Pitching and Negotiation Skills of Marks and Spencer : Report
13 Pages3672 Words162 Views
Added on 2020-06-04
Pitching and Negotiation Skills of Marks and Spencer : Report
Added on 2020-06-04
ShareRelated Documents
PITCHING ANDNEGOTIATION SKILLS
Table of ContentsINTRODUCTION...........................................................................................................................1P1. Determining negotiation process and key stakeholders........................................................1P2. Various steps required for negotiating and generating ideas................................................3P3 Determining RFP process and types of documentation.........................................................4P4. Monitoring the contractual process and documentation.......................................................5P5. Key principles for developing a pitch so as to achieve sustainable competitive edge. ........7P6. Potential outcomes of a pitch................................................................................................8P7 Fulfilment of obligations using pitch.....................................................................................9CONCLUSION..............................................................................................................................10Kaff2011REFERENCES...............................................................................................................11
INTRODUCTIONBoth pitching and negotiation skills are essential for an organization as they help toresolve issues and confusion among employees and management. It is crucial for largeorganizations having large workforce. Pitching technique is helpful in marketing of the productsand negotiating skills save cost for company. Marks and Spencer is a large retail company specialised in the marketing of men andwomen clothing, expensive food products and home articles which is headquartered in London inthe City of Westminster. Marks and Spencer was found by a partnership between Michael Marksand Thomas Spencer in Leeds in 1884 which allows online services since the mid-2000s.Company involves negotiating with employees and suppliers in order to make the best possibledecision and pitching is helpful as innovative workers are the base of M&S.P1. Determining negotiation process and key stakeholdersNegotiation is a process through which two parties in conflict reaches on a said outcomethrough an agreement. Process of negotiation is crucial to any organization and involvesemployees, managers and shareholders which are the key stakeholders of a business firm. Theprocess of negotiation involves stages which are helpful in solving issues and conflicts arisingamong business personnel of an organization. Marks and Spencer being a multinational company, arising of disputes is controlledthrough process of negotiation so as to maintain harmony in the company. The primeresponsibility of management is to ensure sound working system and cooperative employees.The manager of departmental store will focus on negotiating with stakeholders of firm in order tomaintain sustainability of enterprise. These steps include:Planning and preparingIt is an important step which is usually neglected but greater emphasis should be givenwhile preparing negotiation between parties. At Marks and Spencer, managers involved innegotiation firstly set objectives, determine set outcomes i.e. if solution fails, finding out needsof both parties, list and rank values and issues of both, conduct extensive research about the topicin concern, rehearse the process of negotiation and thereby writing the conclusion for furtherdiscussion. Exchange of information with other party1
The next stage in the process of negotiation involves engaging both the parties andcarrying out a discussion while communicating with them. At M&S, a critical pattern is usedwhere manager or negotiator introduces himself to both the parties, proposals from both theparties are evaluated and objectives are designed by discussing concepts and ideas related toissue. Manager then tries to make a win-win situation for both the parties by considering acompromising decisioninvolving both parties.BargainingThis step involves a give and take situation where both the parties take something bygiving a thing. No one person can be in win-win situation and has to offer something in order togain something. At this stage, value is created and with negotiation, it is captured. The storemanager usually adopts this process while dealing with customers so as to retain them as well asenhance their experience. Concluding the negotiationLast stage implies executing and concluding negotiation and thereby, satisfying both theparties. The motive behind implementing negotiation process by manager at M&S is to makestakeholders agree on one common interest with mutual consent. Thus, to make negotiationprocess effective management needs to involve key stakeholders for discussion and consultation.Company implements the use of step wise process of negotiation because it helps in makingprocess systematic with considering all necessary and valid details.2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Pitching and Negotiation Skills Sample Assignmentlg...
|12
|3845
|21
[PDF] Pitching and negotiation skills | assignmentlg...
|12
|3845
|33
Pitching and Negotiation Skills - Sample Assignmentlg...
|13
|4312
|157
Negotiation Process TASK 11 P1 Pitching and Negotiating Skillslg...
|11
|3666
|120
P1. Determination of negotiation and key stakeholder involvedlg...
|10
|3105
|341
Pitching and Negotiation Skills Assignment - Doclg...
|13
|3626
|403