Pitching and Negotiation Skills

This document discusses the importance of negotiation and pitching skills in business and how they can help in securing better deals and achieving business goals. It explores the process of pitching and negotiation, and provides insights into a real-life example of a request for proposal by Lloyd Banking Group. The document also covers the benefits of negotiation and pitching in business success.

Pitching and Negotiation
Skills

INTRODUCTION
Negotiation skills is the method where difference are settled down. It is the process in
which agreements and compromise are formed avoiding the disputes and arguments. For secure
and better deals, the negotiation skills are very necessary. Pitching skill is all about creating
awareness among the customers that will derived from the solution provided by the company and
compelling the audience for further actions.
Cuisine Coffee is a new start-up which provides the different types of coffees to their
customers. Further the study includes the RFP process and contractual process with related
documentation. Application of pitching principles for the sustainable development of the
company. The report ends with the determination of potential outcomes of pitch and suggesting
various ways by which an organization can full-fill all their post-pitch obligations and
mentioning the potential issues which if occurs.
TASK 2
Request for proposal by Lloyd Banking Group
Request for Proposal letter
Description of Project: Finance for Expansion Services
Name Of Company: Lloyd Banking Group
Address: Emerald house
City, Zip Code: London, UK
Procurement Contact Person: James Coleman
Contact Number: 4434530000000
Website: www.lloydsbank.com
Overview of Project
Lloyd Bank is a commercial as well as retail bank which has its branches across England,
it has various branches and also ATM's in England. It provides various financial services of
personal as well as commercial nature. Its vision is to be the best bank in providing financial and
banking services to its customers(Lawson and et.al, 2019).
Purpose of RFP
The main reason behind the RFP is to get financial services for expansion of the new
start-up Coolness Coffee, which is a small coffee shop and not a national chain brand. By
providing banking and financial services Lloyds bank will help in financial services related to hi-
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tech supply, installing of various necessary machinery and equipment(Giant, 2019).
Project Goals And Services Provided
Lloyds bank are seeking services of full time finance and banking to various sectors of
economy for expansion which will be cost effective and also focuses on online services through
which it can seek more customers and serve a wide area or group by its online, offline banking
services. It has also made its online websites for solving any query related to the services
provided by it and also developed search engines for better banking services to its existing and
new customers.
Targeted Audience
Its targeted audiences are the small entrepreneurs, businesses which are independent in
nature and does not comes under or are the subsidiary of any national level chain. By helping
such customers it wants to help them in creating their own brand image and expanding their
business.
Selection Schedule
Proposal time line's request:
 RFP's Request: September 28, 2019
 Deadline for submission of questions: October 28, 2019
 Cuisine Coffee's Response to Questions: November 2, 2019
 Selection and Notification: November 6, 2019
 Starting of Negotiation: November 25, 2019
 Awarding Contract: December 25, 2019
Request for Proposal is a offer made to various vendors in regard to acquire or give
services to them, as any company cannot internally do everything, it need to go outside for any
financial or banking related help for expansion of its business. Here, for Cuisine Coffee, the
proposal is made in regard to various services for its growth.
Time line
Time line for accepting the proposal by Cuisine Coffee for availing the financial services
for expansion of its new start up project of coffee shop through installation of equipment and
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machines needed for smooth running of business will be intimated on the website of the bank
within two months from the date of proposal.
Roadblocks
Lloyds website, which makes the tasks easy for the customers, is now having its custom
coding, therefore, one should be aware of the roadblocks arising out of it.
Budget
The budget decided by Cuisine Coffee for its expansion through installation of furniture
and fixtures along with necessary machinery will be approximately around £8500.00
Response By Cuisine Coffee to Request for Proposal
In the above RFP proposed by the Cuisine Coffee, London, acquiring financial services
the budget set is more than the actual requirement, as the need is of hi-tech coffee machine,
furniture and some upgraded utensils for the kitchen for which the required cash will be
approximately of £7000.00.
The proposal is best suited for Cuisine Coffee as it is covering all the aspects of financial
and banking services along with the online services it is providing for easy access. Also, the
dates for response and time lines for questions and submission of the answers for the same are
convenient.
Business Proposal and its Objectives
Cuisine Coffee is a small coffee shop which is new start-up in London and is not a part
of national chain of any brand. It wants to expand its business and in future, start a new branch
for which it wants funds. Its ultimate goal is to make a brand image in the eyes of its targeted
customers by providing best of the flavors of coffee along with delicious snacks. The process for
reaching the key milestones are scheduled to be achieved by January 2021, by accomplishment
of the targets set(Elenurm, 2016). The project will take around 15 days for which the cost of
production will amount to £500, and labor costs will be £600. In addition to these costs, fittings
and installation charges will be around £5000. Therefore, overall budget for expansion of the
project will sum up to £7000.
The rate of interest is very high which cannot be afforded by Cuisine Coffee as it has
many other charges also to pay such as electricity charges, rent, cost of labour, etc. As the
business is not well established one the interest rate of 6.5% is very high. Therefore, if the Lloyd
Bank can reduce it to 5%, then the proposal will be accepted by the company.
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Evaluation of Negotiation and Pitching Process
To be a part of today's dynamic and innovative world, along with better management of
business functions, one need to be more active in knowing the skills, techniques and process for
pitching and negotiation. This process of evaluation will help an entrepreneur in cracking
favorable deals along with fulfilling goals and objectives of Cuisine Coffee and generating sales
through conversion of opportunity into reality(Lussier and Kimball, 2019).
Planning
Conflict may arise in negotiation, therefore, one should be prepared about that and study
on which topic the conflict can take place and note the issues and if it arises, the time limit
should be set, so that the negotiation or the disagreement does not continue for long(Giant,
2019).
Ground Rules
The issues which will be taken in negotiation along with the pre-determination of rules
and procedures to be abide during the process with the Lloyd Bank. Also, the demands,
objections and proposals will also be exchanged during this process.
Clarification
Justification of the original demands and also exchanging knowledge between both the
parties about the importance of their demand and its result will be discussed by both Cuisine
Coffee and Lloyd Bank.
Solving Problem through Bargaining
The problems by Cuisine Coffee will be stated and the solution through proper
negotiation process by both the parties will be taken and concessions will be made accordingly
(Dinnar and Susskind, 2019)
Implementation
It is the last stage where the agreement will be formalised by both the parties, along with
the procedures set for its implementation, monitoring and controlling.
Outcomes of Pitching and Negotiation
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At pitching stage, it is important for the company to be more ethical and reliable. Pitching
can have various outcomes, such as Hire: There comes the situation when the customer is satisfied with the pitch delivered to
him, when satisfied and finds it relatable and knowledgeable in accordance to the needs
and demands then its called Hire, that is Pitch is accepted. Fire: When the customer does not get influenced by the pitching process and in result
does not accept it in that case, it is said to be Fire. It happens in cases when differences
come in what they want and what is delivered to them and they remain unsatisfied with
the services(Dawson, 2018). Advance: In this situation, the customer nor accept the pitch, that is; Hire, and neither
rejects it, that is; Fire, the third option which is Advance is opted, which means no surety
is their about the decision(Horton, 2016).
 Continuation: The most familiar outcome of a pitch is continuation which is the least
desired outcome as in this case the client is quiet and wastes time by not responding in an
appropriate way to the pitch.
CONCLUSION
From the above study it negotiation is very helpful for company to avail and settle
disputes can deal greatly with all business concerns. The contractual agreements and RPF helps
the company to reduce its costing and can easily mitigate the risk factor which avail in their
business and gains a huge profit maximization.
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REFERENCES
Books & Journals
Dawson, C., 2018. 100 Activities for Teaching Study Skills. SAGE Publications Limited.
Dinnar, S. and Susskind, L., 2019. The Entrepreneurial World. In Entrepreneurial
Negotiation (pp. 13-40). Palgrave Macmillan, Cham.
Elenurm, T., 2016, April. Entrepreneurial Orientations as a Factor of Corporate Governance
Priorities. In International OFEL Conference on Governance, Management and
Entrepreneurship (p. 184). Centar za istrazivanje i razvoj upravljanja doo.
Giant, N., 2019. Life Skills and Career Coaching for Teens: A Practical Manual for Supporting
School Engagement, Aspirations and Success in Young People aged 11–18. Jessica
Kingsley Publishers.
Horton, S., 2016. The Leader's Guide to Negotiation: How to Use Soft Skills to Get Hard
Results. Pearson UK.
Lussier, R.N. and Kimball, D.C., 2019. Applied sport management skills. Human Kinetics.
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