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Research on Pitching and Negotiation Skills - Marks and Spencer

   

Added on  2020-06-04

13 Pages3805 Words114 Views
Pitching and negotiationskills6
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TABLE OF CONTENTSLO1.............................................................................................................................................3P1 What is negotiation and stakeholders involved in negotiation process............................3P2 Key steps and information required in negotiating deals.................................................4LO2.............................................................................................................................................6P3 What is RFP process and types of documentation required.............................................6P4 Contractual process and how documentation is managed................................................7P5 Developing appropriate pitch by applying principles .....................................................9P6 Assess the potential outcomes of pitch...........................................................................10P7 How organisation fulfil obligation from pitch...............................................................116
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INTRODUCTION:In every organisation conflicts occurs between employees. Therefore, in order to solve conflicts negotiation has to be done. It creates a positive environment leading to effective working of employees and business operations. It also helps in building strong relationship with others by increasing bonding (Coppens, and et..al ., 2014). Negotiation withsuppliers, distributors, etc. has to done for smooth running of business functions. There are many ways of doing negotiation; it all depends upon the parties. This report will throw light on how stakeholder plays a crucial role in negotiation process and steps involved in it. Also, what is request for approval (RFP) and contractual process is described. Besides this, how pitching principles are applied in negotiation process is discussed.For present report Marks and Spencer is taken. It belongs to retail sector and operatesglobally.LO1P1 What is negotiation and stakeholders involved in negotiation processNegotiation is a process through which an agreement is made between parties by discussing with them (Nic Giolla, Easpaig, . and Humphrey, 2017). By communicating withthem final agreement is made that describes the duties and roles of each party. They have to follow and implement them. A person must be having enough knowledge and skills in order to make negotiation between parties. Marks and Spencer must hire experienced manager to negotiate with employees. It will be beneficial for them to resolve conflicts and create better working environment. It will help Marks and Spencer for smooth flow of business operations.A conflict occurs because of disagreement between parties regarding any issue or problem. So for solving this negotiation has to be done ( Schroeter,. and Higgins, 2016). It ensures that each party will perform their obligations. Apart from this business ensures that there are no issues between employee and employer so that their efficiency can be increased. For example- a person wants to sell his house so a legal agreement must be made between parties. It will give idea of what payment method is followed, when house will be transferred,etc. Every organisation stakeholders play important role in negotiation. They provide ideaabout what can be done to reach final agreement. There are several stakeholders in thisprocess that is described below:-6
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Customers- Sometimes, customers are allowed to participate in negotiation process. Thissituation arises in case of any issue between private company and customers.Employees- Generally, employees union helps in negotiating as they already know aboutvarious policies of negotiation. Also, they provide advice on what to do in case of Government- It is the last option remained for business for negotiating. It provides the best recommendations to both the parties (Chang, ., Benamraoui,. and Rieple,, 2014). Also, it is very easy for party to negotiate in this. Directors- They belong to top management and effectively listen to both parties. Theyconsists group of people who are very experience and possess enough knowledge. Theoverall process is handled by these people until agreement is reached. P2 Key steps and information required in negotiating dealsA successful negotiation occurs when all the information regarding the issue and partyis been gathered and analysed. This will be useful in giving effective solutions to bothparties otherwise it will lead to failure. Person who is involved in this process must beresponsible for collecting all information. It contains the following details:-Background information- It is related to the reason of both parties issues. For collecting thisresearch is done that provide the root cause of their disagreement. Besides this, the number ofparties involved in it is also identified (Cenere, and et..al 2015).Goal- Before going for negotiation goal must be identified. It will helpful in easilyreaching the agreement with defined goals and objectives. Also, parties will have aninsight on what will benefit them.Plan- A plan will indicate what actions will be taken to deal with different situations. Also, it shows the method through which negotiation will be done. Moreover, it consist strategies to deal with parties (Baber,. and Ojala, , 2017).The process of negotiation depends upon the nature of issue and interest of parties indealing with it. Also, it depends upon the choices of strategies available for negotiation.For this there are several tactics available:-Bundle- It happens when buyer wants to buy in bundle rather than a single piece. Thisenforces seller to negotiation with buyer easily.6
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