Negotiation Strategies for Business Growth

This assignment delves into the world of business negotiation, examining various strategies employed to achieve favorable outcomes. It analyzes real-world case studies, such as 'Kelly Solar,' and emphasizes the importance of effective communication, understanding stakeholder perspectives, and framing proposals to drive business growth.

Pitching and Negotiation Skills

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determining negotiation and reason for its occurrence along with key stakeholders...........1
P2 Evaluate key steps and information required for negotiating and generating deals..............2
TASK 2............................................................................................................................................3
P3 Explain the RFP process and the relevant types of documentation required.........................3
P4 Explanation of contractual process and relevance of documentation....................................4
TASK 3............................................................................................................................................5
P5 Development of a pitch by applying key principles..............................................................5
TASK 4............................................................................................................................................7
P6 Assessment of potential outcome for a pitch.........................................................................7
P7 Determination of obligations from a pitch and identification of occurrence of potential
issues...........................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Pitching means influence of an individual to another one in order to maintain
effectiveness in working and development (Anable and et. al 2017). Negotiation signifies
bargaining power of an individual which lead to take place between two person. Pitching and
negotiation skills usually present and evaluate in an individual whom have power to influence
something new. This project is based on pitching and negotiation skills by considering the
example of Marks and Spencer whom have good command on market as well as their
deliverables are appropriate in frame as well. For this aspect, evaluate the concept of negotiation
along with the information which required for negotiation process. It also depicts about
documents which usually consider as important one for tenders and contract. An appropriate
pitch needs to get frame so that sustainable competitive advantage could be manage and
maintain. Thus, appropriate pitch and negotiation outcome have to get manage.
TASK 1
P1 Determining negotiation and reason for its occurrence along with key stakeholders
Negotiation is like a procedure under which people settled down their issues or
differences. In other words, when an individual compromises between two or more parties to
avoid unnecessary clashes and disputes (Baber and Ojala, 2017). This sort of method is basically
utilized by people at the time of buying a product. Best results are basically achieved by a person
if he comprehend purpose to gain an effective outcome. Rather than this, there are some factors
which need to be considered by them, such as mutual advantages, fairness of principles etc. so
that relation will be maintained effectively and efficiently.
Henceforth, there are certain reasons because of which negotiation happen are mentioned
as beneath: Avoiding conflicts: In procedures of business, many circumstances will be face by
manager in which disputes will happen. It will develop at the time of assigning task or
exercise to staff members. Therefore, it is necessary for superior of M & S to settle these
clashes appropriately. For above stated aim, employer needs to understand point of view
of each workers; thus, they will take a corrective action. If it is not done properly then,
working performance of employees will get affected in an adverse manner. Creating win win situation: Each individual is having their own opinion, as some
persons think that it is all about beat the other party. But, this is entirely wrong as in best
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and effective negotiation procedure negotiators need to develop a condition of win win.
Therefore, at the end each party will acquire advantage. In this process, communicator
has to deal with situation effectively so that he will make happy to the both parties. This
is main reason why it is considered as much effective method. Building up of respect: In an organisation, every staff member want respect from their
superiors (Belinsky and Gogan, 2016). This will aid to improve their working
performance; as a result, profitability and productivity of M & S will get enhanced. If
manager is using negotiation procedure at workplace then this helps to develop long
relationship amongst employer and employee. Along with, goodwill and market share of
company will get improved.
 Different mindset: Clashes arise amongst two parties and they both will have distinctive
set of mind. According to the scenario, manager and his PA has meeting which was
related to pay scale. It enhanced by almost 6% through mutual agreement of both parties
and it has been analysed that they both has different mind set.
Henceforth, in procedure of negotiation eminent part is played by both management as
well as staff members because of many reasons, such as clashes, enhancement in salary, task or
activity allotment and so many. These circumstances will develop requirement of using
negotiation procedures in firm; thus, entire issues will resolved effectually.
P2 Evaluate key steps and information required for negotiating and generating deals
It is must for negotiator to know about needs and wants of parties so that appropriate
steps will be taken. In context of M & S, there was an issues regarding salary and this is
considered as main element by staff members for negotiation. It has been examined that, it is
most effective technique which is utilized by each and every kind of company. Additionally,
there are certain which is utilized by superiors under negotiation process. These steps are stated
as below:
 Primarily, it is fundamental for to identify that place from where disputes arose (Bodily
and et. al., 2017). Along with this, it is needed to identified the least point under which
deal will be accept by both parties. Therefore, argument amongst them will be resolved.
 Each party has some goal which has to be taken into under consideration by negotiator.
Additionally, motivation needs to be determine which will be used by communicator for
another party.
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 Furthermore, it is necessary to conduct a proper planning regarding proposal and other
things in a systematic manner. It will help in negotiation process in an effective way.
 It is must to set some targets as well as goals and after that, meeting needs to be prepare.
Developed objectives will connected with questions and this will be, for example:
requirement of negotiation and its significance (Fletcher, 2018). Along with, if some
elements are related to this then, it has to be comprise in the negotiation process.
 Certain components need to be formulated such as facts, data, prices and so on. Along
with, there are some things which has to be avoided by parties, for instance aggressive
attitude, informal communication and many more (Hoad-Reddick, 2017).
 If proposal or offer created by another parties then, most effective is that one which is
come earlier. As this helps to provide most favourable outcome to company.
 If there is any type of discussion is going to happen then, topic must be decided by
mutual understanding. As a result, negotiation procedure will conducted in an effective as
well as efficient manner.
 Proposal for deal need to be given with assistance of the phrase: “I will do such-and-such
for you, and you will do this for me.” With assistance of this, I will boost confidence and
power into me. This helps me to do things in a corrective manner effectually.
 It is must that argument as well as proposal need to be developed stereologically and in
addition incrementally. If there is any quick go down in statement then it has to be
avoided.
 It is must to understand that what is the best and right time to begin discussion in a proper
manner.
TASK 2
P3 Explain the RFP process and the relevant types of documentation required
Proposal request is like a document which is posted by company so that they will be able
to elicit command from marketer to get coveted solution regarding IT. Certain kind of
description need to be given by RPF in relation to needs and wants of clients. Therefore, they
will be able to set some criteria in relation to analysing proposals. Numerous reasons are there
and for these RPF need to be issued. In context of M & S, if there is any kind of complex
projects then these are called as formal RPF. Rather than this, if association is using new and
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latest techniques then, many kind of advantages will be acquired by them. It will assist them to
reduce unwanted problems and solution will be determined effectually.
Henceforth, there are some factors which are associated with documentation and these
are portrays as beneath:
Defining up your need: It is considered as major factor which is related to RFP because
it assists to describes requirements as well as communication connected with sellers (John Peters,
2016). This procedure will take lots of time because in this, proposal which is accepted is
reviewed. With assistance of this, marketer will accomplish needs of people as per their demand
in an effective and efficient manner.
Communication strategy: It is also considered as a foremost element associated with
RPF. With help of this, strategies which are linked with communication and in addition
distribution is identified. Proposal which get received from seller has to be communicated in the
procedure of RPF. Along with this, there are many timelines need to get comprised with some
key dates. There are some examples which are connected with this, such as interviews, RFP
release, presentation, finalists notified, vendors and many more.
Evaluation criteria: This is last component which has to be include in documentation of
RPF. As per this, it is must to determine that area or part which need to be get examined
(Keinonen, 2016). This sort of information as well as data need to be share with marketers.
Questions will get raised in relation to some aspects and they need to be answered appropriately.
For instance: In Marks and Spencer, manager needs to decentralise billing. But it has been noted
that vendor has always centralised billing; henceforth, this type of circumstance is like a
challenge for an enterprise.
P4 Explanation of contractual process and relevance of documentation
According to contractual process, agreements of company is developed through
implementation of law and acts. There are many stages which will covered under this, are
mentioned as beneath:
Stage 1: Initial discussion and checks
It is considered as the first step under procedure of contractual. It is must to develop an
appropriate discussion amongst prescribed individual and contractor's representative. When
communication is going to start then, it is required for person to accomplished all security
checks. Furthermore, it is required to develop an appropriate discussion so that factors of security
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will analysed in an affective manner which is associated with an agreement. An effective
negotiation needs to be carry out amongst parties. Then, it is needed to determine support which
will help in execution of entire activities effectually. As a result, entire things will get done in a
proper way. Therefore, if invitation to tender and offer to contractor get done then, this stage will
end.
Stage 2: Security requirement
It is next stage related to contractual agreement procedure amongst prescribed individual
and contractor's representative (Nic Giolla Easpaig and Humphrey, 2017). It is must for superior
to do background check and repeat overall process which is completed at first stage because it
has been noticed that needs and requirements of people get modified as per time passes. Data as
well as information which is given by communicator need to be secured under an act, i.e. official
secrets Act. Therefore, entire things will be protected in an appropriate way. As it is must to keep
necessary things hide from other which will be done by implementing required laws or acts.
Stage 3: Security oversight and assurance
As indicated by this stage, some sort of duties as well as responsibilities need to be give
to contractual authority so that they will get ensure about the security. Along with, to be more
confident about this, some aspects need to be considered, for instance: documentation, nelson
safety control, physical and IT. Rather than this, authority will visit the site so that they will
easily get assure about security systems that mentioned things are fulfilled or not.
Stage 4: In-contract monitoring
It is considered as the final stage which is associated with contractual agreement. During
this phase, security needs to be monitor by authority; thus, they will get assured that workplace is
secured properly or not (Nieh, 2017). If there is any kind of changes are taken place then, this
needs to be communicated to each and every staff member. When contract get completed then it
is required to get assure that all things are finished.
TASK 3
P5 Development of a pitch by applying key principles
Pitch is considered as a communication and this will be carry out through bondholders of
company with aim. This kind of communication need to be developed; therefore, investor will
get agree to invest some fund into project so that it will be accomplished in an effective manner.
It has been evaluated that there are some resources which are crucial for successfulness of
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project such as finance. There are many kinds of techniques which will be utilized by
communicator for an effective communication, such as e-mail, presentation, letter and many
others (O'brien, 2016). Therefore, these common things will be used in elevator approach. It is
must to develop things in description so that each part will be understood by concerned
individual in an effective manner and within limited time span.
Henceforth, there is a discussion about some factors which are associated with Pitch,
these are stated as beneath:
Keep it short: This is considered as foremost component which is connected with
pitching. If description is much lengthy then this will not get attention of investors or they will
not get satisfied. Therefore, it has to be concise as well as short. If there is any explanation then it
has to be sweet and short. Presentor who is giving presentation need to be confident; thus, he will
be able to satisfy investor effectually. Some time is taken by communicator to make others
understand about this, similar to this, clients will also take some time to comprehend each thing
about the concept.
Focus on execution: It is must for manager to create an appropriate strategy so that they
will be able to reduce risk. If an organisation is running well then, they will easily get financial
assistance (Stanco and Kosobudzki, 2016). Along with, it is require for an association to work
with maximum effectiveness; therefore, coveted targets will accomplished within limited period
of time.
Ignoring hockey stick projections: It is required for communicator to cut or ignore
unreal assumptions about forthcoming period of time. If they are much real as well as optimistic
then investors will trust them easily. As their confidence will make them believe to not breaking
their trust or loyalty. There are some prediction which will taken into under consideration such as
best, average or bad. With assistance of this, investor will take an effective judgement regarding
investing fund.
Depict ideal management tactics: If shareholders want to acquire fund from investors
then it is fundamental for them to be responsible regarding their work. Therefore, they will be
able to manage entire resources in an appropriate manner. As a result, investors will easily get
ensured that their money is using by company in an adequate way. It is must for manager to line
up each and every thing in a systematic way to attain desired targets and goals effectually.
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Demonstration: It has been noted that investor always determine that company is using
their fund in a proper way or not. Along with, fund allocation is done appropriately or not, if it is
done correctively then, they will gain high return or visa – versa. Additionally, it is must to
identify that they are able to attain coveted targets and goals. Thus, they will be able to operation
their operational activities for maximum period of time.
TASK 4
P6 Assessment of potential outcome for a pitch
When discuss related to future project is completed then, it is must to investor to give
judgement in relation to elevator pitch. There are some results which will determined from pitch
which are stated as beneath:
Acceptance: This is considered as foremost important result which is created through
elevator pitch. As indicated by this, investors are agree to invest their money into their future
project of firm (Wiener, 2017). Moreover, it is required for them to sign on the agreement of no
shop. According to this document, other investors will not be able to approach to this project
either in a direct or indirect manner. It is not essential to sign the paper; this is entirely depend on
company. And if it is done then, this has to be communicate to those parties who are associated
with this as well.
Rejection: It is like a unfavourable result for an organisation because investor is not get
satisfied with project. In other words, it can be said that, due to lack of communication skills
manager is not able to make them understand about project. Therefore, it is required for
affiliation to look for new investors who are ready to invest fund into project. Henceforth, it has
been analysed that, this kind of result is get by firm very rarely.
No response: It has been evaluated that this kind of outcome is much common. If
shareholders are getting any response from the side of investors then, this type of activity will
annoy them. As they are waiting for their quick response because they need to take an
appropriate action. Hence, they will try to approach to investors in many ways. If this type of
condition get arise then, it is must for the presenter to examine interaction with investors and
then will try to determine requisite answer. Along with, they need to develop an effective plan so
that they will be easily acquire fund for future project.
Come back later: This is considered as a other common result for the project. This kind
of circumstance will arise if investor of firm is not get satisfy with project and show no belief
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into this. But they will come back later after seeing success of this. At that stage, if shareholder
see for some investors to get financial assistance then, they will go back to investors again and
will ask them to fund. They will invest some amount into this as project is much successful. But
if they are not getting success then, it is needed for them to carry this project, in fact they will
drop it and begin another project.
P7 Determination of obligations from a pitch and identification of occurrence of potential issues
Elevator pitch is considered as foremost technique which is using by an enterprise so that
entire responsibilities and duties of many bondholders get accomplished. After getting financial
help from pitch, some duty will arise for firm. These are mentioned as beneath:
Generating revenue: It is considered as main factor for each and every kind of
organisation. There are many investors who provide fund to an enterprise so that they will run
their business in an effective manner. If they are able to manage entire activities effectually then,
this will help in improvisation of profits. Along with, it is necessary for an association to use
resources in a proper way; therefore, they will be able to improve productivity and as a result,
their profits will get improved. A foremost problem will happen at the time of accomplishing this
duty, like what if entire work is not get completed as per planning and required profits are not
gained by company. Therefore, it is necessary for an affiliation to determine those issues which
will leads losses. Along with, superior needs to assess the risk which is connected to their
planning process.
Managing relationship: This is considered as other task which helps to accomplish
duties of many shareholders. Basic purpose of firm is to fulfil needs and wants of clients in an
effective way. It is must for them to render innovative items to them by maintaining quality. As a
result, company will easily keep up their relations with customers and help them to maintain
sustainability at marketplace for maximum period of time. If quality of goods are much
appropriate then, they will gain attention of numerous individuals also. There are some duty of
an enterprise towards staff members as they need to provide them proper training so that they
will be able to accomplish task with maximum effectiveness and appropriateness. Along with,
manager has to cater an effective working surroundings to workers which will work as a
motivation for them. Rather than this, if they want to develop positive relationship with society
then, it is required for company to reduce wastage so that they will be able to protect
environment from any kind of harmful activities. Certain risk will be associated with business
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like if there is any sort of alterations in environmental factors then, this will provide direct or
indirect affect to the business operations of enterprise. It has been examined that after completion
of pitching procedure, it is required for firm to concentrate on their functional activities;
therefore, contingencies will be created.
CONCLUSION
It get concluded from the project that pitching and negotiation both are essential concept
in business. It is important to frame and formulate suitable pitching and negotiation process so
that chances of better and appropriate outcome could be gain. Pitching and negotiation both
influences the decision making of a company. There are various key stakeholders are evaluated
in a business which formed in a negotiation process so that suitable and appropriate working
could be gain. There are various documents are associated with tenders and contract which need
to get evaluated properly so that better and appropriate decision lead to carried down. For
accomplishing competitive advantage, it is important to evaluate suitable pitch for enhancing
working. There are various outcomes of pitch get articulated which have to understand in
business properly. Thus, to deal with such pitch, appropriate and suitable negotiation is important
which lead to support in gain better and appropriate outcome for betterment and growth.
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REFERENCES
Books and Journals
Anable, J. and et. al 2017., Business travel: exploring how changes in the arrangement and
negotiation of professional work generate demand for travel.
Baber, W. and Ojala, A., 2017. IT Negotiators: What’s your approach?. The European Business
Review. 2017.
Belinsky, S. J. and Gogan, B., 2016. Throwing a Change-Up, Pitching a Strike: An
Autoethnography of Frame Acquisition, Application, and Fit in a Pitch Development
and Delivery Experience. IEEE Transactions on Professional Communication. 59(4).
pp.323-341.
Bodily, S. E., and et. al., 2017. Kelly Solar. Darden Business Publishing Cases. pp.1-3.
Fletcher, D., 2018. Looking to the future: how can we further develop critical pedagogies in
entrepreneurship education?. Revitalizing Entrepreneurship Education: Adopting a
critical approach in the classroom.
Hoad-Reddick, K., 2017. Pitching the Feminist Voice: A Critique of Contemporary Consumer
Feminism (Doctoral dissertation, The University of Western Ontario).
John Peters, B., 2016. Reading Religion: Chivalry in the Alliterative Morte Arthure as an
Instance of Cultural Negotiation. Literature and Theology. 31(3). pp.305-317.
Keinonen, H., 2016. Television format as a site of cultural negotiation: Studying the structures,
agencies and practices of format adaptation. VIEW Journal of European Television
History and Culture. 5(9). pp.60-71.
Nic Giolla Easpaig, B. and Humphrey, R., 2017. “Pitching a virtual woo”: Analysing discussion
of sexism in online gaming. Feminism & Psychology. 27(4). pp.553-561.
Nieh, H., 2017. A less Perfect Union: Why Injury Risk Prevents NFL Players from Driving as
Hard a Bargain as MLB Players in CBA and Contract Negotiation. Harv. J. Sports &
Ent. L.. 8. p.213.
O'brien, J., 2016. Negotiation for Procurement Professionals: A Proven Approach that Puts the
Buyer in Control. Kogan Page Publishers.
Stanco, M. and Kosobudzki, M., 2016, June. The Analysis of Suspension Performance of High
Speed Tracked Vehicle. In International Conference on Renewable Energy Sources-
Research and Business (pp. 543-550). Springer, Cham.
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.
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