Negotiation & Conflict Resolution Flashcards
6 cards from real CRM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Negotiation & Conflict Resolution flashcards as text
In principled negotiation (Fisher & Ury), the focus is on:
Answer: Separating people from the problem and focusing on interests rather than positions
Principled negotiation, from 'Getting to Yes,' focuses on mutual interests and objective criteria rather than entrenched positions, leading to better outcomes for both parties.
What is a BATNA in the context of negotiation?
Answer: Best Alternative to a Negotiated Agreement—the course of action if the negotiation fails
Knowing your BATNA defines your walk-away point and gives you negotiating leverage by clarifying how good the deal needs to be relative to your alternatives.
A client is unhappy with their portfolio's performance and threatens to move their assets. A CRM's FIRST step should be to:
Answer: Listen actively to understand the specific concerns before presenting any response or solution
Active listening first demonstrates respect and allows the CRM to fully understand the root cause of dissatisfaction before formulating an appropriate response.
The 'win-win' negotiation outcome in CRM is preferred because:
Answer: It preserves the long-term relationship by ensuring both parties feel their needs were met
In ongoing client relationships, win-win outcomes build trust and goodwill that sustain the relationship beyond any single transaction.
When a colleague's service failure creates a conflict with a client, the CRM professional should:
Answer: Take ownership of the client experience, apologize on behalf of the firm, and work to resolve the issue
From the client's perspective, all firm representatives share responsibility for their experience—taking ownership prevents further damage to the relationship.
In fee negotiation with a high-value client, the CRM should anchor discussions by:
Answer: Leading with the full value delivered before discussing price, and opening with a fee that reflects that value
Anchoring on value first shifts the conversation from cost to benefit, making the fee easier to justify and less likely to be challenged aggressively.