When people think of "negotiation," they often assume that all it involves is parties figuring out specific terms and conditions of a potential agreement. However, negotiation involves much more in the conduct of business, and it starts right from the moment a procurement leader communicates with an internal stakeholder or a vendor. While there is no one correct way to do business, there are established methods that procurement leaders can employ to make securing the optimal deal easier. Here are some of those methods:

When you think about growth opportunities today, you might look at different measurements in your business based on what your overall strategy is. For example: If you measure penetration, your strategy may be to broaden the appeal of your category by increasing penetration of your loyal shoppers. If you measure market share, your strategy may be to grow your share of the market by “stealing” share from competition. If you measure loyalty, your strategy may be to increase your “share of wallet” (or loyalty) through effective in-store marketing programs. Etc., etc.