How would you handle situations where a customer wants to negotiate pricing based on competitor offers?
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Sample interview questions: How would you handle situations where a customer wants to negotiate pricing based on competitor offers?
Sample answer:
Negotiation Strategies:
- Acknowledge the Request: Validate the customer’s request and show understanding. “I understand that you’ve found a similar item at a lower price.”
- Gather Information: Inquire about the competitor’s offer, including the specific product, price, and any additional benefits.
- Review Internal Policies: Determine if there is any flexibility in pricing within company or store guidelines.
- Consider Customer Loyalty: Assess the customer’s value to the business, including their purchase history and engagement.
- Offer Alternatives: If price negotiation is not possible, explore alternative solutions such as loyalty discounts, free shipping, or gift cards.
- Highlight Value Proposition: Emphasize the unique features, quality, or exclusivity of your product to justify the price difference.
- Suggest a Compromise: Propose a slightly discounted price while maintaining a reasonable profit margin.
- Explain Price Structure: Read full answer
Source: https://hireabo.com/job/6_1_19/Fashion%20Retail%20Manager