Report on Pitching and Negotiation Skills - Marks and Spencer
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Added on 2020-06-05
Report on Pitching and Negotiation Skills - Marks and Spencer
Added on 2020-06-05
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Pitching andNegotiation Skills
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Determining negotiation and reason for its occurrence along with Key stakeholders...........1P2 Evaluate the key steps and information required for negotiating and generating deals........2LO 2.................................................................................................................................................3P3 Explain the RFP process and the relevant types of documentation required.........................3P4 Explanation of contractual process and relevance of documentation ...................................4LO 3.................................................................................................................................................5P5 Development of a pitch by applying key principles..............................................................5LO 4.................................................................................................................................................6P6 Assessment of potential outcomes for a pitch........................................................................6P7 Determination of obligations from a pitch and identification of occurrence of potentialissues...........................................................................................................................................7CONCLUSION................................................................................................................................8
INTRODUCTIONIn modern scenario, business organisation manufactures products and services and inorder to sell them, it is highly essential to have negotiation and pitching skills. These are highlyneeded for winning up of new contracts on the agreeable terms. Utilisation of these kind of skillsare mostly done in small and medium scale business for selling up their products and services(Chang and Rieple, 2013). Sales are being generated and network of the opportunities are beingprovided if good pitching skills are being needed. Company chosen for this report is Marks andSpencer which is multi-national brand established in 1884. This company mainly deals insupermarket chains across the globe. There are certain things which will be discussed in thisreport like evaluating up of negotiation and managing up the documentation which are relevantfor tenders and contracts. Apart from this, pitch will be developed for attaining up of sustainablecompetitive edge. LO 1P1 Determining negotiation and reason for its occurrence along with Key stakeholdersNegotiation can be stated as process in which differences are being settled down. Insimple words, this can be said as compromising among the two of more then two parties whileavoiding the arguments and disputes happening. This kind of term is mainly utilised in makingdeals or purchasing any kind of item. Successful outcomes can only be attained throughindividuals who mainly understand aim to attain the best possible outcome for the position.However, fairness of principles and seeking for the mutual benefits and thus relationshipmaintenance are also the crucial elements. There are various reasons due to which negotiation occurs and they are descried below: Avoiding Conflicts: In an business process, there are some situations when conflictarises. That can happen while making deals or allocating any tasks and activities. Inorder to settle down these kind of situations, M&S mainly utilise this kind of elementso that agreement can be made up on similar point of view and thus these type ofsituation can be suppressed (Dawson, 2014). Creating Win Win Situations: There is perception set of many people that negotiationskills are all about beating up the opposition out of the other party. But that is not trueas best negotiators is that who is good in creating up of Win win situations in which atthe end everyone thinks that deal will give benefits. There is no question regarding1
finding up of deal which makes everyone happy but that is difficulty to perform andthis the reason why it is highly valued. Building up of Respect: Respect is one of the essential part of the company and it ishighly essential for the employees in order to get the most out of productivity. Afterhaving negotiation, it is highly essential to create long lasting impression which candirectly impact everything from the future to reputation (Cooke and Zaby, 2015). Thisis implemented by M&S as well for enhancing up of goodwill. Different Mindsets: Another major reason can be different mind set of employer andemployee or it can be the parties dealing in a contract. Generally it happens when thereis different point of view. For example: as per the case study manger and his PA had ameeting regarding pay-scale which increased to 6% on the mutual agreement as theyboth had different mind set. In a negotiation process, crucial role is being played by two sections and that are Managementand Employees due to various reason like conflicts, salary increment, allotment of tasks andactivities and many others. These all situations mainly creates the need of utilising the elementknown as negotiation. P2 Evaluate the key steps and information required for negotiating and generating dealsBefore formulation of key steps it is highly essential to know about the actual needs andwants of the party (Dierdorff, Rubin and Bachrach, 2012). From the point of view of M&S,salary negotiation is something which is essential from the point of view of employee.Negotiating for generating deals is the basic methods which is used in every kind of organisationand there are some basic methods which are being used for negotiating in effective manner andthose steps are described below: First of all, it is highly essential to decide up the position from where it will be startedand along with bottom line or it can be said as lowest point on which the deal can beaccepted and thus agreement can be done. There are some objectives of both the parties which needs to be considered along with theemotional motivation which can be used for the other party. After all this, turn comes up of planning of the sequences of proposals and other possiblecounter-proposals. This can be opened at most in which it can be asked for and this inturn will help in providing space for negotiation. 2
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