When answering this question, focus on a specific instance where you successfully negotiated with a supplier or vendor. Outline the context, the challenge, your approach, and the outcome. Highlight your communication skills, ability to find mutually beneficial solutions, and how the negotiation positively impacted the business. For example:
"In my previous role, we faced a situation where a key supplier was increasing their prices, which would have significantly impacted our profit margins. I scheduled a meeting with the supplier to discuss the issue. I prepared by researching alternative suppliers and understanding the market rates. During the negotiation, I emphasized our long-term relationship and the volume of business we provided. I proposed a compromise where we would agree to a smaller price increase in exchange for a longer contract term. The supplier agreed, which helped us maintain our profit margins and secure a stable supply chain."
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