Pitching and Negotiation Skills for King's College Cafe
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This assignment explores negotiation and pitching skills for King's College Cafe, covering key stakeholders, RFP process, contractual obligations, pitch development, and post-pitch outcomes.
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Pitching and Negotiation Skills 1
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Table of Contents Introduction......................................................................................................................................4 L01...................................................................................................................................................5 P1: Determine what is a negotiation, why it occurs and who the key stakeholders are during a negotiation process......................................................................................................................5 P2: Evaluate the key steps and information required for negotiating and generating deals........7 M1: Present a concise rationale for the negotiation process, including detailed steps that organisations go through during a negotiation process and the information required in preparation...................................................................................................................................9 D1: Critically evaluate the steps of the negotiation process and present valid solutions for dealing with issues that can arise...............................................................................................10 LO2................................................................................................................................................11 P3: Explain the RFP process and the relevant types of documentation required......................11 P4: Explain the contractual process and how relevant documentation is managed and monitored...................................................................................................................................13 M2: Apply the RFP process within an organisational context, outlining the key documentation required and consequences of breaching the terms of agreement.............................................14 D2 Critically evaluate the competitive tendering and contract process and make recommendations for completing a successful tender with minimal risk..................................15 LO3................................................................................................................................................16 P5: Develop an appropriate pitch applying key principles that achieve a sustainable competitive edge........................................................................................................................16 2
M3: Examine the pitch process in an organisational context, evaluating ways to maximise the chances of a successful pitch.....................................................................................................19 D3: Develop a dynamic and creative pitch that is both concise and persuasive to achieve a sustainable competitive edge.....................................................................................................20 LO4................................................................................................................................................23 P6: Assess the potential outcomes of a pitch.............................................................................23 P7: Determine how organisations fulfil their obligation from a pitch, identifying potential issues that can occur..................................................................................................................24 M4: Recommend ways in which an organisation can fulfil their post-pitch obligations, highlighting any potential issues...............................................................................................25 D4 Critically evaluates the pitch and post-pitch outcomes to determine potential issues and risk management........................................................................................................................26 Conclusion.....................................................................................................................................27 References......................................................................................................................................28 3
Introduction Negotiation and pitching skills are essential concepts and developments that are required in the dynamic business environment. This assignment will study various aspects of pitching and negotiation skills. The report will consider a cafe and King’s college. The report will examine the process of negotiation, the key stakeholders involved in the process, the documentation required in order to furnish the process of negotiation etc. The report will also consider pitching skills. The report will enable to develop strong and competitive pitching skills in order to develop creative and interactivity pitching for the cafe. The report will aid in understanding the pitching elements and potential outcomes of pitching the business specification as pert the business demands and requirements. The report will develop an understanding of the relations between the supplier and the business. The report will also analyze the potential outcomes of pitching the business specification in terms of acceptance or rejection. 4
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LO1 P1: Determine what is a negotiation, why it occurs and who the key stakeholders are during a negotiation process Negotiation is a conflict resolution technique in which the parties involved in a conflict converse to safeguard their interest and attributes. Negotiation can be termed as a settlement or an attempt to resolve a conflict of interest, authority, responsibility etc. between two or more individuals. It is a conflict resolution technique which focuses on resolving the conflict and building resolution in favour of one or the parties in conflict. The parties involved in conflict lose and gain some of their interests (Lewicki, et. al., 2012). The parties form a resolution on the basis to compromise some part of their interests to achieve favourable or priority of interests. The characteristics of negotiation are as follows: Involvement of more than one party It occurs due to conflict of interest or objective Development of resolution Mutual agreement is fostered as compared to other conflict resolution techniques Both the parties lose something and get something Compromise is the essence Reasons for Negotiation Negotiation occurs in order to solve the conflict of interest or objective between different parties. Negotiation occurs due to conditions like a win-win situation, win-lose condition or beneficial factor. A win-win situation is where both the parties involved in the conflict gain their interest with or without any compromise executed. A win-lose situation is where one party gains the interests in full volumes and other party losses their interest and objectives (Craver, 2012). Negotiation is also a beneficial factor. It creates an atmosphere where both the parties come together in order to resolve their conflicts and gain their share of interests. 5
Key Stakeholders in the Negotiation Process There are various key stakeholders involved in the process of negotiation. The two most prior key stakeholders are the parties involved in the conflict. Further, the third party is known as a Mediator, Arbitrator, Conciliator or Consultant. Negotiation may also include parties such as the representativesoftheconflictedparties.Forexampleemployeeassociation,employer association, Labour groups, Trade unions etc. 6
P2: Evaluate the key steps and information required for negotiating and generating deals. Negotiation is a detailed process which entails various steps and factors in its orbit. Negotiation involves 5 basic steps in its process. These steps are as Preparing and Planning, Definition of ground rules, Classification and justification, Bargaining and Problem solving and closure and implementation. These steps are evaluated as below: Preparing and Planning: In this step, the parties in a conflict determine the various aspects and details of the negotiation and its process. The parties decide and allocate the various information and details required to proceed with the process. This includes identifying and weighs the achievable outcomes. It develops and establishes BATNA which is the best alternative to a negotiated agreement. Definition of ground rules:In this step, the ground rule for the process of negotiation are discussed. The rules are related to the location, time, involvement of the parties, number of representatives, out of discussion topic and guidelines for the discussion, offering price developed by the parties, time limits, bottom lines etc. Defining ground rules enables to precede the process of negotiation in a constructive manner. Classification and justification:This step involves classifying and justifying the offers bided by the parties in conflict. The offers developed by both the parties are classified according to their nature and scope of operations (Kay and Ahmadpour, 2015). The justification includes giving empirical reasons to support and validate the arguments and discussion or solution developed in order to obtain their interests and objectives. Bargaining and Problem solving:Bargaining is the technique through which the parties in conflict fight the justifications of each other in order to obtain their interests. Bargaining refers to negotiating the terms and conditions that are involved in the process of a transaction. In the context of negotiation, bargaining includes fighting to achieve maximum the interest and objectives of each party. It enables to procure the maximum of offer price from the opposite party. Problem-solving refers to developing solutions to resolve the identified problems and conflict. Problem-solving enables to develop a resolution in order to achieve an effective outcome and satisfy the interests of both parties involved. 7
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Closure and Implementation: In this step, the negotiation outcome developed is implemented on to the parties and the process of negotiation is closed. The information required to generate deals is as follows: The history and background information of the parties involved. Various documents and evidence regarding the conflict and the dispute. The price offered by both the parties. The discussion of bottom line regarding the offer The contract of negotiation The details of previous contracts and other agreements. Objective and interests of both the parties. 8
M1: Present a concise rationale for the negotiation process, including detailed steps that organisations go through during a negotiation process and the information required in preparation. The process of negotiation includes steps such as preparation and planning, defining of ground rules,clarificationandjustification,bargainingandproblemsolving,closureand implementation. These steps are logical due in the series. The step of preparation and planning provides with all the details and information required in order to plan the process of negotiation. The step of defining ground rules is appropriate as it lays down all the details and rules according to which the process will be executed (Moore, 2014). The step of clarification and justification is also important as it provides an opportunity to clarify and justify the offer prices and conflict interests. The step of bargaining and problem solving enables to bargain and achieve the maximum of interests and enables to develop effective problem-solving remedies. The last step of closure and implementation executes the most effective implementation of the negotiation and its outcomes on the parties involved in the conflict. 9
D1: Critically evaluate the steps of the negotiation process and present valid solutions for dealing with issues that can arise. The process of negotiation is a beneficial process which enables the parties in conflict to fetch their interests and objectives. This process benefits both the parties and develops an effective negotiated outcome. The process is a conflict resolution technique and provides an advantage of procuring the interests and objectives rather than fighting the opposition party. On the other hand, there are various issue and demerits of this process. The process of negotiation is not legally binding on the parties involved in the conflict resolution (Kay and Ahmadpour, 2015). The process is time-consuming and has a high risk to lead towards unwanted and unnecessary discussions. The process lacks the attribute of legal implications of non-compliance and thus leads to a waste of time activity in the case of failure in execution. The issue involved in the process of negotiation can be handled in the following manners: Involvement of the Mediator or Consultant Binding Legal implications for non-compliance Limiting the areas of discussion Executing the negotiated outcomes effectively 10
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LO2 P3: Explain the RFP process and the relevant types of documentation required. The RFP process refers to a request for proposal document. It is a solicit document that is presented in the early stage of procurement cycle to the sponsor. The process is a combination of various steps and stages. The process is listed as below: Understanding the need and developing high-level business specifications. Assessment of the buyers for the business in the market. Developing the market strategy for selling the business idea and the specification. Identifying and evaluating the market conditions and the market engagement. Developing the tender documents and terms and conditions Selection and evaluation of the best supplier in the market. Development of Invitation to tender. Sending out Request for Quotations (B.S.N.B. and Gardens, 2016) Evaluation and validation of bids and tender. Development of the contract and its implication on both the parties. Determination of Warehouse and logistics receipts. Reviewing the performance of the contract. Execution continuous development programs. Management of supplier and buyer relationship. Assessment of business procurement and requirements. There are various types of documents that are required in the RPF process. The documents required are discussed as below: Request for Bid-This document emails all the details and information relating to the bid that will be placed by the sponsors in the market. The details are regarding the bidding process, the bidding price, the bidding limitation etc. Request for Information-It is an open document consulting enquiries relating to market data and information. The enquiry is executed to understand and interpret the market conditions and situations. 11
RequestforProposal-Thisdocumentdescribesthebusinessspecificationsand requirements of the business from the supplier. This document provides different types of evidence to the supplier regarding the business requirements and needs. Information Request for Quotation-The document of a request for quotation presents the quotation of various suppliers to the business. This enables the supplier to competitively cost the final bids and solution cost. Request for tender-The document of a request for tender describes the details of the tender that is to be furnished by the business. The document is a structure invitation to the suppliers to therein submit their bids and costing to for the goods and services. 12
P4: Explain the contractual process and how relevant documentation is managed and monitored The contractual process is a process through which King’s College will enter into a contract with the café. The contractual process that will be followed in this contract for tender is as follows: Analyse and Evaluate the project requirements:In this stage, the requirements and necessities of the tender and the project will be identified and determined. The step includes identifying various business specification and demands for which the tender is to be executed. Evaluation of the demands and specification is processed according to the terms and conditions of the contract. Designingandnegotiatingthecontract:Inthisstep,thecontractisdesigned, negotiatedandanalysed.Thecontractisdesignedaccordingtothebusiness specifications. Negotiation between the parties to the contract is practised and the contract signed is analysed to ensure the execution. Follow-up execution:In this stage, the follow-up activity of the contract, its terms and conditions, the execution process etc. is executed. The follow up of changes according to the alternations and variations in the contract is executed. Follow-up claim situations and claim settlement:This step requires establishing a follow-up for the claims. Claims are the benefits execrated from one party in case the other leaves the contract in mid-terms (Fried, 2015). The claim situations and claim settlements are defined and a follow-up of best alternatives id discussed. Close the contract:This is the last stage of the contractual process. The stage involves in final settlements of the contract and its agreements. The final terms and conditions of the contract are communicated between both the parties. The stage is involved in executing and implementing the legal implications and binding the contract on both the parties. The parties sign the contract legally and close the contract for its performance and execution in the real business environment. 13
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M2:ApplytheRFPprocesswithinanorganisationalcontext,outliningthekey documentation required and consequences of breaching the terms of agreement RFP process is a request for proposal which is a document presented by the business or in this case the café to the King’s College. The process offers request for the proposal to fulfil the business specifications and requirements. There are various documents that are required in the process of a request for proposal. These documents are listed as below: Request for Bid Request for information Request for proposal Request for quotation Request for tender Consequences of breaching the terms of agreement Breaching the terms of the contract will render the contract as void and will arise of the situation in which the party facing the losses due to breach commenced by another party will claim for the losses suffered. Breaching the contract in mid-terms or in partial fulfilment of the contract renders the other party with an opportunity to claim the remedies settled in the contract at the time of the contractual process (Rowan, 2012). There are various consequences the breaching party has to face in the situation of breaching the contracts. The claims that can be exercised are PaymentofcompensatorydamagesPaymentofpunitivedamages,Specificperformance, Cancellation, Restitution etc. 14
D2:Criticallyevaluatethecompetitivetenderingandcontractprocessandmake recommendations for completing a successful tender with minimal risk. Competitive tendering refers to the practice of filling tender in the government and private sector organisation. In this type of tendering the suppliers compete with each other to fetch the tender at biding higher prices than what the opposition suppliers if offering. This tender provides with better value for money to the taxpayers and the organisations. On the other hand competitive tendering forces the suppliers to raise their offer price as the biding is posed by the opposite party. This results in high costing and expenditures to the suppliers and increases the load of cost and reduces the revenue generations. There are various aspects which can be applied in order to tender competitively with minimal risks. These recommendations include the following: Regularly reviewing the business positions and strategies Targetingthetenderbodiespreliminaryandfamiliarisingwiththeirprocurement procedures Establishing realistic bids and targets meeting the requirements of the supplier and the business (Invest Northern Ireland, 2017) Preparing an effective and concise bid plan to foster the attainment of goals Focusing on the needs and demands of the buyer in order to compete the peers Achieving full cost recovery and showcasing value for money 15
LO3 P5: Develop an appropriate pitch applying key principles that achieve a sustainable competitive edge. A good pitch is a conversation and not just a pitch, the competitive pitch is said to be a vital tool for attaining the desired goals. All of the individuals need to pitch in one or the other way and it is not just for the business owners looking for the investors for their business. There are some pointers that are to be followed by King’s college for a perfect pitch to run the Cafe, which are: Go to the point first. Don’t use too many slides. Establish the needs Use a messaging app Use a multilevel structure to the pitch (Cenere, et. Al, 2015). State who your competition is? Include a sound bite Introduce the team Take yes for an answer Know your next step Learn from the competitors Don’t beg There are also many strategic competitive objectives that need to be followed for gaining the competitive advantage for certain years. A decent competitive edge will help King’s college in telling their employees about their roles in the café when they will be executing their competitive strategy. Pitching can also be said as the furthermost nerve-wracking state while creating or developing an idea. The five basic steps that are used as an initial for creating a sustainable competitive edge for King’s college to run a Café are (Cenere, et. Al, 2015). 16
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Establish Brand loyalty: Customers not only get attracted but also stay with the brands that win their trust, even if the King’s college will not offer the cheapest services as compared to their competitors the customers will still stick to them because of the loyalty they have developed towards the brand. Patent your products: Patent products can be said as the most important weapon in a business’s competitive advantage. King’s college needs to develop and patent the products to be sold in the Café (Jackson, 2014). Continually innovate: King’s college needs to continually innovate their products and services not just to stay ahead of their competitors but also to keep the customers engaged. They can always try to bring up new flavours of coffee and new ways to serve (Blake, 2012). Hire connected team members: The customers in Café get attracted by the quality of service and the products served, so the persons hired for the business must be genuine and connected to the business so that they can provide the best services and can give the business a great success. Use long-term contracts or services: This is the step that can decide whether the business will gain success or not the King’s college can implement this step taking into consideration that it doesn’t backfire, they can build strong relations with the customers. For building long-term contracts with the customers they can provide discounts and other luring services for the customers, this will engage them with the Café and the chances of the profits will increase (Blake, 2012). 17
The basic steps that King’s college can use to elevate the pitch are: Define the problem Describe your solution. Know your target market. Describe the competition. Watch who’s on your team. 18
M3: Examine the pitch process in an organisational context, evaluating ways to maximise the chances of a successful pitch. The pitching process is a must for the business to gain the competitive advantages for the business; there are certain pitch processes that can be followed to gain the maximum profits. King’s college will be running a café and the pitching s very much necessary for it as it will help them to attract loyal customers to them. The steps involved in the pitching process are: Meet prospective supplier first:For a successful pitching process, King’s college needs to know what the needs and demands are of the perspective so that they can deliver them considerably (Bird, 2012). Being aware of what the best services can offer:King’s college needs to very well be aware of what kind of services they can offer to the clients and how they can gain profits from them, the pitching process is not a simple task and need to be done correctly. Support the investors during the pitching process:King’s college needs to provide a considerable support to the investors during the pitching process so they can get attracted towards the idea. Give the responses a sufficient time to deliver the result:Nothing should be done in a hurry; they need to provide a decent time period to the investors so that they can provide the answer according to it. Provide a symptomatic budget:Asymptomatic and luring budget should be shown to the investors so that they invest in the café and the pitch process gains success. Let the investors know who will be their competition:The Café’s running near the college and the canteens can be the competition but King’s college needs to tell the investors about the competition they will be facing so that they can invest according to it, this will avoid the future confusions and build a sense of trust for the investors (Bushee and Miller, 2012). Let the investors know what potential they will have in future:The investors should have knowledge of what they will be facing in future and what their profit will be so that they can invest according to it. 19
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LO4 P6: Assess the potential outcomes of a pitch. The potential outcomes of pitch between investors and Cafe of King’s college can be of the following nature: The King’s college can get into a contract with the investors after attracting them and signing the contract. This will help the Café to deal with the bonds and get liable to the investors; this will ensure the investment and help King’s college to run the Café (Kim, et. Al, 2012). The King’s college will be signing a contract that too with the no shop agreement so that the King’s college can get engaged and then further look for other investors as well to pitch in. The other possibility is that you can hear the words “no thank you” from the investors in that case it is a good as well as bad news the bad is that you lost the investor and the good is that you don’t need to worry about the investors anymore and focus on the other tasks and investors. The other outcome can be silence, this one is the most common outcomes from the investors where you get irritated and can’t concentrate on your work as you don’t know what the investor wants is it a yes or a no. The other possible answer can be that you need to come back after hitting the certain milestones, this can happen when the investors think that the valuation is unreasonable or want to see your progress after a certain time (Sushko, 2012). 23
P7: Determine how organisations fulfil their obligation from a pitch, identifying potential issues that can occur. The Café that King’s college is going to run can get into the contract with the investors where they can sign a no-shop agreement where you King’s college can stop talking to any other investor but is they say that you need to sign a no-shop agreement King’s college can hold the conversation with the investors, so that the investors get a knowledge that you were standing on your deal and understand level of confidence of the King’s college and raise the appropriate fund for them (Sushko, 2012). Café of the King’s college can easily monitor the response of the investors by their expressions or the way they are talking to them, the way they answer will be saying it all. A good pitch gets selected at the starting only and if the investors are spending time and taking the conversation with King’s college for a long time it means they are interested in the idea and want to work with you. There can be certain terms and conditions that need to be followed or even the plans can be altered at certain steps so that the investors can fund the café. 24
M4: Recommend ways in which an organisation can fulfil their post-pitch obligations, highlighting any potential issues The post pitch obligations can be performed by the Café of King’s college after performing certain tasks. Entering the contract: The King’s college needs to read all the documents by viewing the terms and conditions mentioned in the contract before entering into it (Lu, et. Al, 2012). Implementation of the contract: The King’s college needs to develop and implement the contract in the ways that it provides benefits to the investors as well as to them; the steps mentioned in the contract must be followed. Maintain relations: The King’s college needs to maintain good relationships with the investors even after getting the funds as they will be helping them in the future needs as well (Gupta and Shukla, 2017). Incremental revenue: The King’s college is responsible and liable to earn all the profits stated in the terms and budget so that the college feels the need to increase the profits in future and upgrade the Café as per it. Certain traits of a guest post pitch are: Make your topic a highlight. Personalize your email (Lu, et. Al, 2012). Prove that you’re the right person. Make it short. Make it correct. Stay confident for the results. 25
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D4 Critically evaluates the pitch and post-pitch outcomes to determine potential issues and risk management. The pitch outcomes: The pitch outcomes can be in the favour of the King’s college so that they get the funding’s. The pitch outcome can also be negative as the investors may not be much interested in the idea. The investors can also set a time period for the King’s college to come back after hitting the milestones. Pitch outcome can also be a silence which can create confusion but the situation should be handled properly (Gupta and Shukla, 2017). The post-pitch outcomes: The post-pitch outcomes can be very much positive after getting into the contract with the investors where they can start running the business without any worry of the finances. The post-pitch outcomes can also be negative for the King’s college where they need to do more hard work with their idea and it can be further edited and again showed. The post-pitch outcome can be confusing where it becomes hard to accept the proposal of investors as they can demand certain alterations in the plan which won’t fit into the favour and profits of King’s college. 26
Conclusion The report has discussed negotiation and pitching skills. Negotiation can be termed as a conflict resolution technique which enables to resolve the conflict of interests. Pitching can be termed as persuadingthesupplierstoprocurethebusinessspecificationsofthebusiness.Inthis assignment,King’sCollegeandcaféhavebeenundertakeninordertodemonstratethe understanding. The assignment has discussed negotiation and the reasons negotiation occurs. The report has identified various key stakeholders involved in the process of negotiation. The report has discussed a request for proposal and the documents required to furbish the process. The report has analysed the contractual process and the documentation required to proceed with the process. The report has developed a pitch for the café and the King’s college. The report will assessfutureoutcomesofdeliveringthepitchanddeterminationofinwhatwaysthe organisations fulfil their obligations of pitch and the potential issues in the process of pitching. 27
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