From the course: Management: Top Tips

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The vice

The vice

From the course: Management: Top Tips

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The vice

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- Now, there's a tactic that buyers quite often use called The Vice. And I think it's good to look at this from two points of view. One is you need to know about the vice so that you can use it if you're buying. But you also need to know about the vice so that you can defend yourself against it if you're selling. So what is the vice? Well, the vice is when the buyer says, you'll have to do better than that. And the risk if you're selling is that you put a price out and the buyer says you'll have to do better than that, and you say, well, all right, how about if I come down by 5%? And the buyer says, still too much. You'll have to do better, I'm afraid. And you go, how about 10%? And they go, you'll have to do better. And they just keep twisting the vice on you. And when will it ever end? So it's a good technique when you're buying, it's very easy just to say, well, it's a bit expensive, I'm afraid. Can you go down a bit for me, please? How can you counteract the vice if you're…

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