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

Principled negotiation, from 'Getting to Yes,' focuses on mutual interests and objective criteria rather than entrenched positions, leading to better outcomes for both parties.

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

Knowing your BATNA defines your walk-away point and gives you negotiating leverage by clarifying how good the deal needs to be relative to your alternatives.

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

Active listening first demonstrates respect and allows the CRM to fully understand the root cause of dissatisfaction before formulating an appropriate response.

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

In ongoing client relationships, win-win outcomes build trust and goodwill that sustain the relationship beyond any single transaction.

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

From the client's perspective, all firm representatives share responsibility for their experience—taking ownership prevents further damage to the relationship.

CRM - Certified Relationship Manager Practice Test

CRM - Certified Relationship Manager Practice Test

CRM Negotiation & Conflict Resolution