Business Report: Analyzing Pitching and Negotiation Skills for Success

This report delves into the crucial aspects of pitching and negotiation skills, highlighting their significance in business development and conflict resolution. It explores the roles of stakeholders in the negotiation process, emphasizing the importance of effective communication, cooperation, and strategizing. The report also provides a detailed examination of the Request for Proposal (RFP) process, outlining the necessary steps, including crafting documents, identifying stakeholders, creating vendor shortlists, following up, and conducting final evaluations. Furthermore, it addresses the effective management of RFP documentation to attract vendors and streamline collaboration. The report concludes by summarizing the vital role of pitching and negotiation skills in fostering successful business outcomes, eliminating conflicts of interest, and securing new contracts.

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 and stakeholders in this process.............................................................3
P2 In formations and steps required in negotiation process........................................................4
P3 RFP process and required documentations.............................................................................5
P4 Ways of managing documentation.........................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8
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INTRODUCTION
Negotiation and pitching sills plays an important role as it allows parties to eliminate
conflict of interest or winning new business contract (Krukowski, 2019). These skills plays
important role in running new and small business as well as managing functions of business.
This present study is going to show importance and roles which stakeholder representative play
in the process of negotiation. For launching a new product pitching skills play an important role
and for solving problems negotiation plays an important role. Further, it will also show steps
included in RFP procedure or document.
P1 What is negotiation and stakeholders in this process
Negotiation refers a process or a method by which people settle differences and come on one
decisions. Negotiation eliminates problems and condition of conflicts. Negotiation skills plays an
important role in any field and at all levels as it allows people to compromise and solve problems
or conflicts of interest. But negotiation process is not an easy process as it takes too much time
and requires skills for coming on a final decision (Brett and Thompson, 2016).
Stakeholders representative in the process of negotiation plays an important role as they
are being selected on the behalf of a large group in this process. Coming on a final decision can
take too much time and people as listening perceptions of all people can take time and it is a long
process so selecting stakeholder representative for negotiating is a vital for making this
successful. There are requirements of having some negotiation skills as it allows both parties to
reach a compromise or settle differences. Some skills which stakeholder representative who talks
on behalf of parties of negotiation requires having communication, cooperation, active listening
and strategizing skills.
Understanding all these skills is one of the main steps of becoming negotiator. Stakeholders
plays an important role in the whole process as they limit numbers of people in this process
which get involved in working out details of an agreement is more efficient. Other main
important task is to select stakeholder representative who can handle negotiation process.
Selection of stakeholder representative is mainly depending upon the type of conflict which
needs to be solved and negotiated (Young and Ampntel Chafiz, 2019). Often selection of
stakeholder representative is depend and being selected on the basis of majority of votes given
by all people and on the basis of votes by considering all factors like their experience, skills,
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knowledge and way of talking of people with others. So, overall it can be said that negotiation
skills and stakeholder in this process play an important role in an organization and at many
stages or fields.
P2 In formations and steps required in negotiation process
Negotiation is not an easy task as it is time consuming and difficult process. But it can be
made successful when people have skills, knowledge and of they follow all steps of negotiation
process in an effective manner such as:
Planning and preparation: Before making a plan about ways of negotiation it is
important for stakeholder representative and people to have knowledge about the type of conflict
and the reason of requirement of negotiation (Fernandes and Machado, 2016). They need to
identify causes, involved people and all details related to negotiations on which basis they can
make plan about using strategies and content. After that it is important to finalize a date or place
where and when this process is going to help as it can be decided when representative have
planning and all knowledge about it. They also need to prepare an assessment of what the other
parties’ negotiation’s goals are.
Knowledge of ground rules: After making plan it is important to define ground rules as well as
process with opponent or other party on the negotiation. One of the main topic which needs to be
discussed while talking and discussing with another party is selecting the main topic or the main
issue on which they are going to negotiate in order to identify as there is specific and easier
process for it or not (Ahammad and et.al., 2016).
Justification: After exchanging basic details and ground rules, both parties require to clarify or
justify their reasons or actual demands as what they want from this process. After listening
demands of each other’s they both need to discuss as what will be the best way or point on which
they can agree on and which can make beneficial to both to some extent.
Problem solving: It is also called bargaining stage in which concessions will undoubtedly need
to be made by both parties.
Implementation: It is the final step of negotiation in which agreement is being formalized or
final decision of the negotiation process in being done. For completing this stage or coming out
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on final decision both parties try to bargain situation or their demand in a systematic manner and
maintain each other’s interest (Steps of Negotiation Process, 2017.).
P3 RFP process and required documentations
A request for proposal is a document which solicits proposal which is being made
through bidding process by any company or agency who have willingness in procurement of a
commodity to their target or potential suppliers. There are some steps which are involved in RFP
such as:
Crafting document: In RFP process, document informs vendor about problems which issuer
requires and wants to solve. One of the main reasons of making or drafting this document by
issuer is to get effective response by vendor and fixing problems. There are requirements of
adding 4 main elements in document or RFP which issuer wants to deliver to vendor are: purpose
or reason of this document, demand or need which issuer want to get, ways of evaluation by
vendors and suggestions of ways and wish (COUNTY, 2020).
Identification of key stakeholders or completion clients’ discovery: After delivering or
sending RFP to vendor it is important for vendor to accept it and respond in an effective manner.
In this stage, it is important to identify stakeholders and uncover clients’ needs. They also allow
vendor to assist client in identifying needs as what they want. This discovery help vendor in
identifying actual and main reason as what issuer wants to get.
Creating a vendor shortlist: When vendor knows requirement of issuer and on which basis they
submit their proposal then issuer of RFP can start preliminary evaluation. At the time of
evaluation, issuer identifies subset of vendors who have willingness to address their problems
and needs. So, because of identification of vendor this stage is known as short listing. For
making this stage successful, it is important for issuer to analyse or view each proposal in a
detailed manner by comparing critical factors to vendor strength etc.
Following up: After short listing vendor by issuer they need to evaluate the document and other
elements in a detailed and in an effective manner in order to identify which vendor will win the
bid. For this issuer requires to engage shortlisted vendors, set scoring criteria, asking all
important and follow up questions and keeping themselves engaged or communicated with
vendor.
Final evaluation: At this stage, the RFP issuer should have a thorough understanding of what
each vendor has to offer in order to decide the best way of solving problem or taking decision
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(Kelly, 2016). For selecting the best decision they need to compare all vendors side by side. By
making a use of weighting score they select their final vendor and complete this RFP.
P4 Ways of managing documentation
It is important to manage RFP document after completing all stages of RFP process in order to
having or establishing a joint understanding and provide solution. An effective RFP is the one
who has ability to serve as a bridge between organization’s internal requirements and the
external vendors who will help in meeting objectives. But it cannot be said that it does not
only start and end with written document. It is stated that the best RFP sometimes become fail
in attracting vendors so it can be said that attracting vendors is one of the difficult task. One
of the best ways and effective thing which can help issuer in attracting vendor is having an
effective distribution plan or maintaining documentation which directs it into the right hands
(Cryts, 2019).
There are some ways of distributing RFP which can help issuer in attracting vendors such as:
 Screening vendors via online directories.
 Shortening the list by filtering it and evaluating all factors of vendors for memberships
in professional network.
 Tapping of own effective network for personal referrals.
By making use of new technology and having valid reason or proper documentations they can
attract vendors and can complete process. By maintaining effective communication with vendors
and having skills of influencing them and making them aware about importance as well as reason
of issuer of making or completing RFP. Streamline collaboration or taking help of seniors or
taking reviews of others in selecting vendor or making the best decision can also help in making
RFP successful and managing documentation.
CONCLUSION
From the above study it has been summarized that negotiation and pitching skills played
a vital role in solving problems and also eliminate conflicts or conflicts of interest. Stakeholders
also played an important role in the process of negotiation and pitching skills as they try to make
problems settled. It has also discussed steps required in the process of negotiation or which can
make this process successful. Lastly, this report has shown steps of RFP and documentations
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which are required for making this process of solving problems by issuers and attracting vendors
in a successful manner.
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REFERENCES
Books and journals
Krukowski, K.A., 2019. Pitching Power: Increasing Alternatives Through Signals in New
Venture Funding (Doctoral dissertation).
Brett, J. and Thompson, L., 2016. Negotiation. Organizational Behavior and Human Decision
Processes, 136, pp.68-79.
Young, L.M. and Ampntel Chafiz, R., 2019. The Promise of Transparency: Stakeholder Views
on Changes to the EU Trade Negotiation Process. Estey Journal of International Law
and Trade Policy, 19(1753-2020-088), pp.115-132.
Fernandes, J.M. and Machado, R.J., 2016. Requirements Negotiation and Prioritisation.
In Requirements in Engineering Projects (pp. 119-136). Springer, Cham.
Ahammad, M.F. and et.al., 2016. Exploring the factors influencing the negotiation process in
cross-border M&A. International Business Review, 25(2), pp.445-457.
COUNTY, W., 2020. Request for Proposal (RFP). Cell, 714, pp.614-5859.
Kelly, R.L., 2016. Implementing an electronic medical record: Creating a request for proposal.
Cryts, A., 2019. How to Prepare a Successful Vendor RFP. AXIS Imaging News.
Online
Steps of Negotiation Process. 2017. [Online]. Available through
<https://www.iedunote.com/negotiation-process-five-steps>
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