Pitching and Negotiation Skills

This document discusses the importance of pitching and negotiation skills in business. It covers the steps involved in negotiation and the documentation required for the RFP procedure. It also explores the contractual process and how proper documentation is monitored and managed. The document provides insights and tips to improve pitching and negotiation skills for business success.

PITCHING AND
NEGOTIATION
SKILLS

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Negotiation, its occurrence & stakeholders......................................................................3
P2. Evaluation of key steps & information............................................................................4
TASK 2............................................................................................................................................5
P3. RFP Procedure and documentation required....................................................................5
P4 Explanation of contractual process & how properly documentation is monitored and
managed .................................................................................................................................7
TASK 3............................................................................................................................................8
P5. Development of appropriate pitch by using key principles..............................................8
TASK 4............................................................................................................................................9
P6. Classification of potential outcomes of a pitch................................................................9
P7. Determination of how organisation fulfil their obligation from a pitch and analysing of
issues that occur....................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Pitching is defined as a effective procedure that shows ideas or plans of business to
various people such as suppliers, investors, shareholders, customers and other stakeholders as
well. In addition to this, it is determine that such method develops a positive behaviour &
perception of people towards the particular goods as well as service offered by an organisation
(Abels, Howarth and Smith, 2018). Negotiation is basically a process that is adopt by different
business representatives in order to gain understanding about variations between different parties
which finally get agrees with the mutual decision. For gaining knowledge about the concept of
pitching and negotiation skills, Walmart is taken into consideration. It is a multinational retail
company that was established in the year 1962. The head office of Walmart is located at
Arkansas, U.S. The report will disuss about negotiation & its relation with various stakeholders.
In addition to this, it will cover, RFP proposal associated with its documentation. Moreover,
contractual procedure will be described with including pitch development & its contribution
towards attainment of competitive advantage.
TASK 1
P1. Negotiation, its occurrence & stakeholders
Negotiation is consider as an effective procedure and herein business entities convince
associated stakeholders to agree on particular terms & conditions and take mutual decision in an
effective manner. In addition to this, it also consist of development and implementation of
strategies with an objective to maintain coordination and cooperation as well. It is determine that
an effective negotiation skills will help an entity to gain several benefits ad enhance their
performance level as well. In relation to Walmart, its higher authorities are needed to have
various forms of negotiation skills in order to gain benefits. The benefits is given below:
 One of the benefit gain by company is development of effective relations with customers
that leads to customer retention and satisfaction as well (Blount, 2020).
 In addition to this, effective negotiation skills aid in cracking best deals that has positive
influence on performance of an organisation.
 Negotiation skills aid an organisation to retain its employees for longer time and save the
cost of training and hiring of new candidate in an effective manner. Moreover, it also
help in attaining organisational objectives within rapid and timely manner.
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For implementation of all such practices within organization in an effective manner,
Walmart also needed for developing good communication skills between staff members that help
in better decision making as well. In addition to this, it can be analysed that various stakeholders
that are associated with the negotiation procedure of respective company is given below: Chief Executive officer: CEO is consider as one the powerful stakeholders of an
organisation along with this they have the authority towards employees payment,
policies, schemes and so on. It directly states that it is essential for individuals to have
effective negotiation with Chief executive officer so that they can easily convince and
mutual settlement take place in an effective manner. HR Manager: Human Resource plays vital role in every organisation as they holds a
remarkable position that is maintain string relationship with employees and retain them
for longer time period (Campbell, 2019). This shows that HR manager surely understand
perspective of parties and make them agree towards feasible outcome as well. In addition
to this, it also help company to maintain positive working environment that has positive
influence on the overall performance of an organisation.
 Employees: Employees are an important stakeholders group that help an organisation to
gain success and growth as well. It is determine that overall procedure is developed and
executed regarding negotiating with staff members of organisation in terns of salary and
pay structure as well.
P2. Evaluation of key steps & information
Negotiation plays vital role in every organisation which supports them out in
implementing business decisions in a mutual and systematic manner associated with the
stakeholders. It consist of various steps which are needed to be followed by an organisation in
order to indulge into negotiation & implementation of it in Walmart. The steps need to follow is
given below: Planning: It is the initial and foremost step of negotiation procedure and herein all the
planning activities is implemented effectively. The planning consist of productivity
reports, investment reports and so on (Dinnar and Susskind, 2018). In addition to this, it
is determine that parties that are involved in negotiation are needed to make themselves
updated and prepared about claims as it aid them to deal with all present issues in a
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proper manner. Moreover, it can be effectively done by the assistance of 360 degree
approaches. Ground Rules: It is consider as a second stage that take place after fulfilment of first
stage that is planning. Herein, various rules are formed associated with the areas such as
time, place, anticipated conflicts, possibilities and so on. Clarification: This steps signifies that clarification as well as justification take place from
both side parties so that viewpoints are involved in it. In addition to this, it is determine
that employees viewpoint are involved at the time of formulating annual reports that
mainly leads to improvements of performance of staff members and employee retention
as well. Problem Solving: It is undertaken as an important step and herein bargaining between
parties take place that can be state as lose or win situation from the same business. IN
order to understand this, an example is taken where pay dispute is consider as major
problem solving issues (Copper-Ind, 2019). The main viewpoint of human resource
manager us to retain employees for longer time period and to provide them satisfied
salary as well. It is determine that here the bargaining take place on the basis of creating
long- term relationships with staff members that leads to attainment of maximum benefits
as well.
 Implementation: The last step of negotiation procedure that involve execution of all the
planned activities and task as well. It is determine that herein all the decisions taken by
organisation with a mutual agreement of overall parties that consist in negotiation
procedure.
TASK 2
P3. RFP Procedure and documentation required
This is that document which is required to perform by they organisation which will help
in identification of different information related to the project and requests different bids from
each and every customer of organisation . There are number of steps evolve in it which are
important for Wall-mart and are followed by organisation for performing different practices
related to negotiation for projects and managing work in sentimentally manner. Some of these
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steps are mentioned below and are important to follow up by organisation while performing a
request for proposal.
 Assessment and Analysis:
It is the first stage in this process which is directly related to performance of
function and managing the process here planning related function will be performed. In
context of Wall mart, organisation hast agree with the employee's salary which will help
firm in managing there performance where they can perform more effectively on
particular job (Dinnar and Susskind, 2019). So this become liability of manager to
perform specific function according to the requirement of project the positive outcome
can be achieved.
 Development of RFP:
After the planning for particular project it is time to prepare RFP, this is directly
related to scope, deliverables, performance standards etc. all these are included in it
which is directly related to management within organisation. This will helpful to
organisation in establishing a better communication to the investor of projects so that all
related aspect can be communicated to them for starting of project in timely manner.
 Engagement:
This stage is related to communication of information to different stakeholder or
particular investor. This is that information which is collected in previous stage. This will
include the one to one talk between Wall-mart and particular investor who is going to
invest in this project. This will provide different information with maximum reliability
that task objectives can be achieve. This will include various kind of document like
income statement and Return on Investment, that support firm in getting effective deal.
 Negotiation and Contract:
This is the last step in this process where organisation has to perform the functioning
related to negotiation. This is done to find the appropriate investor in organisation, these
are related to further action can be taken(Dinnar and Susskind, 2019). It includes the
process where organisation is to perform various function to select a perfect investor in
respective projects so that goals and objectives can be achieved without major delay.
After this organisation has find a proper investor on the basis of contract.
The process of drafting a business proposal is presented below:
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BUSINESS PROPOSAL
Objectives Major objective of organisation is to retain employee for longer
period of time where it can increase productivity.
Solution
For this organisation has decided that it will attract more investment
in organisation where it can achieve higher performance and retain
employees for longer period by providing effective salary.
Benefits
This will help organisation to decrease employee turnover and retain
talented employee so that productivity can be increase and
management can be done for higher profitability.
P4 Explanation of contractual process & how properly documentation is monitored and managed
It is important for an organisation to have a proper contractual procedure &
documentation so that all the activities is implemented in an effective manner. It is determine
that companies such as Walmart, which operates at high level is needed to have a suitable
documentation and contractual process as it help in gaining various benefits and security as well
(Dorian and Loughlin, 2018). The contractual process is defined below:
 Contract Selection:
It is the initial step and herein type of contract that is to be adopt is decided by top level
management in an effective manner. The contract that gives maximum benefits is
selected. In context to Wlamart, it should opt for Non- statuory stock option agreement. It
is determine that in this agreement investors get more returns and benefits at the time
when company get an option to enhance its value in a proper manner.
 Gathering of Necessary Information:
The second step involves collection of appropriate data before the contract take place. In this
case, Walmart is required to gather information about payment schedules, statement of work,
acceptance of proposal, budget and many more.
 Selection of Negotiator:
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Herein, an authorised signatory person is hired which get enter into negotiation procedure
for biding the contract mutually. This will help Walmart in negotiating with investors
about payment in an appropriate manner.
 Review:
It is important for an entity to review all the things that is mentioned in agreement so that
no conflict in the future. All the terms & conditions of agreement is review as it help in
making rectification or improvements of any of the deviation in agreement (Elenurm,
2019). It is analysed that rectification takes place when an interaction takes place between
investors & walmart as well.
 Signing:
This step take place when both the parties mutually agree on the terms and conditions and
sign on the deal in a proper manner.
In addition to this, it is important to manage as well as control in a contract that can take
place by:
 The company must gather all the data associated with the agreement and save it in a
proper manner. It is determine if the data is collect in a digital manner then it is better and
appropriate as well.
 In order to better monitor and manager the things, an entity can recruit particular
authority for it who only have access to data and information as well.
 The data can be proper documented and managed if it is stored with security through
using technologies such as artificial intelligence, cloud computing and many more
(Gbadegeshin, 2018).
TASK 3 & 4
(Covered in PPT)
CONCLUSION
From the above study, it has been concluded that both negotiation and pitching process
plays vital role in an organisation as it assist them to crack effective deals that is beneficial for
company in terms of profits earned. It is analysed that negotiation with all stakeholders aid
organisation in saving down their level of expenses that leads to increase in profitability of
company in an appropriate manner. In addition to this, it is determine that proper knowledge of
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contractual and documentation process, RFP process assist an organisation to implement all the
task associated with negotiation in a right and proper manner as well. Furthermore, it is
identified that development of proper pitch supports or helps a business entity to achieve their
desired objectives in an effective and proper manner as well.
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REFERENCES
Books and Journals
Abels, E. G., Howarth, L.C. and Smith, L.C., 2018. Transforming library and information science
education by design. In Re-envisioning the MLS: Perspectives on the future of library
and information science education. Emerald Publishing Limited.
Blount, J., 2020. INKED: The Ultimate Guide to Powerful Closing and Sales Negotiation Tactics
that Unlock YES and Seal the Deal. John Wiley & Sons.
Campbell, B., 2019. The Innovator’s Discussion: The Conversational Skills of Entrepreneurial
Teams. Routledge.
Copper-Ind, C., 2019. How To Negotiate. Pan Macmillan.
Dinnar, S. and Susskind, L., 2018. Entrepreneurial negotiation: Understanding and managing
the relationships that determine your entrepreneurial success. Springer.
Dinnar, S. and Susskind, L., 2019. Real Entrepreneurs Describe Their Mistakes.
In Entrepreneurial Negotiation (pp. 61-125). Palgrave Macmillan, Cham.
Dinnar, S. and Susskind, L., 2019. The Entrepreneurial Galaxy Reimagined: Prevent, Detect, and
Respond to Your Mistakes. In Entrepreneurial Negotiation (pp. 127-177). Palgrave
Macmillan, Cham.
Dinnar, S. and Susskind, L., 2019. The Entrepreneurial World. In Entrepreneurial
Negotiation (pp. 13-40). Palgrave Macmillan, Cham.
Dorian, L. and Loughlin, E., 2018. Stand Out from the Crowd: Key Skills for Study, Work and
Life. Macmillan International Higher Education.
Elenurm, T., and et. al., 2019. Opportunities of the entrepreneurship education for enhancing
cooperation between start-up entrepreneurs and business angels. International Journal
of Entrepreneurship and Small Business, 38(3), pp.379-394.
Gbadegeshin, S.A., 2018, November. Commercialization Skills: Necessity for High Technology
Entrepreneurs in Digital Era. In Proceedings of the Future Technologies
Conference(pp. 965-975). Springer, Cham.
Lawson, C., and et. al., 2019. Communication skills for business professionals. Cambridge
University Press.
Mejía-Arauz, R., and et. al, 2018. Collaboration or negotiation: Two ways of interacting suggest
how shared thinking develops. Current Opinion in Psychology, 23, pp.117-123.
Nagy, Z., 2019. Negotiating Raises and Promotions. In Soft Skills to Advance Your Developer
Career (pp. 201-228). Apress, Berkeley, CA.
Shankar, B., 2018. Tactics and Approaches for Sales Effectiveness. In Nuanced Account
Management (pp. 17-51). Palgrave Macmillan, Singapore.
Sleeman, D., 2019. Experiential Learning, Entrepreneurship and Enterprise: Designing Learning
for the Future of Work. In Transformations in Tertiary Education (pp. 213-228).
Springer, Singapore.
Srisangkhajorn, T., 2019. The Disruptive Classroom: The Challenge to Integrate Active
Learning. Ubiquitous Learning: An International Journal, 12(3).
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