Essential Skills for Success

This assignment focuses on the development and importance of essential skills across diverse professional contexts. It examines skills such as communication, problem-solving, critical thinking, and teamwork, emphasizing their relevance in areas like entrepreneurship, business education, and negotiation. The text analyzes various research papers and publications that highlight the significance of these skills for individual and organizational success.

Pitching and
Negotiation Skills

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Negotiation and occurs stakeholders during negotiation process..........................................1
P2 Key steps and information needed for generating deals and negotiation..............................2
TASK 2............................................................................................................................................3
P3 Process of RFP and kinds of documentation needed.............................................................3
P4 Contractual process and accurate documentation is monitored and present..........................4
TASK 3............................................................................................................................................5
P5 Pitch applying key principles to achieve sustainable competitive edge................................5
TASK 4............................................................................................................................................7
P6 Potential outcomes of pitch....................................................................................................7
P7 Company fulfil their obligation from pitch and determining potential issues.......................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
.......................................................................................................................................................11

INTRODUCTION
In this modern era, the main focus of every business firm is to producing better quality of
goods and services at reasonable products in context to sell. Negotiation refers to a method
through which persons can settle their differences. Through this, people can be agreement and
compromise while neglecting conflict and also argument. It provides benefits in order to
resolving any kind of differences which are arise among people. Marks and Spencer plc is a
retail business firm in United Kingdom country. This firm is multinational and also situated in
year 1884. This company provides its products in all over the world. It is specialised in selling of
home products, clothing and also luxurious products (Chang and Rieple, 2013). Under this given
report mentions about the negotiation and the main key stakeholders which are present at the
time of negotiation process. Key information and steps which are needs for negotiating and also
generating the more sales will be discusses under this given report. Development of an
appropriate and effective pitch apply the key principles which helps in accomplish sustainable
competitive edge is going to mention under given report.
TASK 1
P1 Negotiation and occurs stakeholders during negotiation process
Negotiation refers to a process of resolving conflict and nay kind of misunderstanding
among the people. Under this persons settle their differences in an effective or proper manner.
The main motive of negotiation is to resolve all the differences, gain some benefits for a person
or also fulfil their different interests. This concept is generally used in dealing as well as buying
any type of products as well as services. On the other hand negotiation refers to compromising
between two or more than two persons (Cooke and Zaby, 2015). The successful results can be
achieved by people which understand motive to achieve best possible results for position. It is
helpful in maintaining better or positive workplace to company. At the time of any conflict
situation, manager of Marks & Spencer company take appropriate and effective actions for
resolving their issues. There are different reasons given below from which negotiation occurs:
Neglecting conflict- In the process of business, there are many conditions from which
dispute can be arise, it can happen at the time of allocating tasks and also achieve aims and
objectives in a an effective manner. So, in addition to settle this kind of conflict, Marks &
Spencer company use this type of component to make a proper and beneficial solution.
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Build up respect- It is an important part of a business firm and it is necessary for the
staff members to focus on enhancing development and also productivity of business. So having
negotiation, it is necessary to develop a ling time impression which directly affect on the
reputation in future. It is executed through Marks & Spencer company for increasing image.
Different mindset- The perception or can say thinking of every person is different from
each other. So, in addition to this, in an organisation mindset of manager and staff members are
varied (Dawson, 2014).
For an example- on the basis of case study that PA an his manager both has a meeting
which is related to increase pay scale to 6% from mutual agreement as they have the various
mind set.
Developing win win situation- On the basis of many people perception that the
negotiation skills is only related to beating an opposition of other party. But this statement is not
correct, as negotiation is helpful in developing win win situation which helps in proving many
benefits.
In the process of negotiation, staff members and also management both plays a necessary
role in various conditions like for an instance task allotment, disputes, increment in salary and
many others. Under this all the situation, negotiation helps in resolving this all the problems in an
effective as well as proper manner.
P2 Key steps and information needed for generating deals and negotiation
Before developing some of the key steps, it is more necessary to understand about the
needs and demands of people. In addition to Marks & Spencer business firm that negotiation of
salary is something which is necessary from staff members point of view (Dierdorff, Rubin and
Bachrach, 2012). For generating the deals, negotiation is an effective and better methods which
each and every business firm used. There are some of the necessary steps are given below which
helps in generating the deals as well as negotiation:
 Under this first step, it is necessary to decide the best position from where it will need to
be started with bottom line on which deal can easily accepted and then agreement can
completed in an effective or better manner.
 Both the parties have some objectives and aims which firm require to be includes along
with their emotional motivation which other party can be used.
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 After this step, there is a need of planning of sequencing of the proposals and some of the
other counter proposals in an effective manner. It will be helpful in achieving tasks
effectively. It will be helpful in giving space for the negotiation.
 It is necessary for a business firm to develop their aims and goals which are necessary for
meeting. It is essential that aims and goals should be related with the questions like for an
instance negotiation and its significance (Healy, 2011). In the negotiation process, factors
which are related to all questions should be involved.
 Under this step, there are some of the other components which require to develop an
effective data like for an instance comparable costs, facts and figures, data and many
others. In addition to this, there are some things which requires to be neglect such as
adopting an informal communication method and also getting more aggressive. Both can
develop negative impact.
 If in case proposal or can say an offer is being developed through other party at the first
place then in this case it will directly permit to gauge response and there will be need to
set some parameters to gain some benefits.
 In this step, through mutual agreed topic of negotiation or any other topic, discussion
among two parties should be begin.
 AT the time of proposing for a deal, it should be finished with phrase of “I will do these
things for you and you will also do this for me.” It will be helpful in establishing a
confidence position as well as authority.
 Under this step, it is necessary that proposals and also arguments should be developed
stereologically and incrementally (Hendricksen, 2014). In addition to this, it is essential
to avoid the low pint agreement.
 It is a last step and in this, there is a need to identify the correct time for close discussion
in an effective or better manner.
TASK 2
P3 Process of RFP and kinds of documentation needed
Request for proposal (RFP) is a kind of documents which solicits proposal, often developed
through process of bidding, through a company which is interested in the procurement of
services, products, and also valuable assess to existing suppliers in order to submit the business
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proposal. It is a kind of bidding solicitation under which a business firm announces that
financing is available for specific project and firm can place a bid for completion of the project.
Request for proposal can concluded as a document which is mainly posted through a business
firm in context to elicit bids from existing vendors for IT solution. There are many reasons for
which RFP need to be issues (Horton, 2016). In context to Marks & Spencer business firm ,
projects are calls for the formal RFP. Different advantages which this organisation can be gained
in the form of perspectives and bidders at the time of looking for integrated and effective
solution which requires vendors, technological mix and also the potential configurations.
There are three main important components of documentation given below which are necessary:
Explaining your requirement- It is stated as a necessary element of Request for proposal as it
explains communication and wants for vendors. It is a time consuming process for review the
submitted proposals. It will be helpful in providing an assistance to vendors for the tailoring
proposal to particular requirements of request.
Communication strategy- It is an essential component of RFP and it is helpful in identifying
suitable or effective distribution as well as communication strategy. It is necessary that proposals
should be communicated with vendors and also communicated with the RFP. Under this
company should include the time line with the key dates like for an instance finalists, RFP
release, presentations, interview and also the selected vendors.
Criteria of evaluation- It is a third element which helps in determining an areas under which
evaluation can completion of proposal. Under this, firm should share its data as well as
information with vendors (Kamin, 2013). This kind of condition and also place can better put up
questions related with the attributes which will generally results in an automatic decrease of
proposal.
P4 Contractual process and accurate documentation is monitored and present
Contractual process refers to an activity for the designers to examine producing cost at
early stage for the mechanical part of manufacturing. A contractual process is a process under
which contracts are places in to a consideration with law. There are different stages mention
below which are regarded in the contractual procedures:
Stage 1: Initial discussion and checks
Under this first stage, it is necessary to conduct preliminary discussion between
representative and also authority for a contractor. Before initiating a discussion, it is important
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that a representative should go by initial check of security. After this, there is a discussion about
to evaluate aspect of security related to the contract. It is necessary that negotiation should be
carries out among concerned persons (Negrón, 2014). The different implications concern with
security will discussed upon and needs of support to be determines. This stage will b end when
contractor is provided with and also IIT (Invitation to tender).
Stage 2: Security needs
It is a second stage and under this there is a contract or agreement among representator of
contractor and also authority. It is necessary that check on background which already conduct at
first stages are repeated as circumstances of individual can modify a very rapidly. It is essential
that an information or data which is given through contractor should be preserved in the act of
official secrets. These type of condition keep put an individual in contractual and legal threat on
the security ground control. It is necessary that contractor should be clear about rounds which is
offered with DEFCON 659. in addition to this, it is the responsibility of manager to review the
secret matter of SAL on continuous interval of time.
Stage 3: Security oversight and assurance
In this stage, contractual authority is concerned with responsibilities for oversight
contract securing as well as assurance (Nudelman, 2017). It is essential for business firm to
provide security guidance so that all main areas should taken in to an consideration like for an
instance, IT, control of nelson security, physical and also the documentation.
Stage 4: In-contract monitoring
It is a last stage in contractual agreement. Under this stage, the monitoring of oversight
security is to carries out so that as necessary assess are to be preserves in the premises in an
effective manner. In addition to this, it is important that changes which are carries in any kind of
domain should be interact to authority.
TASK 3
P5 Pitch applying key principles to achieve sustainable competitive edge
Pitch refers to a communication or interaction which is carried through stakeholders of
Marks & Spencer organisation to prospects. This kind of communication is very effective to
carried out so from this concerned people can satisfied as well as agree for investing in business.
It is necessary for business firm to secure t its necessary resources in context to implement the
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future plans and polices of business ion an effective or better manner. Letter, presentation and
also emails are the effective or beneficial tools and techniques for carried out this kind of
communication. Under this, elevator approach is most of the common term. It is related to
making an appropriate description which is used through concerned individuals in short time
period such as elevator ride (O'brien, 2016). There is a brief discussion of the different elements
of Pitch given below as above:
Keep it short- The main key element of pitching so that this should be in the concise form
or short. If the description will be lengthy then it will not able to pitch an investor. It is necessary
that description regarding future endeavours must be keep in an effective in a small and also the
short. In addition to this, it is necessary for firm to present this in a certain confidence degree in
order to making the explanation better and in an effective manner, it is perceived that the more
time should be taken to understand concept and also provide this concept to consumers in a
systematic way.
Focus on implementation- It is other other critical component as it is not a functional
dream but is is a strategy with minimum amount of risk in an effective manner. In context to this,
possession of well running firm automatically enhanced the chance of getting a fund related
assistance. It is necessary for business project to became more viable, so that it will be easier for
the investors to agree on this in a proper way.
Avoiding projections of hockey stick- Under this, it is important for presentor to neglect
unrealistic as well as hyped projects about future. If the project will be realistic and also
responsible, then investors will take interest in this (Paço, Ferreira and Raposo, 2016). Best,
worst and also moderate, these are these three main projections which need to be undertaken by
firm. With the help of all these investors can take effective decision rapidly.
Tactics of Depict ideal management- In order to receive or take funds from investors, it
is necessary that Marks & Spencer should be a responsible firm and human resource manager
should know about managing all the necessary resources from its capacity. It will be assure that
investors should invest money in an ideal manner and it will not got to unattended. It it necessary
that operations and also functions should be done on the basis of firms needs and demands.
Demonstration- An investigator will need to determine that Marks & Spencer is spending
money and also carried out handling capability. In this, it is essential for firm to demonstrate that
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business should achieve its targets as well as objectives with in a given time period. From this
company will retain at competitive market for long time period.
TASK 4
P6 Potential outcomes of pitch
After the proper discussion on upcoming project, it is a time for the investors to provided
and also respond about their decision on an elevator pitch. Under this, there are four main
outcomes mention below which are observed from pitch:
Acceptance: It is vert first and also favourable results which can determines from an
elevator pitch. Under this, it is necessary that an investor should be agree about put its money or
funds in the upcoming programmes as well as projects in business. After this, there is a
requirement to carried the signing of the no-shop agreement (Paço, Ferreira and Raposo, 2017).
This kind of document shows that there is no other investors which will approached for this type
of business project, in addition to this, it is not compulsory to sign the agreement related to no-
shop but it is depend on firm and it has to be same communicated or interact with concerned
parties.
Rejection- This kin of outcome is regarded as a most favourable for Marks & Spencer
business firm as in this investor is not satisfied with project and in a way it is begin to be
communicated. In regards to this, it is a time for business firms to look towards the another
investor which can provide the finance or funds for this project. This has been noticed that, under
this outcomes is rare and also the contingency plan will not waste for developing another
outcome better.
No response- This factor is considered as a most common of the elevator pitch. From this
many investors getting the annoying a for stakeholders in order to not receive any kind of
response from the side of investors. Stakeholders are many people of firm and they take part in
the activities of firm. They waiting very desperately for answers so that they can decide the
future action sources in an effective and systematic manner (Rich, 2013). Regarding the
decisions, investors should take approach from many times. In this kind of circumstances, it is
necessary for the presentor to examine their interaction or communication with investors and
also look for new and appropriate answers. Under this approach, contingency plan is helpful in
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determining the new ways or methods of increasing finance for upcoming projects as well as
programmes.
Come back later- It is an effective outcomes or results for elevator pitch. Under this, an
investors are not fully satisfied with this projections and also no belied carried out under this
kind of project. Under this, presentor is often saying that from come back after the milestones is
being accomplish (Wiener, 2017). In regards to this, under outcomes, an investor will establish
the some directives like for an instance milestones which are attained through Marks & Spencer
business firm if in case they are look for finance. In case if milestones seems to be achievable
then in this case firm should work on the same and if in case not, then it is necessary that
company should look for the new investors.
P7 Company fulfil their obligation from pitch and determining potential issues
An elevator pitch is a short minimum explanation of idea and also defines in such way
listener can understand in a easy manner or also in short time period. It is an mos common and
effective tool and techniques which is exercises through a business firm in order to satisfying its
obligation and also duties to different stakeholders. A company after receiving a funding
assistance from pitch will have some obligation like for an instance:
Generating revenue- It is a necessary obligation which a Marks & Spencer business
firm is exposed. In this, an investigator provides its funds or finance to business organisation
with the hope that the upcoming project of company will generate large number of revenue or
provide many benefits. It is necessary that firm should invest the fund in a more appropriate
manner and also assure that which revenue is received fulfil an obligation that business should
posses towards its main investors, the main problem which can started at the time of fulfil an
obligation is is that a project does not planned in a proper manner s and it does not earn more
profit (Dierdorff, Rubin and Bachrach, 2012). So in regards to this it is necessary for cited
business firm to mitigate urgencies from which loss can be causes to business. It is essential that
risk assistant should be assure that activities and functions of firm should be carried out on the
basis of plan.
Managing relationship- It is an another obligation and under this, it is necessary for
business firm to maintain better and effective relationship with stakeholders. From this form will
do its business in a successful manner. An obligation of business towards customers is that firm
provided them better quality of goods as well as services at reasonable cost at market place.
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Offering through which Marks & Spencer business firm should not compromise with quality of
products which helps in making better and harmonious relationship with users fort long time
period (Hendricksen, 2014). On the other hand obligation of company towards staff members is
that company should provide latest or advanced technologies and positive working environment
so that they can focus on proving better services to consumers as well as achieving
organisational goals with in particular time period. An obligation towards society is that firm
should do its business activities in a legal and ethical manner. It will helps in providing
competitive advantage for business and develop positive impact.
CONCLUSION
It has been concluded from the above given report that pitching and negotiation is more
necessary for business firm and these are develops for the small as well as middle size business
firm. Negotiation is helpful in setting conflict and develop a win win situation for conflict
parties. Under this given report studied about the conceptual process and also the necessary
documentation which needs to be monitored and also managed. Negotiation is helpful in making
the business successful. There is also discussed about the effective pitch which is applying on the
key principles used to accomplish sustainable competitive edge.
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REFERENCES
Books & 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.
Cooke, B. and Zaby, A., 2015. Skill gaps in business education: fulfilling the needs of tech
startups in Berlin. Journal of Higher Education Theory and Practice. 15(4). p. 97.
Dawson, C., 2014. The Mature Student's Study Guide 2nd Edition: Essential Skills for Those
Returning to Education or Distance Learning. Hachette UK.
Dierdorff, E. C., Rubin, R. S. 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.
Healy, K., 2011. Social work methods and skills: the essential foundations of practice. Palgrave
Macmillan.
Hendricksen, D., 2014. 12 more essential skills for software architects. Addison-Wesley
Professional.
Horton, S., 2016. The Leader's Guide to Negotiation: How to Use Soft Skills to Get Hard
Results. Pearson UK.
Kamin, M., 2013. Soft Skills Revolution: A Guide for Connecting with Compassion for Trainers,
Teams, and Leaders. John Wiley & Sons.
Negrón, R., 2014. New York City's Latino ethnolinguistic repertoire and the negotiation of
latinidad in conversation. Journal of Sociolinguistics. 18(1). pp. 87-118.
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.
O'brien, J., 2016. Negotiation for Procurement Professionals: A Proven Approach that Puts the
Buyer in Control. Kogan Page Publishers.
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.
Paço, A., Ferreira, J. and Raposo, M., 2017. HOW TO FOSTER YOUNG
SCIENTISTS'ENTREPRENEURIAL SPIRIT?. International Journal of
Entrepreneurship. 21(1).
Rich, C., 2013. The Yes Book: The Art of Better Negotiation. Random House.
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
What is Negotiation?, 2018. [Online]. Available through:
<https://www.skillsyouneed.com/ips/negotiation.html>./
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