Effective Pitching and Negotiation Skills for Business

This assignment discusses the importance of effective pitching and negotiation skills in business. It emphasizes the need for management to have these skills to manage business activities, maintain healthy relationships with stakeholders, and resolve issues without harming interests. The report concludes that having such skills helps establish a healthy work environment, motivates employees to work in teams, and contributes maximum efforts towards achieving organizational goals.

Pitching and
Negotiation Skill

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Determining negotiation and reason for its occurrence along with key stakeholders......1
P2: Evaluate the steps of the negotiation process and present valid solution for dealing with
issues that can arise................................................................................................................3
TASK 2............................................................................................................................................4
P3: RFP process and the relevant types of documentation required......................................4
P4: Contractual process and how relevant documentation is managed.................................5
TASK 3............................................................................................................................................6
P5: Covered in PPT................................................................................................................6
TASK 4............................................................................................................................................6
P6: Covered in PPT................................................................................................................6
P7: Determining ways in which an organisation can fulfil their post-pitch obligations,
highlighting and potential issues............................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
.........................................................................................................................................................8

INTRODUCTION
At present, an organisation brings more products and services into competitive market
with an objective of selling it to the targeted customers and achieving huge sustainability. For
this, it is important for management to have pitching and negotiation skills which assisting them
in winning all the contracts as per the terms and conditions. Mostly the small and medium sized
organisation are using such concept in order to offer quality services and facilities. If company
are much capable to utilise excellent pitching and negotiation skills they it would be easy to
communicate with stakeholders and maintain health relations with them. The present assignment
is based on Tesco Plc which is engaged in provides groceries products of different brands at their
outlets in UK and other nations. The project discusses the reasons behind negotiation and the
process of stakeholders commences. Along with this, potential outcomes of a pitching are also
included under this report.
TASK 1
P1: Determining negotiation and reason for its occurrence along with key stakeholders
Negotiation may be defined as the actions or process of settling down their differences
between the company and its stakeholders. For this, there must be at-least two parties included in
negotiation process. This will bring beneficial outcome to company by preventing any issues
which can cause problems in business functions. For this, transparency is must to be present
among two business entities or individuals which makes easy for company to avoid any
fraudulent activities conducted either among both parties (Chang and Rieple,, 2013). The main
factor which must be present in negotiation process is attitude towards one another, knowledge
related to the particular topic and also interpersonal kills which involves communications,
rapport building, assertiveness etc. It maintain healthy atmosphere ad relationship at workplace
of an organisation. Tesco Plc have faced negotiation process on daily life in order to deal with
employees, shareholders, suppliers etc.
Benefits of negotiation for the company is discussed below:
 It maintains healthy employee relationship which increases their work commitment with
company for longer period of time.
 It makes easy for Tesco Plc to bring new products into market through better
communicating with targeted people.
1

 It helps in creating win-win situation which enables organisation to increase its reputation
at a market, profit, productivity and other by providing products and services according
to the needs and requirements of customers.
Reasons of occurring negotiation:
Negotiation occurs every business organisation irrespective of the size whether small,
medium or large as it brings beneficial outcomes to company. It may occur between the two
parties at the time which they are not able to reach to desired outcomes and have confused
between the different results that arises due to a situation. Following are the three types of
outcomes which comes from the negotiation: Win-win situations: Under this, both the parties gains equal amount of benefits while
negotiation. Win-lose situations: Under this, one party gain more outcomes as compared with other
involved party while negotiating (Cremades, 2016). Lose-lose situations: In this, two parties binds by the laws thus ending up in loosing the
benefits of the deal.
In the context of Tesco Plc factors are explained as under:
 Negotiation occurs in Tesco Plc as they have to decide the prices and quantity of their
clothing products with suppliers and distributors so as to purchase the product at a
reasonable price thus increases the profitability of company.
 Tesco Plc mainly focuses on providing wide range of products of different brands at their
outlets. For this, they are required to communicate with different brand companies to sell
their products with the help of taking support from them. Negotiation occurs when the company renews its agreement of supply products on
regular basis. For example, Tesco Plc offers groceries and clothing products of different
brands through an agreement with them which will be renewed further through a better
negotiation.
Key stakeholder in the negotiation process:
Negotiation requires minimum two parties which are having good knowledge about the
items that are dealing and have good interpersonal skills so as to achieve most profitable deal for
company. Following are the key stakeholders which are involved in negotiation process:
 Tesco Plc top executives
2

 Shareholders representatives
 Mediator
 Other interested parties
P2: Evaluate the steps of the negotiation process and present valid solution for dealing with
issues that can arise
Negotiation is a long term process which eliminates the confusion among the members of
an organisation and brings motivation among them to contribute maximum efforts in
achievement of organisational goals and objectives. It is more helpful in bringing out maximum
solutions for the issues arises at workplace. Here is the negotiation process along with the
functional example:
Preparation and planning: This is the initial step of negotiation stage in which Tesco Plc
ought to set up their pitch of negotiation by making a give an account of the theme. Organization
ought to dissect the information which they have assemble to discover the best deal which will
bring profitable outcome to company. Key components which ought to be done by the Tesco Plc
before going for a negotiation is as per the following,
 Information about the other party which consists of their items, their financial position,
their strategies, their qualities and shortcoming and so forth.
 Which kind of result do the organization needs i.e., win-win circumstances, win-lose
circumstances and so on.
 Information about the topic of discussion
 Pitch for the deal Goals of the negotiation deal and so on.
Information exchange: In this stage both the parties attempt to influence other thinking
by showing them statistical and report made by them at the first stage. The tone of negotiation is
set in the stage. All the conceivable results will be talked about in this. Barely any variables
which are surveyed by both the parties is dependability, believability and so forth. The
information shared in this stage ought to be authentic as scattering of wrong information will
influence the Tesco Plc goodwill in a negative manner (Dawson, 2014).
Bargain: Bargaining alludes to consulting about the conditions of the deals. Both the
involved parties tried to identify the purpose of the deal and focuses on achieving win-lose
results or win-win results. Tesco Plc ought to be extremely completely clear about their
3

objectives as what they need to accomplish from this negotiation. The knowledge and the
interpersonal abilities are test in the progression. The role of stakeholders of Tesco Plc is to
bargain the deal as indicated by their own advantage and in the event that they feel that the deal
will influence the organization contrarily then they should attempt to alter the deal or drop the
exchange as per their advantage.
Conclude: In this stage, Tesco Plc and other involved parties will draw a valid
conclusion through showing presentation of their personal objectives. At this stage, all the paper
work and documentation will be done in order to achieve win-win-lose customers so that ti
makes easy for company to achieve growth and success.
Execute: This is the last phase of the negotiation stage in which the result of the deal is
actualize on the actual scenario and attempt to make it a fruitful deal by making an appropriate
plans and strategies according to the requirement of deal. The key purposes of the deal ought to
be clear as the techniques made by the involved parties so as to execute the activities in desired
way (Healy, 2011).
TASK 2
P3: RFP process and the relevant types of documentation required
Before execute negotiation process, it is extremely fundamental to distinguish every one
of the documents required as this assistance in execute arrangement in a successful way. Diverse
procedures and techniques are use by Tesco Plc to guarantee viable execution of business
functions by manage issues and factors in a successful way. Primary components related the
documentation with the procedure of negotiation is given beneath under the accompanying
heading:
Determination of recruitment: Various capacities are perform by an undertaking with
the end goal to create better and featured items for every one of its clients. For this organization
enroll substantial number of talented contender for perform different employment jobs in big
business so organization can accomplish its desired goal. In this procedure of REP it is used by
business entity for satisfy the particular necessities of clients. Further this assistance in satisfy
needs of different merchandisers and partners.
Communication strategy: Communication is known as a standout amongst the most vital
part of each business firm as this assistance in collaborate with its providers, representatives and
4

clients. Further this help negotiation and pitching aptitudes require to do procedure of RPF.
Furthermore, it help manager to plan better and powerful procedures which guarantee ideal usage
of organization's assets. Successful process and instruments are use by M&S to collaborate with
clients and representatives (Hill, 2017).
Evaluation criteria: This aspect encourages business firm to determine the main
elements and factors which are required to be consider during process of RPF. It enables
management to seen the whole process and major steps which can be follow by them to achieve
desired goals.
By conduct a formal talk about different factors that help entity in accomplish its define
objective firm can make progress. In general procedure of RFP is pursue by Tesco Plc to get
viable pitching thoughts.
P4: Contractual process and how relevant documentation is managed
Contractual management outlines the process used by business firm in order to manage and
control risk. It includes identification of all such factors which can adversely affect the
productivity of firm as well as negatively impact on work environment. Yhere are several
methods which may be mused by Tesco Plc to maintain healthy relation with other enterprises.
For this, it is important to execute all business functions in an appropriate manner. Contractual
commitment which is essential to be used by Tesco Plc are discussed as under:
 Business need to perform on the basis of agreement or on rental contracts.
 Business firms can also merge its business functions with others firms in order to achieve
strong market position (Horton, 2016).
Contract process start after the business firms finalised the award of contract which involves
eight stages such as request, generate, negotiate, approval, execute, search, comply and review.
Recommendation for writing a successful tender:
 Use the templated provided
 Structure the document of tender clearly
 Provide all useful information
 Address the selection criteria
 Choose right referees
 Proofreading of tender
 Submission of tender in time
5

TASK 3
P5: Covered in PPT
TASK 4
P6: Covered in PPT
P7: Determining ways in which an organisation can fulfil their post-pitch obligations,
highlighting and potential issues
Pitching is characterize as one of an effective source through which a firm can enhance
their working and decide best answer for an unmistakable issue. This empower and support in
resolving different aspects which can cause issues so that it would be easy for management to
maintain and manage effectiveness in business operations. A business firm required to
implement the pitching process in an appropriate manner so that work can be executed in better
way so as to achieve better outcome in near future.
In this respects, an effective and significant process must be pursued which could be
evaluate as far as post pitching. Post pitching is a procedure which used to occur when
actualizing the concern things used to happen. Therefore, this empower business to achieve their
working capacities in a characterize way. Post pitching is a procedure which empower in deal
with the business activities more properly through better execution working so all characterize
targets could be achieve in a particular time span (Teckchandani and Obstfeld, 2017).
It is essential that Tesco Plc is giving fitting documentation to accomplices with the
objective that it very well may be followed by them effectively. For doing this appropriately
social affairs and workshops should be coordinated with the objective that association can tell
about the mission and vision of their relationship before accomplices and theorists.
In this manner, before characterizing the frameworks and plans it is basic that all of the
factors and parts are taken into thoughts with the objective that they can satisfy their money
related authorities fitting on time. Along these lines a sound association can be kept up for a
more drawn out time allotment.
CONCLUSION
It has been concluded from the above project report that management must have a
pitching and negotiation skills in order to manage business activities as well as maintaining
6

health relations with the stakeholders. It assist organisation to resolve all issue without harming
interest of any involved parties and established a healthy work environment which brings
motivation among employees to work in a team and contribute maximum efforts in achieving
organisational goals and objectives.
7

REFERENCES
Books and Journals
Chang, J. and Rieple, A., 2013. Assessing students' entrepreneurial skills development in live
projects. Journal of Small Business and Enterprise Development. 20(1). pp. 225-
241.
Cremades, A., 2016. The art of startup fundraising: pitching investors, negotiating the deal, and
everything else entrepreneurs need to know. John Wiley & Sons.
Dawson, C., 2014. The Mature Student's Study Guide 2nd Edition: Essential Skills for Those
Returning to Education or Distance Learning. Hachette UK.
Healy, K., 2011. Social work methods and skills: the essential foundations of practice. Palgrave
Macmillan.
Hill, P., 2017. Agent extinction: Hype versus reality. Journal (Real Estate Institute of New South
Wales). 68(4). p.32.
Horton, S., 2016. The Leader's Guide to Negotiation: How to Use Soft Skills to Get Hard
Results. Pearson UK.
Nudelman, G. R., 2017. Engineering identity: Analysing e-portfolios in a professional
communications course. South African Journal of Higher Education. 31(2). pp. 211-
225.
Paço, A., Ferreira, J. and Raposo, M., 2016. Development of entrepreneurship education
programmes for HEI students: The lean start-up approach. Journal of Entrepreneurship
Education. 19(2). p. 39.
Rich, C., 2013. The Yes Book: The Art of Better Negotiation. Random House.
Schech, S., Skelton, T. and Mundkur, A., 2016. Building relationships and negotiating difference
in international development volunteerism. The Geographical Journal.
Teckchandani, A. and Obstfeld, D., 2017. Storytelling at its best: Using the StartUp podcast in
the classroom. Management Teaching Review. 2(1). pp.26-34.
8