What are Concessions in a Negotiation

The video explains the concept of concessions in negotiations, where one party adjusts their position at the request of the other. Concessions are often necessary to bring parties closer to a potential agreement, known as the zone of potential agreement. The video also discusses the strategic use of concessions as a tactical tool in negotiations, highlighting that while concessions are common, they are not always required. The importance of understanding reservation points and how they relate to the zone of potential agreement is also covered.

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