Posted in Marketing and Strategy Terms, Total Reads: 2033
Definition: Concession Close
Closing a deal is the most important part of a sales job, where the sales person or the seller has to close the deal with the buyer. Concession close is a particular instance or technique of closing a deal where in the salesman or the seller gives a concession to the buyer or the party who is interested in the deal there in.
Seller concession or concession closing is a very common technique in sales. Sellers generally markup the prices anticipating a concession closing for the deal.
For example, suppose a person or a buyer is interested in buying a television set for $900 and the seller has the price set initially at 1000$ mark. The buyer is not willing to give in $1000 for the television set and is negotiating for lesser price. The seller in this case in order to close the deal, makes an offer to the buyer that he is offering a concession especially for the buyer to give him the television set at 950$, and convinces the buyer for accepting the offer and closing the deal. This particular situation is an example of concession closing of a deal.