when the

customers set their eyes on a product, they should browse various shops for high

quality and reasonably priced items. The reputation of the retailer is also an

important factor to keep in mind, for shops that sell valuable products at low

prices but without many reviews have a tendency to be scammers. Next, after

obtaining an adequate amount of information, it is advisable that one set for

themselves the desirable range of prices they are willing to pay for the item.

Only then can they devise an effective strategy for making the best bargain.

The next step in the process is making a bargain in a professional way.

This involves confidence, emotion and attitude. When haggling with the shop

owners, it is pivotal that the customers show their confidence in their

knowledge about the product in terms of its availability and price. In addition,

controlling one’s emotions plays a crucial role in persuading the seller

successfully. If the buyer expresses excessive enthusiasm for the item, the seller

will be less inclined to lower the price. Conversely, expressing a lack of interest

in the product only sends the message that the buyer is not seriously considering

purchasing it. Moreover, avoid making too many offers while negotiating. It

only shows that the customers are being inconsistent in their decision; therefore,

it is unlikely that the retailer will be serious about making the deal. Finally, put

forward reasonable terms that both sides can be satisfied with. Although

everyone wants to have the biggest share of the cake, for a deal to be made it is

essential to reach a compromise. Trying to ask for a price that is unreasonably

low can be counter-productive, as the seller may feel offended or think that the

buyer does not have a great demand for the product.

Last but not least, after both parties have agreed upon the terms, it is time

to strike the deal. Do not seal the deal immediately after having the desired

price. Instead, discuss further terms such as warranty policies and shipping
costs. It is of great importance that all relevant details be covered before the

deal is struck, for price is only one factor behind a successful bargain. Another

key point to bear in mind is always showing politeness in the whole process of

bargaining. Even if a compromise cannot be reached between two parties, try to

maintain a good relationship with the sellers. On the one hand, they may

reconsider the terms after feeling the friendliness of the customers, since

everyone wants to do business with those who respect them. On the other hand,

an unsuccessful deal does not mean there will not be another deal between the

two parties in the future, so it is wise to always leave a good impression on the

seller.

In conclusion, the key to a successful bargain is that the negotiator should

be knowledgeable, professional and well-behaved. Only in this way can a win-

win situation occur and both parties have their fair share of the deal.

(612 words)