Pitching and Negotiation Skills

This study explores the importance of pitching and negotiation skills in reaching agreements and completing projects. It covers the key steps and information required for the negotiation process, the RFP process and required documentations, and the contractual process. The study also discusses the outcomes of pitching and ways of fulfilling obligations from a pitch.

Pitching and Negotiation
Skills
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Table of Contents
Pitching and Negotiation Skills.......................................................................................................1
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
P1 What is negotiation along with reasons as why it occurs and roles of stakeholders..............3
P2 Key Steps and information which are required for negotiating process................................4
P3 RFP process and required documentations.............................................................................5
P4 Contractual process along with required documentations......................................................5
P5 Developing an appropriate pitch along with principle...........................................................6
P6 Outcome of pitch....................................................................................................................6
P7 Ways of fulfilling obligations from a pitch............................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
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INTRODUCTION
Pitch presentation refers a line of talk that attempts to persuade by companies to someone
or something (Scheaf and et.al., 2017). Negotiation also refers a process of discussion which is
being happened for reaching to an agreement. This study is going to show all standard steps by
which both and all involved parties of negotiation can complete this process and make other
parties agreed on their needs.
P1 What is negotiation along with reasons as why it occurs and roles of stakeholders
Negotiation is an effective process or discussion which happens between 2 pr more than 2
parties whose main aim of reaching to the final and satisfactory agreement. Negotiation is being
happened or occurs for reducing or eliminating situation of conflict and satisfying both parties by
considering their needs to some extent by discussing and with mutual understanding. In this
context it can be said that for completing this process there is requirement of having
communication and negotiation skills which can allow them to influence other party without
hurting them and without getting hurt. Other main reasons of occurring of negotiation is it
creates Win-Win situation, improves bottom line, build respect and making sure that both parties
can have mutual benefits (Dodds, Donoghue and Roesch, 2016). In the process of negotiation
each party tries to come to an agreement which serve their own interest or it can also be said that
more skilful party who has influencing power and skill is more likely to win the process.
In regard to stakeholder it can be said that it refers all those people who are involved in
this process. But for winning this process and for reaching to final agreement it is not possible
for all stakeholders to talk so they select one representative who can talk on their behalf with
other party. So, it can be said that stakeholder representative plays an important role in this
process as they are responsible for making their party win and talking with other party. In the
context of Wal-Mart it can be said that by sharing all its informations and joint vision with P&G
it wants to negotiate and reach to an agreement which can provide benefits to both companies.
Sarah Talley also tries to make use of negotiation rather conflict and by discussing with Wal-
Mart and sharing common objective they try to understand organizational culture and completed
their objectives (Jung and Krebs, 2019).
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P2 Key Steps and information which are required for negotiating process
Negotiation is a complex process as stakeholder representative requires effective
communication. Critical evaluation, Decision making and influencing skills. Both parties of
stakeholder representatives have these skills and try to prove their side and also try to make other
party agreed on their needs and requirements. So, it can be said that it can be time consuming
and long process until they both reach to final agreement. There are some standard steps of
completing or making negotiation process easier and successful such as:
Preparation: It is one of the mandatory steps in which stakeholder representative of both parties
require considering all those factors which they are going to put in the process of negotiation in
front of other parties. Rather, having knowledge of own skills, strengths and requirement they
also require having details and informations about other party as what will be their final
requirement and desired outcome (Hahn, 2017).
Exchanging information: It is the step in which both parties exchange their informations in
order to make each other’s know about their needs, requirements and all things. One of the main
purposes of focusing of exchanging information is to know that what each party exactly want at
the end of this process and as per this they continue discussing.
Clarification: After having knowledge of needs and requirements of each party, stakeholder
representative requires to clarify their side and prove them by making other party actually agreed
and believe that their side is genuine and strong. In this process either one party win or take more
advantages than other due to their skills or both reach to an agreement by fulfilling needs of each
others to some extent.
Bargaining: It is one of the effective and important step in which both parties bargain and
convincing each others to agree on their requirements and needs. By doing so, they have chances
of winning this process. It can be said that those party who has effective communication and
other skill of negotiation are more likely to win.
Conclusion or implementation: Overall it can be said that by bargaining and making each
others believe both parties at the end implement process and improve relationship. They believe
that improvement of relationship is important for them which cannot be accomplished and
happened with conflicts so, they complete this process (Griessmair and Druckman, 2018).
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P3 RFP process and required documentations
A request for proposal is an effective and important business document which has all
informations related to project and bid which company wants to get completed by vendors. There
are some standard steps of this process which include:
Project boundaries: It is also known as planning in which companies require identifying all
major contents or constraints related to project. In this step they need to add all problems,
requirements or purpose for which they are going to propose project from vendors. Expected
budget, time and all related factors are also being added in this step (Rajbhoj and et.al., 2019).
Consultants identifying: After making plan companies need to identify the best consultant who
can advice them about the right and the wrong, ways of writing an effective RFP etc. Finding
appropriate advisors can help them out in making this process successful and creating RFP.
Setting score criteria: After making plan and finding the best advisor companies require setting
a score criteria in order to get the best vendor. In this context it is stated that vendors often reject
project until they find RFP effective and beneficial. And for companies it is important to get
skilled vendors so, by setting score criteria on scale by marking it from 0-10 they can ask
question and mark each vendor. On the basis of scaling and outcomes they can select the best
one.
Circulating RFP: After creating RFP, companies need to circulate them by uploading it to at
appropriate place (Overview of RFP process, 2019).
Reviewing responses: Requirement of performing an initial read through of the responses in
order to pay proper attention to proposed solution
Researching technology: Companies need to put efforts and research at theory own for knowing
as they are going on the right track and by doing so they can make RFP successful or not
(Arshad and et.al., 2019).
Negotiating: It is the final step in which they need to implement and discussing for reaching to
final agreement and making vendors agreed on completing project on estimated budget, time and
all.
P4 Contractual process along with required documentations
Contractual process can be defined as a procedure of an agreement which includes terms,
conditions, rules and all important things of business activities. In regard to bid project it can be
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said that companies require finding the best vendor who can help them put in completing project.
For an effective contract they need to follow some steps such as:
Planning: There are several types of bid projects but for making it successful they need to
identify such project which can fit with their business related skills and qualification.
Preparing project: After selecting the best and suitable project they require preparing project by
adding all required elements and making vendors agreed or believed as why they have selected
this project and how it can male beneficial to both parties. All important elements are being
considered in this step like estimated budget, time, required human and other resources etc.
Submitting project: After considering all elements in planning process and making vendors
agreed on completing project the next step is submitting a successful contractual project. The
main important tasks of this step is identifying place where it can submit project (Contract
Bidding, 2018). Companies often upload or submit their bid projects online after getting all
information about the selected platform as how does it work, how does it can help them out
providing access to vendors and others (Arshad and et.al., 2019).
Presentation: Many companies believe that submission of project is the last step but they need
to know that after getting selected their project they are being invited by companies for giving a
small and effective presentation on their project in front of stakeholders. In that presentation they
require making target people believe that their selection of this project was the right decision and
it can make them beneficial.
P5 Developing an appropriate pitch along with principle
Covered in PPT
P6 Outcome of pitch
Covered in PPT....
P7 Ways of fulfilling obligations from a pitch
Covered in PPT....
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CONCLUSION
From the above study it has been summarized that pitching and negotiation skills played
a vital role as it allows companies in making their target market believe on their requirements
and reasons of negotiation and pitching. It has shown some effective steps of negotiation as well
as contractual process as how it can allow companies in accomplishing their goals and main
reason of conducting negotiation.
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REFERENCES
Books and journals
Arshad, M.F. and et.al., 2019. Contractual risks of building information modeling: Toward a
standardized legal framework for design-bid-build projects. Journal of Construction
Engineering and Management, 145(4), p.04019010.
Dodds, F., Donoghue, A.D. and Roesch, J.L., 2016. Negotiating the sustainable development
goals: a transformational agenda for an insecure world. Taylor & Francis.
Griessmair, M. and Druckman, D., 2018. To match or not to match? Reactions to turning points
in negotiation. Group Decision and Negotiation, 27(1), pp.61-83.
Hahn, R.F., 2017. The Role of the Negotiation in Management and the Results of an
Organization. The Formation of the Team of Negotiation, Features, Guidance. North
Economic Review, 1(1), pp.255-263.
Jung, S. and Krebs, P., 2019. Preparation and Negotiation Process. In The Essentials of Contract
Negotiation (pp. 7-19). Springer, Cham.
Rajbhoj, A. and et.al., 2019, February. A RFP System for Generating Response to a Request for
Proposal. In Proceedings of the 12th Innovations on Software Engineering Conference
(formerly known as India Software Engineering Conference) (pp. 1-9).
Scheaf, D.J. and et.al., 2017. Judging a Crowdfunding Pitch by its Cover: The Influence of
Signals and Presentation Quality. In Academy of Management Proceedings (Vol. 2017,
No. 1, p. 12620). Briarcliff Manor, NY 10510: Academy of Management.
Online
Overview of RFP process. 2019. [Online]. Available through
<https://www.techsoup.org/support/articles-and-how-tos/overview-of-the-rfp-process
>
Contract Bidding. 2018. [Online]. Available through <
https://www.projectmanager.com/blog/contract-bidding>
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