CRM Negotiation & Conflict Resolution

Question 1

In principled negotiation (Fisher & Ury), the focus is on:

Accepted Answer

Separating people from the problem and focusing on interests rather than positions

Answer

Winning at all costs to protect the firm's interests

Answer

Never making the first offer

Answer

Avoiding all compromise to achieve maximum gain

Question 2

What is a BATNA in the context of negotiation?

Accepted Answer

Best Alternative to a Negotiated Agreement—the course of action if the negotiation fails

Answer

Best Approach to Negotiating Annual targets

Answer

A framework for setting bank account terms

Answer

A regulatory standard for client agreements

Question 3

A client is unhappy with their portfolio's performance and threatens to move their assets. A CRM's FIRST step should be to:

Accepted Answer

Listen actively to understand the specific concerns before presenting any response or solution

Answer

Offer immediate fee concessions to retain the client

Answer

Escalate immediately to senior management

Answer

Defend the portfolio's performance with data

Question 4

The 'win-win' negotiation outcome in CRM is preferred because:

Accepted Answer

It preserves the long-term relationship by ensuring both parties feel their needs were met

Answer

It always results in equal concessions from both sides

Answer

It is required by regulatory standards

Answer

It maximizes the firm's financial return in every deal

Question 5

When a colleague's service failure creates a conflict with a client, the CRM professional should:

Accepted Answer

Take ownership of the client experience, apologize on behalf of the firm, and work to resolve the issue

Answer

Blame the colleague to protect their own reputation with the client

Answer

Tell the client to contact the responsible colleague directly

Answer

Document the conflict and take no immediate action

Question 6

In fee negotiation with a high-value client, the CRM should anchor discussions by:

Accepted Answer

Leading with the full value delivered before discussing price, and opening with a fee that reflects that value

Answer

Starting with the lowest possible fee to avoid resistance

Answer

Matching the competitor's price immediately

Answer

Letting the client propose the fee first