MDO = Most Desirable Outcome

The most desirable outcome is when the customer agrees with your initial argument (best case scenario).

LAA = Least Acceptable Agreement

The least acceptable agreement is when the customer gives a counter-offer that meets their requirements (worst case scenario).

BATNA = Best Alternative To a Negotiated Agreement

The best alternative to a negotiated agreement is the best outcome you can achieve if the negotiation fails (fallback scenario).

ZOPA = Zone Of Possible Agreement

The zone of possible agreement is the range of outcomes that both parties can agree to (negotiation range).

Let assume a seller wants to sell a product for $2000. The seller does not want to below$1000. The buyer wants to purchase it at $500 and the buyer does not want to go above$1500.