Pitching and Negotiation Skills

This study explores the importance of negotiation in reaching agreements and the role of stakeholders in the process. It also discusses the steps and information required for effective negotiation, the RFP process and required documentations, the contractual process, and developing an appropriate pitch. Find study material on pitching and negotiation skills at Desklib.

Pitching and Negotiation
Skills
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Table of Contents
Pitching and Negotiation Skills.......................................................................................................1
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
P1 What is negotiation, why it occurs and importance of stakeholders in it...............................3
P2 Steps and information which required for negotiating...........................................................4
P3 RFP process and required documentations.............................................................................6
P4 Contractual process along with required documentations......................................................7
P5 Developing an appropriate pitch along with principles..........................................................8
P6 Outcome of pitch....................................................................................................................9
P7 Ways to fulfil obligations from a pitch...................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
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INTRODUCTION
A pitch presentation refers a short summary of a project and company or topic on which
company give presentation and want to make people aware about it (Swartz and Owczarek,
2019). Negotiation also refers a discussion whose aim is to reach to a peaceful agreement. This
present study is going to show importance of stakeholder representative and their roles in making
negotiation process easier and successful. Further, it will also show steps which make a
negotiation process effective and by which both parties of negotiation can accomplish their
goals. Lastly, it will discuss ways of developing a pitch as well as an effective RFP process or
document for making vendor able to complete project.
P1 What is negotiation, why it occurs and importance of stakeholders in it
Negotiation: Negotiation is an important process or can be defined as a discussion in which 2 or
more than 2 parties try to reach to final agreement for settling differences or eliminating conflict
of interest. When 2 parties are involved in a contract or agreement and both have some problems
with rules and terms of each other’s then rather creating conflicts and arguing they take help of
negotiation and by discussing they both made each others agreed on terms and rules which is
beneficial for both to some extent (Vilarinho, Tavares and Rossetti, 2017).
Importance: It plays an important role in completing business activities especially in the type of
partnership in an effective manner. An effective negotiation process help companies in growing,
success and improving relationship with each others. It gives mutual understanding to both or
involved parties in it and also increases communication skills. Some other benefits as why
companies like Wal-Mart often negotiate rather arguing include:
Certainty: One of the main aims of benefits of contract negotiation is to achieve certainty by
focusing on each element and content used in the process of negotiation like in what quantities
supplied, to what standards and what will be consequences of failure or delay in meeting agreed
requirement.
Accomplishing goals: Other main reasons of companies to go and use negotiation rather voiding
contract is to accomplish goal by reaching to an agreement which is beneficial for all involved
parties in it. Negotiation process allow companies in improving their relation with each other’s
which also help them out in accomplishing goals and take help of other company in the future.
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Types of stakeholders in negotiation process: Stakeholder refers those people who got affected
by outcomes of negotiation process and want both parties to get succeed. Stakeholders are all
members which are involved whether directly and indirectly in this process and want effective or
positive outcomes.
In the context of stakeholder representative it can be said that it refers those people or an
individual who is being selected by each party who can speak on the behalf of the whole group
or the party. It is not possible for all members to talk in the negotiation process as it can create
problems and also situations of conflict. So, both and all involved parties select an individual
who has experience and skills to talk and influence others and talk on the behalf of party and that
selected people is known as stakeholder representative (Galović, Mišević and Krivak, 2018).
One of the main responsibilities of stakeholder representative is the process of negotiation is to
put their needs and problems in front of other party and make them influence or agreed on their
terms in an effective manner. For that they need having effective communication, active
listening, decision making, critical analysis, critical thinking and other skills by which they can
make other party agreed on their terms and without getting hurt and hurting others they can reach
to the final agreement.
P2 Steps and information which required for negotiating
Before understanding and disusing about steps of negotiation process it is important to
understand roles of third party in this process and how they play roles in this process. In the
context of third party of negotiation process it can be said that they play an important role and
they are being divided into main types such as:
Mediator: Mediator refers those people who do not support both parties as they are
known as neutral party as they help both parties in facilitating communication and improving this
process.
Arbitrator: It is a specific person who support specific party of negotiation process.
Conciliator: Conciliator is a person in the negotiation process who assists parties in an impartial
manner rather partially in order to reach to a final effective and peaceful agreement.
Consultant: Consultant in the process of negotiation refers people who suggest and give the best
advices to both parties in order to make them able to understand the difference between the right
and the wrong.
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There are standard common 5 steps of negotiating process such as:
Preparation or planning: It is one of the main steps in which both parties of negotiation
require making an effective plan as what is the topic on which they are going to discuss and
content needed to be prepared which can help them out in reaching to an agreement (Hahn,
2017). They also require having knowledge of all main elements of the negotiation process like
what content will be used by other party, what is requirement of other parties and what will be
the final need of the other part on which they can agreed on.
Defining ground rules: After making planning, stakeholder representative who is going to talk
on the behalf of the whole group and party requires to have knowledge about where, to who,
when and which constraints of negotiation can happen. Along with having knowledge of ground
rules, both parties require to exchange their initial position with other party. By doing so they can
have detailed knowledge about negotiation process and sharing their underlying interest.
Clarification: In this step, stakeholder representative of both parties require to clarify and put
their requirements and needs in order to make other party agreed on and make tem believe that
why they are putting this and importance of it. Both parties require to prove themselves right and
giving valid and authentic reasons as why they think that by doing so both parties can make
themselves beneficial.
Bargaining: In thus step after proving sides by each party they try to bargain with other party or
each negotiating party proposes different counter-offers for the problem. For making this step
as well as the whole process of successful it is important for both parties having
communication, influencing active listening and others skills by which they can bargain with
other party in an effective manner (Abulkhair, Alkayal and Jennings, 2017).
Closure or implementation: It is the closure of final step in which after reaching to final
agreement both parties must thank to each others for listening their views and improving
relation. Negotiation is being developed not for making agreed to other party on their terms
forcefully but for improving relation and gy discussing or mutual understanding accomplishing
goals.
Information required: There is requirement of having communication, actie listening , brief
document of other party in which all details are being given as when, where and what problems
is going to be considered.
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P3 RFP process and required documentations
A request for proposal is a document of business which consists of all informations related to
the project which company needs to make complete by vendors which can help them out in
completing the project in a successful manner.
Finding vendor: It is one of the common step in which companies or issuer require
finding vendor who has skills and experience of completing project in a successful manner.
There are some standard steps involved in the RFP such as:
Establishing project boundaries: Setting boundaries before writing RFP is just like a planning
in which issuer requires to have all informations about this process as in how much cost or
budget they want to complete project, what will be the given and the last deadline and all other
major constraints (COUNTY, 2020).
Identifying stakeholders: Writing and developing a RFP is a critical task and for making it
easier issuer or companies require assigning people or each skilled worker to each project which
is related to RFP. Each allotted person can make this process easier. Along with it companies can
make use of advisors and stakeholders in order to get all informations about RFP as how they
can make it effective and successful as well. Advisor or stakeholder can help companies in
making this effective by suggesting some ways (A RFP Process: Overview for non profits and
Libraries. 2019).
Drafting score criteria: After writing RFP, the next step is to draft scoring criteria or document
by marking it on scale 1-10. One of the main tasks in RFP process is identifying the best vendor
and makes them agreed on accepting project. For selecting the best vendor and knowing
knowledge of Vendor Company can take help of this scoring criteria and by asking questions
from vendors they can measure effectiveness of their performance and their experience. Vendor,
who give right answers and win by giving answers, can be selected by the company.
Circulating RFP: After writing and identifying vendors it is important to make agreed to
vendors by telling them features of the project and for that companies require circulating written
RFP at appropriate place. In this context it can be said that if vendor does not accept RFP then
there is no mean of writing RFP. So, it is important for companies to select the best place for
uploading or posting RFP and it mainly depends upon the nature as well as type of vendor to
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whom company wants to reach. If company want to work with local company then it can chose
books and journals and other appropriate place for posting RFP.
Reviewing responses: By performing an initial read thorough responses as well as paying
attention to proposed solutions they can review response in an effective manner.
Researching technology: Vendors suggest some ways which companies do not encountered
before and before eliminating and dismissing it companies require having proper research on it.
By making use of references and sample, company can take better decision as company cannot
afford failure and mistake in this step (Carrato and et.al., 2018).
Researching vendor’s track record: It is also important for companies to identify all those
companies and vendors who are competing and going to compete against them. By knowing
their budget, time and other main constraints company can take the best decision.
Negotiating: For completing the process of RFP they need to have RFP response as a proposal,
and you can accept it as-is or use it as a starting point and refine the details during follow-up
conversations with the vendor. After that they also require to document project deliverables and
include them in a contract for an effective negotiation process.
Consequences for breaching terms of agreement in RFP process: When a contract has been
broken by one of the parties then the party who has broken the contract require compensating to
other party.
P4 Contractual process along with required documentations
Contractual process can be defined as making an agreement with other party
including terms, rules and conditions. In the context of bid and tender there is requirement for
companies to make an agreement or contract. There are some common steps of contractual
process such as:
Planning and research: In a tender companies need to make an effective planning in which they
require deciding all aspects as which company can help them in completing project as per their
qualification. They need to align requirement of bid or tender with selected party.
Preparing bid or project: After planning, company requires making a bid by making other
party agreed on all terms and believe that their project is the best for them. In this step, they also
require to consider all important aspects of the project like estimated cost, budget, time, required
technologies, labour and others.
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Submitting project: After completing all requirements of tender they need to upload it in an
effective manner and one of the best ways is online portal from where companies can have
access to it. Before submitting project they also require to cross check all elements and proof
read because after submitting project, any mistake in it can crate several other problems
(Galloway, 2017).
Presentation: After project submission company requires to make an effective pitch or small
presentation as after submission, Vendor or other party invite issuer for developing pitch in order
to make all agreed and believe that why their project is the best and effective.
P5 Developing an appropriate pitch along with principles.
Companies often make pitch or presentation when they want to launch their new product
and services in the market. One of the main purposes of developing pitch is to attract customers,
selling products. A pitch can be made successful when companies focus on some content or
elements such as:
Purpose: Before developing a pitch company need to identify the main purpose for having clear
understanding and making pitch accordingly. They also need to add that reason or purpose in
pitch by using relevant content for making target people aware about.
Content: After making plan and identifying the main reasons of developing or making a pitch
presentation, companies require making use of appropriate and attractive content. Content is one
of the important things which can help them out in attracting target market. Content should
consist of the main message and features of products and services.
Target market: It is other main elements which need to be focused or considered while main
plan about pitch presentation and developing a pitch for promoting products or launching a new
product in the market. When companies launch their products then they have some people in the
mind to who they want to attract and for whom they make products. So, by gathering all target
people in front of whom they can give presentation is important. Along with they also require
identifying ways of attracting target market.
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P6 Outcome of pitch
Development of pitch or small presentation by companies who want to launch their new products
in a market can allow them in accomplishing goals. There are several other effective outcomes of
an effective pitch presentation such as:
Competitive advantages: By making an effective pitch, companies can take advantages of
several external opportunities and one of the main opportunities is taking competitive
advantages. By making a pitch and using appropriate content, company can make their target
market aware about effectiveness of their products and attract them to the great extent.
Success of business: By making an effective pitch and presentation, companies can expand
business and make their company succeed. It contains important content or informations which
can attract investors, target market and by this company can accomplish their goals. By attracting
investors and target market company can succeed.
P7 Ways to fulfil obligations from a pitch
There are several factors which need to be considered. For which purposes companies
develop pitch plays an important role and they all need to be fulfilled. For fulfilling obligations
from a pitch companies requires following some steps such as:
Appropriate treatment: There are some followers or follow ups of company for whom
company develop pitch. Investors should be treated in an effective manner and they also should
make them feel valued. When companies treat to their followers and stakeholders as like their
partners then it makes them feel valued and motivated. It can help them out in accomplishing
goals and obligations as well.
Keeping them updated: After completing first step or making stakeholders feel valued,
companies require keeping them updated by providing informations to them in an effective and
detailed manner.
Rather, these they also need to consider ways by which they can fulfil their goals and all
elements such as: completing project in estimated budget, in a timely manner etc.
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CONCLUSION
From the above study it has been summarized that a process of negotiating or discussing
for reaching to an agreement played a vital role. For making the process of negotiation and
pitching, people require communication and decision making skills. Further, it has also shown all
standard steps in negotiation process by which all involved parties and stakeholder representative
can complete and make the process successful. Lastly it has discussed importance of developing
a pitch or small presentation by which companies can accomplish their goals like promoting
products and making people aware about its features as well as attracting them.
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REFERENCES
Books and journals
Abulkhair, M.F., Alkayal, E.S. and Jennings, N.R., 2017, September. Automated negotiation
using parallel particle swarm optimization for cloud computing applications. In 2017
International Conference on Computer and Applications (ICCA) (pp. 26-35). IEEE.
Campanella, P., Parente, P., Vukovic, V., Ianuale, C., Ricciardi, G. and Specchia, M.L., 2016.
Economic impact of schizophrenia on health systems [Pitch presentation]. In 9th
European Public Health Conference “All for Health-Health for All” (Vol. 26, No. Suppl
1, pp. 177-177).
Carini, E., Pezzullo, A.M., Frisicale, E.M., Cacciatore, P., Di Pilla, A., Grossi, A., Gabutti, I.,
Cicchetti, A., Boccia, S. and Specchia, M., 2019. Measuring organizational
performance. A review of the dimensions of hospital performance indicators [Pitch
presentation].
Carrato, P. and et.al., 2018. Developing a Request for Proposal (RFP) for Moon Base Alpha.
In Earth and Space 2018: Engineering for Extreme Environments (pp. 207-218).
Reston, VA: American Society of Civil Engineers.
COUNTY, W., 2020. Request for Proposal (RFP). Cell, 714, pp.614-5859.
Galloway, S., 2017. Putting out to tender: How UK adult education policy might shape the
contractual obligations of prison learning providers. Adult Education for Inclusion and
Diversity, p.133.
Galović, T., Mišević, P. and Krivak, N., 2018. THE IMPORTANCE OF NEGOTIATION ON
THE EXPORT COMPETITIVENESS OF CROATIAN RENT-A-CAR
SECTOR1. TRADE PERSPECTIVES 2018, p.71.
Hahn, R.F., 2017. The Role of the Negotiation in Management and the Results of an
Organization. The Formation of the Team of Negotiation, Features, Guidance. North
Economic Review, 1(1), pp.255-263.
Swartz, A. and Owczarek, L., 2019. Pitcher's pain-usual presentation of unusual diagnosis.
Vilarinho, C., Tavares, J.P. and Rossetti, R.J., 2017. Intelligent traffic lights: Green time period
negotiaton. Transportation research procedia, 22, pp.325-334.
Online
A RFP Process: Overview for non profits and Libraries. 2019. [Online]. Available through
<https://www.techsoup.org/support/articles-and-how-tos/overview-of-the-rfp-process
>
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