Unit 44: Pitching and Negotiation Skills Assignment
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Added on 2020-12-29
Unit 44: Pitching and Negotiation Skills Assignment
Added on 2020-12-29
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Unit 44: Pitching and Negotiation Skills Perfect Pitch: Report
LO4 Assess the outcome of a pitch and negotiation.P6 Assess the potential outcomes of a pitch.There are different pitches outcomes and we can summarise them in four main categories:1.Silence-Not receiving an answer is quite a common outcome, and although some might say it is better than rejection, this outcome doesn’t allow you to move and make any decisions. A firm decision is always better than incertitude. If the party you negotiated with tells you they will get in touch in, for example, 2 weeks, be patient and don’t try to reach to them sooner than the term given. Delays might occur, but sometimes you should ask yourself If the wait is worth it.If the wait is longer than professionally acceptable, it would be useful to enquire. 2.Rejection-Rejection is a clear answer than can allow you to move forward. Rejection can occur, however, do not burn bridges or act unprofessional If this occur. After rejection, enquire about your results and maintain relations for future projects. 3.Conditional Offer-Some companies might ask you to reach certain milestone and criteria before moving forward with the project. Some terms and conditions might be subject to negotiation. Conditional offers are quite common, and they represent an opportunity to correct certain aspects of the pitch. Terms that are usually subject to negotiation are: deadlines, budget, policies. Considering the previous Case study, the negotiation between the RFP issuer and the Coffee Shop might produce the following outcomes: The insurance agreements for the new Coffee shop, on the premises of CityBank's headquarter, are an extension of the insurances of the existing Cuisine Coffee, the Shop expects the RFP issuer to cover half of the expenses for these insurances. The Bank might re discuss this request and say that The Shop won’t require to pay rent or other utilities bills when operating on the premises of the Bank’s headquarter. On the other side, theShop might highlight their social contribution and the need of sources to supportsocial programmes. Another factor that is often negotiated is concerned with deadlines, for example, The Bank might need the Shop to open sooner. 4.Positive firm decision-This type of decision is clear and enables you to proceed with the plan. P7 Determine how organisations fulfil their obligation from a pitch, identifying potential issues that can occur●When winning a pitch make sure you can deliver what it’s been requested and what you said you would.●Respect deadlines and budgets, although, there are occasions that can cause delays: natural disasters, third parties, casualties. The Shop should make sure
these eventualities are stated when signing the final contract. Furthermore, having good insurances would help with covering extra costs. ●Always complying with the law and deliver high standard food/services. The riskis to incur in health & safety policies breach. This will ruin the Shop’s reputation and future collaborations but would also damage the Banks’ image. ●Regular meetings and full cooperation to fix issues when they arise and to implement relationships. ●Provided invoices and financial reports, be transparent. M4 Recommend ways in which an organisation can fulfil their post-pitch obligations, highlighting any potential issues.Let’s consider a successful outcome and the steps that follow the pitch negotiation. If successful, the Coffee Shop should meet the Bank Group as soon as possible to arrange activities, define deadlines and budgets, implement the contract. The contract might need enforcement and changes that will affect Coffee Shop’s old contracts with other parties such as suppliers. This is a risk to consider prior to the final contract. The Shop should inform his old partners about the changes and how this will affect them to maintain good relationships but also to make sure he will fulfil his obligations when opening the new shop. Audit and licenses ought to be sorted according to the law beforefinalizing the deal. The Shop has the duty to provide high standards equipment as statedon his RFP answer. Failing to provide the right licensed and improvement from an audit can result in fines, time waste and deterioration of relationships. Key performance indicators are a useful tool to measure the Shop’s performance. The business plan provided by the Shop indicated regular reports to the Bank, therefore, having an interpretation key that both party recognise would prevent from misunderstandings and help with monitoring both parties’ operating. Both parties agreed on the importance of Corporate Social Responsibility and the Shop stated its commitment to embrace the Bank’s project. As this is an essential element of the RFP, The Shop should maintain its promises and start cooperating on different social programs. The risk is to focus more on the financial and practical part of the contract ignoring the different shades of the RFP. Finally, the official contract that all parties will sign should include all the details and agreements discussed. Oral agreements do not have the same validity of paper one and the risk is to avoid certain obligations because not stated on the paper and signed.
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