Pitching for Competitive Advantage

This assignment delves into the significance of a well-structured pitching process for businesses seeking a competitive edge. It analyzes how a compelling pitch can influence vendor selection, highlighting key elements such as clear communication, persuasive arguments, and understanding client needs. The report provides practical insights and strategies for crafting effective pitches that secure favorable outcomes.

PITCHING AND
NEGOTIATING SKILLS

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Meaning of negotiation and major stakeholders involved in the process.........................1
P2 Important steps and information involved in negotiating.................................................1
M1 Rationale behind the steps followed and information generated.....................................2
D1 Evaluation of issues that can arise in negotiation process................................................2
LO 2.................................................................................................................................................3
P3 RFP process and types of documentation required...........................................................3
P4 Contractual process and effective management of relevant documentation.....................3
M2 RFP process and documentation required .......................................................................4
D2 Recommendations to complete a tender with minimum risk...........................................5
LO 3.................................................................................................................................................5
P5 Development of pitch to achieve competitive advantage .................................................5
M3 The process of pitch in an organisation and ways of adopting a successful pitch...........6
D3 Creative pitch to achieve sustainable competitive advantage in the market....................6
LO 4 ................................................................................................................................................6
P6 Potential outcomes of a pitch............................................................................................6
2) Role of organization in fulfilling the obligation from a pitch and potential issues that can
occur in it................................................................................................................................7
3) Recommending on the methods that can help in fulfilling post pitching obligations........7
4) Critical evaluation of pitch and post pitch outcomes so as to determine potential issues and
risk management.....................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Pitching and negotiating skills are considered important in the context of managing
existing contracts and creating new business contracts on own agreeable terms. Pitching is
generally acceptable or important in case of small business enterprises, in order to increase their
sales and earn profits. It enables the small scale ventures to become dynamic and innovative in
providing effective as well as efficient offerings to customers at reasonable and affordable
prices. The present report includes a detailed evaluation of various tools that can be used by
individuals appointed in a firm, with a view of developing these skills.
LO 1
P1 Meaning of negotiation and major stakeholders involved in the process
The term negotiation refers to a discussion procedure adopted between two or more
individuals with different aims or perceptions. During the process of negotiation, both these
individuals try to reach to a mutually agreed statement or agreement, which allows them to avoid
generation of any argument or conflict between them. In general terms or commercial terms,
negotiation can be termed as bargaining that is undertaken when a selling and buying activity
emerges between two individuals.
Mainly, negotiations occur in case of any business situations, which involves two parties
to be involved in the said procedure. A situation of debate or negotiation occurs when two or
more individuals have different perceptions relating to a particular fact or matter. Also, when
there are more than one outcomes, a situation of disagreement may arise, which further results in
negotiation (Elenurm, 2016). The major personnel or stakeholders who are involved in
negotiation process are sales manager, product manager and legal department professionals.
P2 Important steps and information involved in negotiating
In order to negotiate on a mutually agreed decision, the following mentioned steps can be
taken into consideration: Imaging self in place of others: To understand the perception of an individual, it is
necessary to imagine ourselves in their shoes or in their situations, which enables to
develop a clear understanding of all the perceptions of individuals involved in
negotiation procedure.
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 Understanding other's perceptions: With a view of undertaking an effective discussion
session, it is essential to understand the view as well as perception of each party or
individual involved in negotiation.
 Determination of possibilities: After understanding perception of other members as well,
possible ways and their outcomes must be generated and discussed. This enables the
parties to further evaluate more opportunities available to solve a particular problem and
arrive at an effective decision (Wiener, 2017).
The following mentioned three steps can be followed and the information for same must
be taken into consideration, in order to conclude a mutually agreed statement.
M1 Rationale behind the steps followed and information generated
The effectiveness of the above mentioned information collected and steps followed in
negotiation process, is termed as the rationale for this process. The rationale of key steps or
procedure to be followed is discussed in detail as under:
 By imaging self in place of others, it enables the individual parties involved in
negotiation process to understand the situation and reason behind the disagreement of
facts between them (Fatima and Rahwan, 2013).
 Understanding each other's perceptions ensures each party to negotiate on a common
decision taken, without any conflicts or arguments.
 Possible outcomes reflect the possible ways which can be adopted, in order to conclude
on an agreement. Out of the generated possible outcomes, the best possible way, which is
suitable for each and every individual involved in negotiating is taken into consideration
and a decision is made accordingly.
The above points clearly state the rationale behind following the procedures and
collecting information with reference to negotiation process.
D1 Evaluation of issues that can arise in negotiation process
The commencement of a negotiation procedure and steps to be followed in the context of
same is associated with a number of issues or challenges to be faced by individuals or parties
involved. Some of the major issues connected with this process or steps are:
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 Communication barriers: Communication is important to be taken into consideration
while negotiating between two or more parties. If poor communication process or mode
is adopted, it adversely affects the decision making mechanism of discussion (Tse, 2013). Resolutions: The solutions generated can be acceptable by one but unacceptable on the
part of other party or parties, which again increases the complexity of negotiation
process.
 Power dynamics: It is considered with the concentration of power with individuals
relating to a particular negotiation mechanism. This enables one party to have control
over other, which further reduces equal treatment factor of this process.
LO 2
P3 RFP process and types of documentation required
In order to fulfil a complex business requirement, that a particular venture cannot fulfil
by its own, a vendor from outside is appointed or selected and a request for proposal is sent to
them with a view of serving in the market and earn profits. RFP is a document, sent to a selected
vendor, which includes all the requirements of that organisation relating to the RFP process
adopted (Rich, 2013). An effective RFP procedure is adopted in accordance with the required
documents. A list of documentation required for this process includes:
 Complete information of requirements
 In accordance with the specific needs of customers
 Properly mentioned date and time for submission of bid.
 A clear process to be followed by the vendors
 An effective format of responses must be provided to vendors
All these requirements of RFP must be taken into consideration by the ventures, in order
to ensure the selected vendors to undertake assigned task in more effective manner.
P4 Contractual process and effective management of relevant documentation
A contractual process provides guidance for involving into an agreement. These are
prepared by government, which involves providing norms for generating a particular contract,
i.e. the steps to be followed in order to undertake any contract. These are the processes which are
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mandatory to be followed by an organisation in order to manage and control negotiation,
modification and termination of contracts (Dierdorff and Bachrach, 2012). The different
documents required to ensure effective management of contracts are discussed in detail as
follows:
 The contractual process adopted in an organisation, enables the management team to
manage activities as per the mutually decided norms.
 The documents prepared for the contract act as a guideline for the activities to be
performed.
 A contractual process and relevant documentation enables a venture to complete any
immediate transaction required to be taken into consideration.
M2 RFP process and documentation required
The mentioned organisation is a departmental store, which has adopted to involve a RFP
process in its operational activities. It has selected a vendor in order to supply its offerings to
more number of people, thus, enriching a large market area. In order to involve with an effective
RFP process, the documents required includes the following:
 The cited organisation should provide a comprehensive detail of all the required
information to vendors, in order to conduct the process in more effective manner.
 The offerings provided must be in accordance with tastes as well as preferences of
targeted customers.
 Vendors must be provided all the details and format of activities that they are required to
perform in order to attract customer for mentioned firm.
 A procedural detail must be presented, which involves the range of activities needed to
be performed by vendors in a proper and effective sequence, with a view of generating
desired results (Contreras, 2013).
D2 Recommendations to complete a tender with minimum risk
In order to accomplish a tender or contract without making any losses or taking into
consideration minimum risk factors, the parties must take into consideration the following
mentioned variables:
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 The contract or tender initiated must followed in accordance with guidelines or rules
included in that contract, at the time of its commencement. This ensures the involved
parties to carry out their designated responsibilities in more effective manner, thus,
minimising the risks.
 An effective communication process, i.e. a proper mode of communication must be
developed between the parties, with a view of ensuring effective passage of message or
required information, which would further minimise the risk factor associated with the
activities to be performed (Furnham, 2012).
 A proper management of activities must be ensured by managerial team, which would
further ensure completion of signed contract on time.
LO 3
P5 Development of pitch to achieve competitive advantage
In order to gain a competitive advantage in the market, a venture is required to pitch
customers with its unique selling prepositions. Pitch, in contractual terms, refers to targeting as
well as attracting personnel towards a business activity. This attraction of customers, would
enable them to develop a new market for its offerings, thus, generating more and more number
of profits. Pitching activities would enable an organisation to enhance its image in the minds of
people and thus, establish an effective brand image of the firm (Yongqi, L. and Jin, 2016).
Pitching can be initiated by patenting the product or services offered by the organisation, which
would differentiate it from its competitors. Pitching requires the managers appointed in a
business to provide effective services to the customers, which would further lead to an improved
image of that company in minds of customers, thus, generating high level of customer
satisfaction.
M3 The process of pitch in an organisation and ways of adopting a successful pitch
In order to adopt an effective as well s successful process of pitch adopted in the given
departmental store, the following mentioned procedures must be followed by that venture: Building brand image: In respect of pitching customers for its offerings, the present
departmental store is required to build an improved image of its firm in the market,
which would enable it to attract more and m,ore customers
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 Providing efficient services: The staff appointed at mentioned store must provide
effective as well as efficient services to customers, which would enable them to build
good relations with customers, thus involving in pitch process.
 Patenting the products: Patent rights secured by a firm allows it to gain an advantage
over its competitors, which would further lead to an effective image building of present
venture, leading to a differentiation provided to its products offered (Sullivan, 2015).
D3 Creative pitch to achieve sustainable competitive advantage in the market
A process of pitch is undertaken inn a venture, wit a view of differentiating it and its
offerings provided to customers, from the competitors available in market, thus, gaining an
advantage over them. A creative pitch requires the managers appointed in an organisation to
analyse the policies adopted by its competitors in an effective manner and thus, frame strategies
to achieve desirable results, in accordance with policies and strategies adopted by competitors.
The another way of creating an effective pitch for a firm, may include promotion and advertising
campaigns to be adopted by concerned business. Advertising is the best way of creating
awareness about a firm as well as its offerings, which is different fro other substitutes available
in the market (Creative Pitch, 2012).
LO 4
P6 Potential outcomes of a pitch
A pitching process adopted in an organisation, enables it to attract large number of
customers for its offerings generated or provided to potential customers. This type of process
adopted by a business, ensure that firm to create a differentiated image for its providing in the
market, and thus, enjoy an edge over its competitors. This competitive advantage generate large
scale outcomes for a company in terms of large market area, which further leads to generate
higher revenue from sales in the market, which in turn increases profits (Haddad, 2014).
2) Role of organization in fulfilling the obligation from a pitch and potential issues that can
occur in it
Organization plays an important role in fulfilling obligations from the pitch as it helps in
generating adequate amount of resources for the company. It also helps in targeting right kind of
people that are ultimately attracted to deliver their services to the organization. Pitching also
helps in convincing the audience in such a manner that the idea and requirement of the
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organization can be fulfilled. It helps in communicating message to the large number of people
in one go where the note is confined to the vocal cords only. The audience get to know one’s
business when effective idea of marketing and selling the idea is presented in front of them
(Fletcher, 2018).
There are certain issues that can occur while pitching. The idea presented by an individual
may not be liked by the other which can affect the overall outcome related to it. Another issue
that may arise is related to ineffective presentation that has not been able to communicate the
real idea behind the pitching well ultimately affecting ultimate outcome that could have been
after pitching.
3) Recommending on the methods that can help in fulfilling post pitching obligations
One of the most important aspect that needs to be understood is that not getting back to the
potential investors after pitching them may work against the wish of the company. Hence, in that
case, it becomes important to get back to them and develop networking through them. Moreover,
making them feel sense of belongingness can help in attracting them towards the organization.
Another method is that, the idea must be forwarded in the written or presentation format to the
potential investors of the company. It helps in making them realise the company’s interest level
related to the investment. Another obligation post pitch is related to transfer all the details of the
company so that people can understand regarding the company and its functioning as well
(Horton, 2016). The common issue that may arise in post pitch obligation is that the efforts being
made by the organization does not satisfy the investing company ultimately leading to loss of
network.
4) Critical evaluation of pitch and post pitch outcomes so as to determine potential issues and
risk management
The pitch and post pitch outcomes can be analysed in the following manner:
Ineffective pitch can lead to leave bad image in the minds of people in the audience.
Pitch may not be able to generate expected outcomes which may prior be designed by the
management.
Understanding the requirements of the audience plays an important role while pitching. It is
important that the people want to regarding the company and get adequate information about the
same (Belligoi and D'Amico, 2015).
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Not able to create follow up action after pitching can leave a bad mark over the image of the
company.
CONCLUSION
The present report includes a detailed explanation about the importance of pitching and
negotiation skills with reference to a business organisation, which operates on a small scale. It
evaluates in detail about the meaning of negotiation and pitching and the ways of its occurrence.
It includes the key steps that are involved in negotiating a particular agreement. It further
evaluates in detail about the RFP process undertaken in a venture, which involves hiring vendors
to fulfil requirements. Importance of pitch process in gaining competitive advantage and the
ways in which a pitching process can be undertaken is discussed in detail in present report.
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REFERENCES
Books and Journals
Belligoi, M. G. V. and D'Amico, M. K., 2015. Bachelor Degree in Tourism and Hospitality
Management.
Contreras, M., 2013. Interpersonal Skills For Entrepreneurs.
Dierdorff, E. C. and Bachrach, D. G., 2012. Role expectations as antecedents of citizenship and
the moderating effects of work context. Journal of Management. 38(2). pp.573-598.
Elenurm, T., 2016, April. Entrepreneurial Orientations as a Factor of Corporate Governance
Priorities. In International OFEL Conference on Governance, Management and
Entrepreneurship (p. 184).
Fatima, S. and Rahwan, I., 2013. Negotiation and bargaining. Multiagent Systems. 143.
Fletcher, D., 2018. Looking to the future: how can we further develop critical pedagogies in
entrepreneurship education?. Revitalizing Entrepreneurship Education: Adopting a critical
approach in the classroom.
Furnham, A., 2012. Career success. In The Talented Manager(pp. 55-57). Palgrave Macmillan,
London.
Haddad, C., 2014. PR for plumbers: Winning business: Is price everything?. Plumbing
Connection, (Summer 2014), p.74.
Horton, S., 2016. The Leader's Guide to Negotiation: How to Use Soft Skills to Get Hard
Results. Pearson UK.
Rich, C., 2013. The Yes Book: The Art of Better Negotiation. Random House.
Sullivan, G. R., 2015. Leadership Development in the Workplace. Leadership and Women in
Statistics, p.259.
Tse, J., 2013. Pitching your ideas to senior management. Training & Development. 40(6). p.11.
Wiener, O., 2017. High Impact Fee Negotiation and Management for Professionals: How to
Get, Set, and Keep the Fees You're Worth. Kogan Page Publishers.
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Yongqi, L. and Jin, M. A., 2016. Mission D, an Interdisciplinary Innovation and Venture
Program at Tongji University. In Creating Innovation Leaders (pp. 201-213). Springer,
Cham.
Online
Creative Pitch. 2012 [online] Avalaible through .<http://www.creativepitch.org/>.
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