Be careful about these top 10 issues in Negotiation #01 - Anchoring Bias
Description
I have been reading about cognitive biases in Negotiations. We all are affected by the information and environment during any sourcing negotiations. Our "liking", "understanding", or even "perception." about suppliers or prices/discounts changes throughout the multiple rounds of negotiation.
These misconceptions are what we call cognitive biases. So, I decided to make a series of videos on this topic.
But Instead of one long podcast, I will release 4-5 short ones to keep it simple!
Here is the first one! One of the most common biases - Anchoring bias. Usually, the first piece of information we hear sets the tone or, worse, "baseline" for further rounds of negotiation.
Weak negotiators will then focus on making only incremental changes on the first anchor offer (like 30% discount / 50% discount etc.) and hence over relying on this! I have shared my opinion on how to keep yourself in check or handle the Anchoring bias in a negotiation!
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