Pitching and Negotiation Skills

This essay examines the importance of pitching and negotiation skills in business development, focusing on the key steps and information required for effective negotiation, the RFP process, contractual processes, and the management of relevant documentation. It provides a comprehensive guide for students and professionals seeking to enhance their negotiation and pitching abilities.

PITCHING AND
NEGOTIATION
SKILLS

Table of Contents
INTRODUCTION...........................................................................................................................1
P1: Negotiation and its occurrence along with key stakeholders during negotiation process....1
P2: Key steps and information required for negotiating and generating deals...........................2
P3: Explain the RFP process and the relevant types of documents required..............................3
P4: Explain the contractual process and how relevant documentation is managed and
monitored....................................................................................................................................4
CONCLUSION................................................................................................................................4
REFERANCES................................................................................................................................5
.........................................................................................................................................................5

INTRODUCTION
In small scale business, negotiation skills plays important role for both informal
interaction and formal transactions. There are various negotiating condition that usually occurs in
every business which includes lease issues, sales issues, service delivery issues and other legal
contracts issues. Good negotiation and pitching practices contribute significantly to build better
relationship with different functional department. The main purpose of negotiating is to reach an
agreement in order to participate in activities to achieve mutual benefits (Horton, 2016). A
business pitch is defined as representation by one or more people to a particular investor or group
of investors. It can be represented through email, letters or conversations. This assignment is
based on Deverell Smith that offers strategic recruitment services in all disciplines of the
property industry. This assignment is based on negotiation skills practise and pitching process
along with the key steps and information that is crucial for negotiating. It also covers the process
of request for proposal and contracts along with types of documentation that is required.
P1: Negotiation and its occurrence along with key stakeholders during negotiation process
Negotiation is the process by which the parties are able to reach the agreement and
compromise by avoiding the disputes and arguments. Negotiation method allows to settle the
differences that is created between two different parties. Practising good negotiation helps in
contributing the business success. It helps in building better relationship and delivering quality
solution to satisfy the needs the of the parties. Moreover, it plays crucial role in avoiding the
future problems and conflicts.
The main reason of negotiation occurrence is that the party is not satisfied with needs and
demands with the another party. In context with the Deverell Smith Ltd, they deal with strategic
recruitment services in different disciplines of the property industry. In the current market
condition, the buyers and the decision markers are out looking in the market to get best value for
the property they purchase or sell (Wiener, 2017). So as a results, both the salesperson and the
business owners are involved in negotiation process in order to get good prices for their property
as they deserve. The main reason for the negotiation between salespeople or business owners it
that they are unable to get the appropriate prices of the property and get them in less prices than
the client deserve.
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In property dealer companies like Deverell Smith Ltd, the salesperson or property dealer
need to stand at their ground in a negotiation process in order to achieve good prices for the
property the client deserve. The buyers of the property should be better prepared well before
negotiating with the salesperson. So before meeting or attending the phone call of salespeople,
the property purchasing party should be well prepared to handle the negotiation process
effectively. The salesperson often comes off bad in the negotiation process as they fails to
identify and find out enough information about the another party before the negotiating process
starts. Negotiation process aims to develop constructive interaction between both the parties.
Practising good negotiation allows each party to get satisfied in aspects to their needs and
demands.
P2: Key steps and information required for negotiating and generating deals.
Mostly in the human history it found that customers gathered at traditional market in
order to do trading of products. The amount of prices paid for products was determined through
the process of negotiation and pitching process. In case of property dealing, it is important to
follow the steps and information that is required for the negotiation process (Ting‐Toomey,
2017). In order to achieve desirable dealing and outcome between the two different party, there
is need to follow a structured negotiation steps. Deverell Smith Ltd are following some
negotiation steps and information that are discussed in detail below:
Preparation: Before carrying any negotiation between the two parties it is important to
have discussion about when and where meeting will take place, who all are going to attend the
negotiation process in order to come to final dealing. Deverell Smith Ltd has set a limited time
scale that helps them in preventing the disagreement continuing. Here, preparation means mental
process of making something ready on a paper to achieve desired goals. Negotiation contributes
to the business success in the competitive market as it helps to build healthy relations with the
customers. It is necessary to carry in both formal and in-formal transactions like, lease, service
delivery, sales etc. In this rough idea about the goal has been framed so that plan can be clearly
understood by each and everyone before executing it practically.
Discussion: In this stage, the members of both the parties are put forward with the cases
to understand the situation well. It is important stage for both parties as it allows to take
important notes in order to record points and put them forward during negotiation process for
further clarification. Deverell Smith Ltd uses this step in order to clarify any doubts regarding the
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dealing or negotiation process(Schlegel, 2018). Discussion is done when the plan blueprint is
designed on a piece of paper. Later on discussion takes place regarding advantages and dis-
advantages of the plan framed. During this process necessary changes are done so that effective
results can be seen. Good discussion leads to positive results and wrong discussion leads to
negative results. In this positive and negative aspects of the plan is discussed briefly.
Clarifying goals: For good practising of negotiation process it is important to clarify
goals, interests and viewpoints of both sides parties and their disagreement. It is crucial to clarify
the disagreement of both the parties to have effective negotiation. Deverell Smith Ltd believes in
clarifying the viewpoint of both the parties to the effective agreement and dealing can be
achieved. Clarifying goals means the set standards should be simple and clear so that employees
can work on it accordingly. It should not be complex and confusing as it creates mis-
understanding in the minds of the staff members which leads to unproductive results. In this
main points about the plan is discussed and are deeply explained each and every points to the
employees.
Negotiating towards a win-win outcome: Deverell Smith Ltd believes in win- win
outcomes. They try to convince both the parties with some positive aspects throughout the
negotiation process and consider the view points of both the parties. Negotiating towards a win -
win outcomes means when plan designed at the initial stage is accepted by everyone and are
ready to work on it. In this roles and responsibilities are given to the employees according to the
capabilities and skills.
Agreement: Once the viewpoints and interest of both the parties are undertaken into
consideration agreement are achieved. This is clarification that both the parties have agreeded
and accepted upon the common solution after the negotiation process. Agreement is done when
all everyone is ready to executer the plan practically in the market. In this staff members are
agreed upon all the terms and conditions designed to achieve the results.
P3: Explain the RFP process and the relevant types of documents required.
A request of proposal is a documentation that call for proposal and often done through
bidding process. It acts as an invitation for suppliers, through a bidding process to bid on a
specific service or product. It is generally done by agency or those company who are interested
in procurement of any value assets like property, land, house or to potential suppliers to submit
business proposals. The standard request for proposal process involves four steps which
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includes project planning, drafting the RFP, issuing the RFP and reviewing the proposals along
with awarding contract. The process of RFP and documents required are discussed below:
Project Planning: In this process Deverell Smith Ltd emphasis on identifying the
requirements, scope, alignment with business strategy, stakeholders and range of potential
vendors. During this process the some crucial decision are taken like who will be the part of
bidding process and who will review the details of RFP submission. As soon as the key
stakeholders, goals and deliverables are identified this details are ready to put into written RFP.
Drafting the RFP: While drafting the RFP all the key information about products and
services are added in order to find out best dealer or vendor. RFP should be clearly organised and
it must include all the information like overview of the project, deliverables, time
frame,organisation mission along with project goals. The draft of RFP of Deverell Smith Ltd also
includes budget, project schedule, RFP time line and review process. A detailed documents that
covers the overview of project is crucial in RFP process.
Issuing the RFP: In this phase Deverell Smith Ltd after preparing the list of preferred
vendors or stakeholders send the RFP to them. Moreover, RFP are distributed to various
professional contacts and networks, proper coordination between responses and answer question
are maintained. Online research is done by Deverell Smith Ltd to find out additional prospective
vendors.
Reviewing proposals and awarding contract: In this phase RFPs are scored, finalists
are selected, interviews and references are checked, offers are submitted and contracts are
provided with final negotiation.
Tender is an invitation from the owner to the contractor in order to execute some work at
particular cost in specific time frame. It is mainly published in the form of tender notice in notice
boards, gussets and news papers according to the cost of works. There are basically two types of
tenders that is open tender and sealed tender. Open tender deals with an oral talk and written
document between the owner and the contractor for certain dealing while sealed tender are those
that is invited for important and large projects and are always written in details. The tender
process mainly involves with seven main steps:
Tender process is determined: Firstly, the organisation requesting the tender will
determine the type of tender that will be used along with what will be involved in the tender
process.
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Request for tender is prepared: In this request for the tender outlines is prepared along
other contractual requirements. Tender requests are those invitation that is send to suppliers in
order to provide a competitive offer to win any contract for the supply of services and products.
Tenders are invited: The business category and complexity of the organisation is
determined by how tenders are invited. Firstly, the suppliers, stakeholders and other government
agencies are identified who likely need the services and products. After identification, tenders
are send to them as invitation(Laryea and Hughes, 2009).
Suppliers respond: In this process all the relevant documents are obtained and then any
pre tender briefing session is conducted is attended for clarification of any uncertainties with
proper response at right time location and and at right time.
Evaluation and selection: In this process, each tender will be checked for compliance
and if any compliant is found it is evaluated against the criteria specified in the tender
documentation.
Notification and debriefing: In this step when the contract is awarded, the successful
tender will be advised in writing the outcome and the unsuccessful tenderers are offered for a
debriefing interview.
Contracts established and managed: In this step a formal agreement is established and
it is managed between successful tenderer and the relevant agency.
P4: Explain the contractual process and how relevant documentation is managed and monitored.
A contract is an agreement between two or more parties that is legally binded. A contract
can be verbal or written, in terms of enforceability it involves with an offer and an acceptance in
consideration for the exchange of products, services or any property. Contractual process ensures
that all the parties to a contract meets all the obligation to satisfy the objectives of the contract.
Contractual process are discussed below:
In this step, the foundation for the effective contract are set up along with proper
procurement planning process. The adequate knowledge is transferred from procurement team
to the contract management team. The contract management strategy for appropriate project is
scheduled as soon as the contract is executed. In contractual process, after agreeing on common
decision along with proper negotiation process between the parties,agreements are made that is
legal under the law and legislation (Dinnar and Susskind, 2018). Procurement stage deals with
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the integrated management aspects in the contracts along with defining governance
responsibilities. At execution stage, contract documents are managed and recorded confidentially
under the executing governance responsibilities. At last contract closure is managed, saving
documents, making changes in the documentation is undertaken in this step.
CONCLUSION
It is found that Deverell Smith offers strategic recruitment services in all disciplines of
the property industry. Deverell Smith Ltd salesperson or property dealer need to stand at their
ground in a negotiation process in order to achieve good prices for the property the client
deserve. The buyers of the property and the property dealers should be prepared well before
negotiating with the salesperson. It is also identified that there should proper drafting of request
of proposal in order to identify venders, stakeholders.
REFERANCES
Books and journals
Dinnar, S. and Susskind, L., 2018. Entrepreneurial negotiation: Understanding and managing
the relationships that determine your entrepreneurial success. Springer.
Dinnar, S. and Susskind, L., 2018.Entrepreneurial negotiation: Understanding and managing
the relationships that determine your entrepreneurial success. Springer.
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.
Horton, S., 2016.The Leader's Guide to Negotiation: How to Use Soft Skills to Get Hard Results.
Pearson UK.
Mejía-Arauz, R., Rogoff, B., Dayton, A. and Henne-Ochoa, R., 2018. Collaboration or
negotiation: two ways of interacting suggest how shared thinking develops.Current opinion in
psychology.
Schlegel, S., 2018. Move inside the “Bell Jar”: A Property Rights Approach to the Skills of
Migrants.International Migration.
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Ting‐Toomey, S., 2017. Identity negotiation theory.The International Encyclopedia of
Intercultural Communication, pp.1-6.
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.
Laryea, S. and Hughes, W., 2009. Commercial reviews in the tender process of
contractors. Engineering, Construction and Architectural Management, 16(6), pp.558-572.
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