bargaining power
The term 'bargaining power' is crucial in negotiations, determining how much influence one party has over the terms of an agreement.
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Definition
C1Economics
(technical)The ability to influence prices or wages due to a strong market position or unique circumstances.
Example
- Companies with a monopoly have significant bargaining power to set prices.
B2Business
(general)The leverage or influence one party holds in a negotiation to secure favorable terms.
Example
- Due to their extensive network, they have considerable bargaining power in supplier negotiations.
Similar
Terms that have similar or relatively close meanings to "bargaining power":