Pitching and Negotiation Skills

Unit 44: Pitching and Negotiation Skills

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Negotiation and primary stakeholders associated with the negotiation............................1
P2 Phases and information needed for completion of negotiation.........................................2
TASK 2............................................................................................................................................3
Explanation of RFP process and relevant documentation required........................................3
P4 Explanation of contractual process along with management and monitoring of documents
................................................................................................................................................4
TASK 3............................................................................................................................................5
P5 Development of suitable pitch to gain competitive advantage.........................................5
TASK 4............................................................................................................................................6
P6 Potential outcomes of the pitch.........................................................................................6
P7 Determination of ways in which business firm can fulfil potential obligations from the
pitch........................................................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCE...................................................................................................................................9

INTRODUCTION
Negotiations are one of the most vital business activities conducted by a business firm.
They are crucial to completion of daily business activities as they help the company find
alternatives which provides mutual benefits to every member involved in the negotiation.
Business firms can easily deal with internal and external stakeholders by implementation of
effective negotiation process. The small business firm selected for the present report is Williams
Jet tenders which manufactures pleasure and sporting boats. The company was incorporated in
the UK in the year 2004 and has become a well-established name in the British boat
manufacturing industry. The company is headquartered in Oxfordshire and as per the 2018
financial report of the company, the firm had turnover of £23M, while the gross profit of £6M
and cash of £714,458.00. The present report provides information about primary phases and
stakeholders of negotiation. The RFP process and related documentation required for the process
is also given in this report. Along with this the contractual process of RFP and actions taken for
monitoring and managing related documentation are also given in this report. Pitch to gain
competitive advantage is given in this report along with the outcome assessment of the pitch.
MAIN BODY
TASK 1
P1 Negotiation and primary stakeholders associated with the negotiation
Negotiation is defined as the communication channel established between to parties with the
intention of resolving conflict and reconciliation so that every party involved in the conflict is at
a beneficial position after negotiations. Negotiations help business firms conduct various tasks
smoothly so that agreement is reached without dispute (Su, 2021).
The reason behind occurrence of negotiation is condition in which more than one party is
interested and can provide different outcomes. When the parties which have interest in the
condition are not able to decide unanimously the outcome of the situation, the process of
negotiation helps both parties reach common ground in which each party is in a beneficial
position. This helps business firms ensure that the activities related to specific business
conditions are commuted smoothly in order to gain timely results (Vetterlein and Hansen-
Magnusson, 2020).
1

The primary stakeholders in a negotiations are individuals or groups which are most
affected by the consequences of the negotiations. It is important for managers at Williams Jets
Tenders prioritize stakeholders on the basis of impact of negotiations on the parties so that needs
of stakeholders which are affected by the negotiations are central to the negotiation process. In
addition to this employees of the respective company are another stakeholder in the negotiation
process (Campbell and Weaver, 2019). This is because the financial outcome of the negotiation
affects the employees of the company, Williams Jet traders need to understand the role and
impact of negotiation on employee in order to limit resistance from employees and ensure that
the negotiation is in the best interest of the workforce of the company. In addition to this
government authorities and trade unions are also a key stakeholder in negotiation process as the
legal documentation and regulations related to the negotiation process is supervised by
government authorities. The consumers and suppliers are another stakeholders in negotiations as
they are directly affected by the outcome of the negotiation.
P2 Phases and information needed for completion of negotiation
Light IT is custom software developing company and has collaborated with the Williams
Jet Tenders as a technical partner for developing sea navigation application as a part of
additional chargeable services provided by the boat manufacturing company. The phases of
negotiation between the two parties on software development collaboration are provided below:
Preparation: The first phase of the negotiation process includes preparation of various
activities which are required for conducting negotiation (Ramkumar and et. al., 2019). Managers
at Williams Jet Tenders need to ensure that the timeline, place of meeting and individuals
attending the meeting are decided in this phase of negotiation. In addition to this it is the duty of
managers at Williams Jet Tenders to ensure that each party involves in the negotiation gains
information the facts of the situations and regulations or policies of the company related to
negotiation. This phase helps avoid conflict or wastage of time during negotiation meetings.
Discussion: In this part of the negotiation process each part involved in the negotiation
present their understanding of the situation. In context of Williams Jet Tenders, this phase of the
negotiation involves mangers to use their communication and listening skills in order to
understand arguments put forward by other party and present arguments of the company
effectively. In addition to this the information noted during this phase involves main points made
by other parties which can be used in case of need of further clarification.
2