Importance of Pitching and Negotiation Skills
Added on 2020-10-05
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Pitching and negotiation skills
Table of ContentsINTRODUCTION ..........................................................................................................................1LO1 .................................................................................................................................................1P 1 Determined what is a negotiation, why it occurs and who the key stakeholders are duringa negotiation process..............................................................................................................1P 2 Evaluate the key steps and information required for negotiating and generating deals...2LO2..................................................................................................................................................3P 3 Explain the RFP process & relevant types of documentation required............................3P 4 Explain the contractual process & how relevant documentation is managed and monitored.................................................................................................................................................4LO3..................................................................................................................................................5P 5 Develop an appropriate pitch that achieve a sustainable competitive edge.....................5LO4 .................................................................................................................................................6P 6 Assess the potential outcomes of a pitch..........................................................................6P 7 Determine how organisations fulfil their obligations from a pitch, identifying potentialissues that can occur...............................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTION Pitching is to investors is considered as an in-built part of raising funds for the start-up.Moreover, each pitch whether in front of small time investors or the large firms, must majorlydemonstrate that why the individual's start-up is solving a real problem. One cannot thrive inany form of working environment without the skills of negotiation, as these techniques are usedwhen there is a discussion between more than two people with separate objectives for a similarsituation. Cocofina company is based on food and drink business Retailing coconut water, bakingingredients, snacks and many more. The organisation was inspired by Jacob Thundil's whoapproved to a joint venture of euro 75,000 for 20% equity from Sarah Willingham however theinvestment was never accomplished. The report is based on this chosen company to know whatis negotiation, why it occurs and who are its stakeholders. Further, the report will cover RFPprocess and types of documentation required. In addition, it will demonstrate a presentation ofDragon Den that will represent the need to secure funding for the business. LO1 P 1 Determined what is a negotiation, why it occurs and who the key stakeholders are during anegotiation process.Negotiation is considered as one of the common techniques which is used to makedecisions & control disputes. Also, it is defined as a major building block for several alternativeconflicts resolution procedures. It is a type of approach through which employees solve theirdifferences. In addition, it refers to a process by which compromise or approval is reached whileneglecting argument & dispute. It has been observed that in any disagreement, people smartlyaim to attain the best potential results for their position. Moreover, other definition of negotiationis that, it is a process where two or more people or parties with varied needs & ambitious discussa problem to identify a solution with mutual acceptance. Therefore, in business it is important tohave negotiation skills in both formal and informal discussion such as situation of sales, legalcontract, lease, etc. There are further involve different kinds of negotiation such as; distributive,and integrative. Apart from this, there are also some reasons that states that why people choose tonegotiate such as; gaining recognition of either problems or parties, check the strengths of otherparties, change perception, and so on (Balachandra and Brush, 2016). 1
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