Pitching and Negotiation Skills

This report examines the importance of pitching and negotiation skills for Marks and Spencer, analyzing key steps in negotiation, the RFP process, and contractual management. It explores potential pitch outcomes and how organizations fulfill obligations, highlighting potential issues.

PITCHING AND
NEGOTIATION SKILLS

Table of Contents
INTRODUCTION...........................................................................................................................1
P1: What is negotiation? Why it occurs and who are the key stakeholders are during the
negotiation process. ....................................................................................................................1
P2: Evaluation of the key steps and information required for negotiating and generating deals.
.....................................................................................................................................................2
P3: The RFP process and the necessary types of documentation required for the process........3
P4: The contractual process of managing and monitoring the documentation...........................3
P5: Pitch applying key principles to achieve a sustainable competitive edge............................4
P6: The potential outcomes of a Pitch.........................................................................................5
P6: How organisations fulfil their obligation from a pitch and potential issues that can occur. 5
CONCLUSION................................................................................................................................6

INTRODUCTION
The report explores the negotiation and pitching skills required for the essential managing and
running of Marks and Spencer and being a part of dynamic and innovative workforce. Excellent
pitching skills generate sales and networking opportunities for a new product or service. During
negotiating with different people and in different business transactions these skills secure more
favourable deals. The report also evaluates the key skills required for the pitching and
negotiating. The RFP process and the relevant types of documentation required, with explaining
the contractual process and how they are managed and monitored. While accessing the essential
outcomes of a pitch, it also determines how Marks and Spencer fulfil their obligation from a
pitch with identifying potential issues that can occur.
P1: What is negotiation? Why it occurs and who are the key stakeholders are during the
negotiation process.
Negotiation is known as a process in which two or more parties resolve a dispute and
arrives at a mutual agreement. It occurs all the time in a business world. However, they are
strategic in nature but in many cases they require a legal and a good financial education. With the
help of this the parties can understand each other, make sound decision, and understand the
potential consequence of those decisions.(Jackson, and Rucks, 2015) This requires a good set of
skills to be a good negotiator and dealing with negotiations in an organisation such as Marks and
Spencer.
Negotiation occurs in Marks and Spencer in these below mentioned business situations:
 When a company wants to merge but must agree on price, financing and management
changes.
 When an individual wants a job at Marks and Spencer but must negotiate his salary and
benefits.
 Some organisation wants to purchase supplies from Starbucks on certain payment terms.
 Some other organisation wants Starbucks to become a customer.
 An employee of Marks and Spencer wants to sue another, and he offers to settle out of
court for a certain amount of money.
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 Any union wants higher wages and pension contribution from Starbucks.
The key stakeholder are those persons who may be affected by or have an effect or an
effort. These can include people who have a strong interest in the effort for academic,
philosophical, or political reasons. Even though they and their families, friends, and associates
are not being directly affected by it.
One way to characterize stakeholders is by their relationship to the effort in question:
 Primary Stakeholders: These are the people or groups that stands to be directly
impacted, either positively or negatively by an effort or the actions of Marks and Spencer.
In some cases, there are primary stakeholders on both sides of the equation: a sort of
regulation that benefits one group can might cause a negative impact on another.
 Secondary Stakeholders: These stakeholders are those people or groups that are not
affected directly, both positively and negatively, by an effort or the actions of Marks and
Spencer.
 Key stakeholders: The stakeholders are the ones who neither belong to any of the first
two groups, and are those who can have a positive on negative effect on an effort. They
are important within or to Marks and Spencer.(Rosenbaum, 2013) The director of Marks
and Spencer might be an obvious key stakeholder, but so does the line staff. The ones
who directly work with participants, who carry out the work of the effort etc. Examples
of key stakeholders are funders, heads of businesses etc.
P2: Evaluation of the key steps and information required for negotiating and generating deals.
To successfully negotiate one needs to go through various set of deals required to gain
excellence in it. Below discussed are the key steps required for negotiation and generation of
deals:
1) Preparation: In the first step it is necessary to ensure that everyone is prepared and set
for the negotiation. Before getting started with the negotiation it is necessary to ensure
everything about the situation that is going to be dealt with. The key points include the
what, how and when of different situations that might occur and how the one who is
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dealing is going to handle them. It is important to do the research before negotiating
anything. The research can include points such as to know what the organisation needs
from the process.(Tse, 2013) Along with it, it is important to understand the requirements
of people involving the negotiation and their different positions and interests. One has to
know the priorities and identification of boundaries is essential as well. It is important to
have a knowledge of the resources to tap into, developing a strategy to work with and
have a position to walk away. After doing all this, a set place and time is needed for the
negotiation to take place.
2) Open: In this stage, the organisation identifies the needs of the other party. Here, the
demonstration to the other party is required. The case is stated by painting the context of
one's negotiation, verifying the need and what the organisation needs as an outcome.
3) Exchange views: This is the arguing stage, where views are exchange with the other
party. In these instances as a collaborative negotiation the arguments are gentle and polite
and everything depends up on the situations of the negotiations.
4) Exploration: In this stage, no agreements are made by both of the parties. Both sides
have heard and seen each others views and now they move forward for the agreement.
5) Signal: Signalling indicates when both of the parties have decided to move forward.
6) Package: This stage is where nothing has been finalised yet but the parties are still
observing and finding various difficulties.
7) Close: This is where the process signals that a party is moving forward with a final
solution and is ready to close the deal.
8) Keeping the word: This is the final process where both parties agree to keep their word.
They agree on the terms and conditions set by each other and finalises the last deal. .
P3: The RFP process and the necessary types of documentation required for the process
(Covered in PPT)
P4: The contractual process of managing and monitoring the documentation
(Covered in PPT)
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P5: Pitch applying key principles to achieve a sustainable competitive edge
Achieving a sustainable competitive edge is hard in the market, the below steps will
ensure how it is done properly in Marks and Spencer:
1) Setting up brand loyalty: The consumers often remains with the brand they have their
loyalty towards, no matter how expensive the company's products are. Marks and
Spencer is focused on building relationships with its customers and delivering a better
customer service and experience.
2) Product Patent: The true value of patent has been received a lot of debate recently.
Marks and Spencer ensures its competitive advantage with this strong weapon of
Patenting. This increases the overall efficiency of an organisation and further more no
one can copy anything that is patented.
3) Innovating continually: Continuous innovation helps Marks and Spencer to ensure their
products are being regularly updated, consumers all around the world likes the products
which are new and holds the importance in the market. The organisation keep taking
analysis of the market trends and what their competitors are doing as well. This helps
them know the differences between what they are selling and what others are selling. If
their product is unique and proves itself as a market success, it would lead to the growth
of organisation in the market along with its brand name.
4) Recruiting connected Team members: In this, the organisation hires those employees
which already have been working with their competitors in the past. This accelerates the
ability to meet and secure contracts. Also, the employee would help to know the
organisational strategies that helped them to compete in the past. Such connected
members are difficult to find yet this step can many organisations to look beyond the
regular market strategies.
5) Long term contracts usage and incentives: With having long term contracts with
customers can help an organisation to bring change and advance in the market. This
strategy can backfire too, if the competitors are providing short term contracts. In that
case, the organisation has to lose its market. Therefore, it is necessary to ensure what
necessary steps can be taken under consideration before going with this approach.
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P6: The potential outcomes of a Pitch
There are four major outcomes of a Pitch which deals with how effectively an organisation is
going according to the principles of negotiations. These are Hire, Fire, Advance and
Continuation. These outcomes solely depends upon the capability of negotiation skills and their
involvement in it.
1. Hire: Hire is used when the negotiation party accepts the Pitch. This process helps in an
easy understand of approaches and how the next step is going to take place. If the Pitch is
accepted the signal would be Hire. Various outcomes can be evaluated in order to
understand the pitch and its outcomes but this is an easy approach which will help in
negotiations skills with an ease.
2. Fire: Fire is used when the negotiating party has not accepted the Pitch. This is the
easiest approach for non-acceptance of any given negotiation. Under this condition, one
has to end the deal and now they can make way for others to fulfil the needs of parties
demands.
3. Advance: Advance is used when there is no Hire or no Fire but both of the parties have
decided to give it a chance in the next meeting or next time. This helps both of the parties
to evaluate the given negotiation again and the points mentioned by other party can be
taken into consideration. This usually happens when one party sees potential in others
demands and chooses to contemplate upon them.
4. Continuation: In most cases, continuation does not take place as the party settles either
by Hire or Fire or by Advance. At this stage, one has to keep continue follow up until last
resort. This stage wastes a lot of time of both of parties. Thus, negotiators try to avoid
continuation and tries to manage the negotiation as fast as possible.
P6: How organisations fulfil their obligation from a pitch and potential issues that can occur
Fulfilling the obligation is important factor when you consider pitching while negotiation.
To make sure this can happen, it is necessary to create short and simple presentations. Lengthy
presentation always take a lot of time and makes the listener confusing. This factor can be taken
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into consideration while pitching. Also, presentations that provides the client with good
information about the outcomes can impress them and would lead to a successful negotiation.
If the client does not understand what difficulties the negotiation is facing then one of the
parties have to make sure the issue gets sorted as soon as possible, otherwise it can lead to an
unsuccessful negotiation which might not benefits both of the parties.
Along with it, It is essential to add more facts in the presentation. Facts prove the
capability of Marks and Spencer and how they have managed to maintain their reputation in the
market.
Telling the negotiators about the big picture and how they can benefit from the given deal is
going to ensure a yes from them. This helps them to understand the value of their deal and how
effectively they can gain from it.
By being a good listener an understanding of what is on the table is going to help in
having a better understanding of the negotiations for both of the parties, In other words, one can
easily make sure of how the things are being interpreted and explained. If a question arises one
should immediately ask how things should can become clear, and can take the deal further. To
makes the negotiation process smooth, it is necessary for every organisation to have good
negotiating skills which will ensure them good success and growth.
CONCLUSION
The above report explores what kind of negotiation and pitching skills are required for the
management and running of Marks and Spencer and how it can become a part of dynamic and
innovative workforce. Excellent pitching skills generate sales and networking opportunities for a
new product or service. During negotiating with different people and in different business
transactions these skills secure more favourable deals. The report also evaluates the key skills
required for the pitching and negotiating. The RFP process and the relevant types of
documentation required, with explaining the contractual process and how they are managed and
monitored. While accessing the essential outcomes of a pitch, it also determines how Marks and
Spencer fulfil their obligation from a pitch with identifying potential issues that can occur.
6

Books and Journals
Jackson, E.L. and Rucks, V.C., 2015. Negotiation of leisure constraints by junior-high and high-
school students: An exploratory study. Journal of leisure research.27(1).pp.85-105.
Rosenbaum, A., 2013. Chart the course of your negotiation. Harvard Management
Communication Letter.8(5).pp.3-4.
Tse, J., 2013. Pitching your ideas to senior management. Training & Development, 40(6), p.11.
Li, B. and et.al., 2017.October. Cooperative negotiation and control strategy of a shape-shifting
robot. In Safety, Security and Rescue Robotics, 2008. SSRR 2008. IEEE International
Workshop on (pp. 53-57). IEEE.
Genovese, J., 2014. Sports television reporters and the negotiation of fragmented professional
identities. Communication, Culture & Critique.8(1). pp.55-72.
Wheeler, M.I.C.H.A.E.L., 2013. Negotiation. Harvard Business School Publishing Corporation,
Boston.
Rakin, A.S., 2017. Effectively pitching 3600 marketing services to clients.
Fatima, S. and Rahwan, I., 2013. Negotiation and bargaining. Multiagent Systems. 143.
Online
Request for proposal. (2017). [Online]. Available through
<https://www.smartsheet.com/request-for-proposal>.