Pitching and Negotiation Skills – Assignment

Pitching
and
Negotiation Skills

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 2............................................................................................................................................1
P3 Explain the RFP process and the relevant types of documentation required, including a
formal response......................................................................................................................1
P4 Explain the contractual process and how relevant documentation is managed and
monitored................................................................................................................................3
TASK 3............................................................................................................................................4
P5 Develop an appropriate pitch applying key principles that achieve a sustainable
competitive edge.....................................................................................................................4
TASK 4............................................................................................................................................5
P6 Assess the potential outcomes of a pitch...........................................................................5
P7 Determine how organisations fulfil their obligation from a pitch, identifying potential
issues that can occur...............................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Pitching and negotiation skills are needed for negotiating the superior deals within both
firm as well as personal life. This skills involves influencing and persuading, strategizing,
communicating, tool- sets, planning, procedures and system and much more (Chang,
Benamraoui and Rieple, 2014). These skills are essential in both formal as well as informal
interaction like negotiating situation of lease, service delivery and another legal contracts.
Effective negotiation contribute towards business growth as it aids them to develop good
relations. This report is based on the Airdri which is a small firm that produce warm hand dryers.
It operates in UK. the purpose of this report is to describe the negotiations, its occurrence and
key stakeholder at the time of negotiation process. Important steps and information required for
negotiating and generating deals. REP procedures and appropriate kinds of documentation
needed. Contractual process and how essential data are managed and monitored. Development of
an appropriate pitch as well as the Assessment of the potential outcomes of a pitch. Apart from
this, Analysis of how organisations fulfil their obligation from a pitch, identifying potential
issues are also mentioned in this report.
TASK 2
P3 Explain the RFP process and the relevant types of documentation required, including a formal
response.
A REP is considered as the request for proposal, which is a documents or formal request
that is posted by firm for eliciting response from several vendors intent towards showing issuer.
Issuer requirements or issues (Gbadegeshin, 2018). This plays a prominent role into business
operations. Capable vendors are permitted to explain solutions with its creative advantage as well
as permit ensures for accessing those offers from vendors. This will be essential for company
such as Cuisine Coffee to expand their business and accomplish their consumer requirements.
RFP procedures are explained below:
 Crafting request for proposal document: It is considered as the essential stage for
Cuisine Coffee to craft a proposal that can inform the vendors regarding problems which
required to be shown. The company should concentrate upon clarity for effective
knowledge about vendors as well as obtain proper response (Gianiodis, Markman, and
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Espina, 2017). There are some component which are to be involves into RFP document
that are mentioned below:
◦ A explained overview of Cuisine Coffee involving its procedures as well as its
services and products that they serve.
◦ Projects objective are to be shown.
◦ Target marketplace Which will avail advantage of projects.
◦ Major element as well as project specification.
◦ Needs for projects with their guidelines.
◦ Factors that are important for the bidding of vendors such as budget, cost breakdown
and so on.
◦ Information required in references like timeline well as number of its consumers,
form of agreement information and so on.
◦ Delivery message with directions where they are needed to be delivered and many
more.
◦ Determination of vendors choosing process with timeline.
 Clients discovery: This is crucial for vendors is that they craft effective response
towards the clients wants for making it a proposal that are suitable for acceptance.
Various responses are disapproved through issuers as they fail for highlighting the issues
or requirements appropriately (Greenwood, 2018). Hence, this is needed for vendors for
responding effectually the issues also their solutions.
 Short- listing vendors: Herein, Cuisine Coffee, have to critically measures the response
as well as choose appropriate vendors which can be resolved its problems. The proposal
required to be measured effectually through firm for short-listing the efficacious vendors
for work. This evaluation needed by them for conducting the comparison among vendors
in depth as per its core strengths as well as distinction aspects. These comparison will
aids them to seek previous vendors and chose one with effectual competitive advantage.
 Follow up: Herein, Cuisine Coffee, will evaluate the short-listed vendors for
ascertaining that one will win bid. For attaining it, the firm should involve themselves
with vendors as well as ask questions for follow up. Thereafter, there is requirements to
set the criteria for scoring (Haddad, 2014). However, this is crucial that organisation is
open for vendors regarding existed competition as well as it measuring aspects. At this
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step respective organisation can able to short list their vendors in effective and efficient
manner.
 Completion of evaluation: Herein, Cuisine Coffee should have clear knowledge
regarding the offer performed through vendors. Comparison of all vendors as per its
scoring procedures that will permit firm to ascertain the effective preferences for its
requirements. Vendors are chosen after reviewing the internal scores. Through this firm
can get clear knowledge about its offerings as well as through comparing whole vendors
according to their scoring process.
 Contract awarding: Final step required through Cuisine Coffee is to choose the
appropriate vendors effectively as well as move on with legal documentation. It involves
REF outcomes to legal section, crafting explained SOW as well as viewing procedures of
contract. Documentation needed for RFP are statements of work. This step is useful for
selecting the effective vendors and move with legal procedures in appropriate and proper
manner.
P4 Explain the contractual process and how relevant documentation is managed and monitored.
Contractual management is considered as the process that is consider through
organisations for managing contract preparation, its implementation with their investigation. The
purpose of this administration is to enhance company's performance in context of fund as well as
operations (Harkiolakis and Halkias, 2016). This also aids in minimising financial risks. This
procedures of the contractual management usually takes more time that create a requirements for
Cuisine Coffee to formulate effectual system of contractual management.
There are many steps in this particular procedures which is required to be prefer through
respective firm in order to manage their contractual system. All the steps are discussed below:
 Identification of contract: The company have to measure the reason in effective manner
to bind up a contract as well as this should clearly articulate reasons, requirements as
well as ultimate aims needed to be attained. This must ascertain as well as identify to
justify possible risk which can occurs during the lifetime of documents.
 Contract authoring: Cuisine Coffee have to consult an attorney at the presence of
uncertainty. The organisation have to prefer to use pre-drafted template through their
bank. It will assure inclusion of whole essential terms as well as clauses with upgraded
data. The firm should focused upon explained proof reading of agreement for assuring
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appropriate utilisation of punctuations, languages and many more. They can utilsie
automated system for easing this procedures.
 Contract negotiation: It is considered as an inevitable stage as well as recurring into the
nature of planning, preparation as well as investigation. This is significant that it have to
be transparent and faithful at the time of contract negotiating (Horton, 2016). Cuisine
Coffee, have to investigate the requirements of another party every time for simplifying
the conversation procedures as well as formulate a longer relation.
 Approval of contract: It is the stage which considered after negotiation. Agreement at
Cuisine Coffee, should has whole essential needs that have essential needs which has to
be accomplished before moving to audit process or obtaining approval from seniors
authorities.
 Contract Execution: For agreement to be effectual, this is crucial that both the people
have to agree as well as simply develop it formal. In case Cuisine Coffee, is coming
under a contract to expand their business into another area or is situated into different
situation so, this will be simple for company to utilise electronic signatures for
eradicating the delays at the time of emergencies.
 Revisions and amendments: This is essential for Cuisine Coffee to regularly revise its
agreement as well as so the required changes. System such as contract lifecycle
management so both the parties can understand the crucial amendment done into contract
in simple manner. As well as add efficacious rectifications.
 Reporting and auditing: Continuous audits of agreement will ensure Cuisine Coffee
which importance is being realised as well as induce are being accomplished. These
audits are crucial for identifying the consequences of both parties towards contracts
terms and condition as well as at the time of risks and uncertainties.
Apart from this some another process is discussed below:
Contractual procedures have various steps which can develop as well as ensures the
company to accomplish an effectual process from the negotiation procedures. Whole these
involves research the business as well as legal backgrounds fro contract an propose transactions
and business relation where contract is to be consumed. Another step, performing with required
representatives of respective firm in attaining the set contractual project.
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M2
Request for proposal is define as formal request that is posted by firm for getting response
from several vendor’s intent towards showing issue. It includes process of Crafting request for
proposal document as well as Clients discovery for create legality in documents. After that it
consider Short- listing vendors and Follow up process that basically used to determine
appropriate information in regards of competitors and others. at last, Completion of evaluation
and Contract awarding practices play an essential role that should be create in formal manner.
D2
Competitive tendering and contracting is known as outsourcing, bundling and contracting
process that are basically used to getting desired outcomes. In private sector, competition provide
incentives to firm those who wants to opt the least costly option among others. These are
creating competition between those who are often buy their choice as outcome of cheaper
contracts. These include cost and quality practices. For simplifying the methods, organisation
should set approval work flows upon the platform of contractual management. For saving time as
wella s efforts of workforce composing agreement.
TASK 3
P5 Develop an appropriate pitch applying key principles that achieve a sustainable competitive
edge.
Pitch is considered as the representation provided through staff or employers of company
to their investors. The most effective medium of pitch are e-mail, letter and much more. The
purpose of enterprise pitch is for securing funds and resources which are needed for assuring
sustainability and maximise profit (Loboda Ostrovskyi and Katernyak, 2018). Cuisine Coffee
have to apply key principles at the time of pitching which aids them to obtain competitive edge.
Some principles are mentioned below:
 Brand Loyalty: This considered the development of brand loyalty that assures
relationship for long term which can be advantageous for company. Consumers tend to
stay with their brands also they are always loyal to it regarding quality and price of its
products. Cuisine Coffee has a huge range into market. Individuals has a strong loyalty
towards company an their offerings which develop a competitive advantage into market
area.
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 Effectual staff: An essential aspect for obtaining competitive advantage is recruiting
effectual staff and developing internal strength. Cuisine Coffee have appropriate hiring
as well as leadership framework which aids organisation in recruiting and providing
training to proficient people. Also, personal objectives of workers are incorporated
towards accumulative objective that aids them in work together. Such accumulation as
well as channelising potential permit respective firm to obtain such competitive edge over
their rivalry. The representatives of organisation should involve whole that points for
pitching investors as well as make its interest towards organisation and their operations.
4 p's of negotiation:-
 Purpose: According to this for conducting any negotiation aim is essential otherwise it
will lead to wastage of money, time and manpower.
 Plan: In respect of this factors it refers to main agenda at which particular negotiation is
based on in order to carry out particular work.
 Pace: According to this, major points should be covered in the discussion. Along with
this it is also need to take proper break while conducting discussion in order to develop
and maintain interest of people or others.
 Personalities: In respect of this factors a person must have appropriate personality for
negotiation it means they have effective convincing power, communication skills and so
on because through it they able to influence other effectively.
TASK 4
P6 Assess the potential outcomes of a pitch.
In an organisation, representatives are responsible for putting pitch in front of the
investors. Its totally depend upon their marketing skills which helps to set rate for pitching with
mutual consent (O'brien, 2016). There are four outcomes which reflects the basis for post-pitch
strategies. In context to Cuisine coffee, some potential outcomes are as:
 Acceptance:To create good brand image in the market companies impress investors
through different skills and talents which helps to expand business limits, customer base
and adequate amount of resources for future strategies and plans. The method which
helps representatives to present description of company and product specification in a
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precise manner within short period of time is defined as elevator pitch. It is said that
every pitching attempt have outcomes either positive or negative (Rich, 2013). First
outcome, that there is no-shop agreement which means after this contract company has
no right to interact with other investors. While in second one, it is beneficial if preceding
investors pass on deal the firm could approach to other investors also.
 Rejection: There are mainly two reasons which results in clear 'no' from investors: if
investors are rejecting company's offering and strategies then representatives were not
successful in presenting company's offering and strategies. Another one could be
inattention of investor on strategies. Rejection is harmful for the company but after this
company can focus on other investors and can plan for other strategies also.
There are also several methods and techniques which can be adopted by a company in
order to build relationship such as they can identify new opportunities because through it they
can develop strategies to grab that opportunity in effective manner. Through grabbing new
opportunities companies as well as people able to develop or build relationship along with other
which help them in enhancing their contracts. On the other hand, some time terminating few
contracts also aid in building relationship because by this company or person able to focus on
few work. That will also lead to enhance in quality of work which help in attracting more and
more new opportunities.
P7 Determine how organisations fulfil their obligation from a pitch, identifying potential issues
that can occur
Pitching is considered as the techniques that is utilise through firm for identifying the
consequences of problems which are acknowledging into enterprises as well as identify the ways
for resolving problems effectually (Sullivan, 2015). This aids owner as well as another relate
individuals to firm to take corrective actions in order to manage and operate overall activities as
well as functions. This is crucial for enterprise to execute the procedures of pitching effectively
for getting efficacious outcomes and may lead company towards growth. For this aim, Cuisine
Coffee managers are recommended to find as well as pursue essential procedures in order to
obtained requirements of aim. Post pitching is utilise through company when they are interested
to measure the outcomes of actions which have been consider through administration
previously. It is the advantageous techniques which aids staff to empower enterprise and
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encourage them to attain business objectives. Hence, post-pitching assists workers of Cuisine
Coffee to identify ways which is needed to do whole work in effectual way.
As Cuisine Coffee, is complying effectual ways to execute this procedures into company
in order to operate business in appropriate manner. Several problems can occurs during the
period of pitching which are mentioned below:
 Failing to show concerns: This is essential fro business enterprises to show concern into
pitching document as this is needed to become competitive into market area. In case
managers fail to highlight that then they may outcome negatively as well as impact the
capability of the firm with issues.
 Very much dependency on formal pitches: Few owners of the enterprises thought that
they may only gather fund for firm from the formal pitches but this is not correct many
finances are obtained from informal pitches (Tse, 2013). In case Cuisine Coffee manager
are interested for maximising investments for firm than they need to comply informal
pitches where they may interact with investors efficaciously.
Whole above give problems may occurs into company as well as effects the ability of
operation for performing operative activities. Along with this there are various issues and
challenges faced by small and medium enterprise while conducting pitching at a marketplace
such as they are not able to estimate resources which they required while operating in effective
manner. They also get under estimated when go for pitching or convening because people think
that SME's are new in marketplace so they have less experience so they not able to conduct or
operate effectively. Due to this reason SME's also have very limited investors and stakeholders
as well as when they go for pitching people started negotiating with them.
CONCLUSION
From the above report, it have been concluded that organisation should focus on making
effectual pitching as well as negotiation skills for maximising funds and resource needed for
conducting management operation of company. For attaining profitable deals, this is essential
that their information and stages are to be evaluated effectively. Organisation have strategically
comply whole phases into RFP with their important document. Automated techniques as well as
process can be useful while developing as well as implementing agreements for managing
appropriate documentation. For obtaining efficacious investors for firm the re-presenters of firm
are need to apply a range of knowledge and principle for competitive edge for pitching an
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profitable deal from investors. Thereafter organisation have to formulate effectual strategies as
per the results acquired from pitching. At last, firm have to accomplish overall its obligation
from pitch while finding as well as eradicating possible problems likely to occur.
REFERENCES
Books and Journals
Gbadegeshin, S.A., 2018, November. Commercialization Skills: Necessity for High Technology
Entrepreneurs in Digital Era. In Proceedings of the Future Technologies
Conference(pp. 965-975). Springer, Cham.
Gianiodis, P.T., Markman, G.D. and Espina, M.I., 2017. TO INVEST OR NOT TO INVEST:
UNDERSTANDING THE ENTREPRENEUR-INVESTOR-VENTURE (EIV)
NEXUS. Frontiers of Entrepreneurship Research, 37(1), p.2.
Greenwood, A., 2018. Experiences with authentic assessment on two practitioner-focused
business degree programmes.
Haddad, C., 2014. PR for plumbers: Winning business: Is price everything?. Plumbing
Connection, (Summer 2014), p.74.
Harkiolakis, N. and Halkias, D., 2016. E-negotiations: networking and cross-cultural business
transactions. Routledge.
Horton, S., 2016. The Leader's Guide to Negotiation: How to Use Soft Skills to Get Hard
Results. Pearson UK.
Loboda, V., Ostrovskyi, I. and Katernyak, I., 2018. Developing Entrepreneurial Mindset in
University Undergraduates. E-methodology, 5(5), pp.114-131.
Mentor, B. and Trainer, S., Michael Farrell.
O'brien, J., 2016. Negotiation for Procurement Professionals: A Proven Approach that Puts the
Buyer in Control. Kogan Page Publishers.
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.
Online
Negotiation Skills. 2018. [Online] Available through: <https://problogger.com/7-essential-
negotiation-skills-for-bloggers-and-marketers/>.
What is Negotiation? - The Five Steps of the Negotiation Process Video. 2019. [Online].
Available through:< https://study.com/academy/lesson/what-is-negotiation-the-five-
steps-of-the-negotiation-process.html>.
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