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Negotiation Strategies: Dealing With Vendors and Suppliers

Sharpen your contract negotiation skills and discover new tools to increase positive results.

Many business leaders feel ill-equipped and undertrained for negotiations. Even worse, what they do know about negotiating feels manipulative, inauthentic, and outdated. As a result, negotiations are often avoided or conducted without proper planning, costing not only dollars but time and opportunity. This topic presents a systematic approach to negotiation that works in today's marketplace and comports with personal integrity and straightforward communication. The goal is getting the most value from the marketplace in support of team goals. The material presents the two strategic skills behind successful negotiation, and details step-by-step tactics supporting each skill. In addition, the topic presents the most common pitfalls in negotiation and educates you in avoiding those mistakes. As innovation and globalization accelerate and companies outsource more functions, partnerships and vendor relationships are more important than ever. It is critical for business leaders to be able to capture maximum value from the marketplace while building collaborative relationships. This topic will provide concepts and tactics to achieve those goals.

Runtime: 97 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

A Fresh Approach to Negotiation

  • When and Where We Negotiate
  • Why a Traditional Approach to Negotiation Is Outdated and Ineffective
  • The Two Strategic Skills of Negotiating

Defining Goals

  • Seeking Surplus: The Economics of Every Buyer/Seller Relationship
  • Understanding Your Value Drivers, Financial and Otherwise
  • Understanding Cost Components: Yours and Theirs
  • Spelling Success With Numbers: Metrics
  • Buying Results Instead of Resources

Developing Options

  • The One Source of All of Your Power in a Negotiation
  • Five Surprising Sources for More Options
  • The Difference Between Solutions, Vendors, and Prices
  • How and When to Use an RFP/RFQ

Delivering Results (Tactics and Communication)

  • Avoiding the Five Most Common Negotiation Traps
  • Preparing for the Negotiation Conversation
  • Three Smart Questions to Ask All Prospective Vendors
  • Two Questions to Always Ask Your Current Vendors
  • The Value Conversation: Ask for More Without Being Adversarial
  • Tactical Do's and Don'ts to Preserve Your Leverage
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on October 10, 2018.

Call 1-866-352-9540 for further credit information.

  • ISM 1.5
     
  • Participants who successfully complete this program will receive 1.5 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jack Quarles

Jack Quarles

Jack Quarles

  • Three-time Amazon #1 bestselling author; winner of three North American Book Awards and the 2018 Independent Press Award for Leadership; books translated into Chinese and Korean
  • Negotiation trainer in Europe and U.S. Trained companies including Harley-Davidson, Safeway, NIH, Tiffany & Co, College Board, Foot Locker, Kimberly-Clark, as well as hundreds of smaller companies
  • As expense management consultant, has saved companies tens of millions of dollars including 7-figure savings in Marketing, Information Products, Software, and Services
  • Negotiated multiple outsourcing projects, leading to cost savings and better performance
  • Co-founded Expense Management company Xigo, sold to Dimension Data
  • Chairman of the Board of Peacemaker Ministries, international nonprofit focused on conflict resolution and litigation avoidance
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 404225
Published 2018
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