[Negotiation] What do you do when you realize the incumbent supplier has more pricing power than expected?

I would first figure out why the leverage is so one-sided. Is it because the market is tight, switching cost is high, internal qualification work was neglected, or the supplier has become more important than the business realized? The cause matters because it shapes the response.

Then I would decide whether the right move is negotiation, diversification, demand shaping, or a longer-term...