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Leveraging the Zone of Possible Agreement (ZOPA) to Make Pricing Decisions

Whitler, Kimberly ; Hagerty, Serena ; Zhang, Zhihao ; Maiden, Stephen E.

Reference: DARDEN-M-1045-E
Number of pages: 4
Publication Date: Feb 28, 2024
Source: Darden University of Virginia (USA)
Type of Document: Technical Note

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Description

A key negotiating concept, the Zone of Possible Agreement (ZOPA), allows a buyer and seller to reach a mutually acceptable price. This technical note provides an overview of ZOPA for both individual-level negotiations and company-level pricing decisions, highlighting its importance to marketing. Challenges in applying ZOPA are discussed, as well as its role in value creation and exchange. Students are encouraged to consider the real-world impacts of ZOPA-based pricing on business and brand management. This note is suitable for use in graduate and undergraduate courses on marketing, negotiation, brand management, and product pricing.

Keywords

bargain Marketing Negotiation pricing decision win-win Zone of Possible Agreement ZOPA