Advanced Negotiation and Pitching Skills for Business Professionals

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PITCHING AND NEGOTIATION SKILLS
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Executive Summary
Business organizations and corporations are expected to be negotiated with several diverse
areas of conflicts that are associated with organisations. Diverse issues and ideas that can led
to the solving different circumstances arise in an organisation in their normal course of
business. It also includes different business ideas and opportunities that are referred to the
process between two different parties of an organisation along with their agreeable
conclusion. This study also focuses on determining negotiation and key stakeholders during
negotiation process and explains different RFP process along with relevant types of
documentation required and formal response.
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Table of Contents
Introduction................................................................................................................................4
Task 1.........................................................................................................................................5
What is a negotiation in the business context.........................................................................5
The key steps for negotiating and generating business deals.................................................5
The context of negotiation and the importance of key individuals in a negotiation..............7
How to gain the best deals/contract........................................................................................7
How to generate new business and win deals.........................................................................7
Tendering for contracts...........................................................................................................7
Preparing for negotiation through a request for proposal (RFP) form.......................................9
Responding to RFP – creating a business proposal..................................................................10
The contractual process and agreements..................................................................................12
Critically evaluating competitive tendering and contract process along with recommendation
for successful tender.................................................................................................................13
Task 2 [LO3 and LO4].............................................................................................................15
2.1 Request for proposal (RFP)................................................................................................15
Responding to RFP..................................................................................................................15
Developing an appropriate pitch with key principles for achieving sustainable competitive
edge..........................................................................................................................................16
Examining pitching process along with evaluating ways for maximizing the chance of
successful pitch........................................................................................................................16
Pitching Process.......................................................................................................................16
Assessing the potential outcome of a pitch..............................................................................17
Determining how organization fulfil their obligation from pitch along with identifying
potential issues.........................................................................................................................18
Recommending ways in which an organisation fulfil their post pitch obligation and potential
issues........................................................................................................................................19
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Conclusion................................................................................................................................21
Reference list............................................................................................................................22
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Introduction
Pitching and negotiation skills is important as it provides a comprehensive overview of skills
that are related to pitching and negotiation for acquiring new contract that are generally based
on agreed terms. Business organizations and corporations are required to negotiate with
several diverse areas of conflicts that are associated with organisations. Diverse issues and
ideas that might incur in solving different circumstances for solving issues which might arise
in an organisation in their normal course of business; It also includes different business ideas
and opportunities that are referred to the process between two different parties of an
organisation along with their agreeable conclusion. These particular skills help in facilitating
solution in which problems are required to be accepted by both the parties for validating these
processes such as pitching and negotiation skills. The pursuance for solving a conflict issue
that is associated with business operation along with different steps. There several steps that
is included in negotiation process and equalising the interest of both parties which are under
some conflict. In this study, different aspects of negotiation skills and pitching have been
discussed in which key steps for negotiation and key stakeholders have been included. It also
includes the RFP process for competitive tendering along with relevant documentation.
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Task 1
(Refer to booklet)
What is a negotiation in the business context?
Negotiation
Negotiation is a process of method by which parties or people settle their issues and
differences which are included in their contract. As per Adriaensenet al. (2019), negotiation
can also be coined as the process in which compromising and contracting is to be achieved
for avoiding the arguments and disputes in the contract which might arise in normal course of
business. In case of any disagreement, each parties or individuals is required to have the aim
of achieving the best possible outcome that are associated with their position along with
seeking mutual benefit for maintaining a better relationship among the partners for successful
outcome.
The key steps for negotiating and generating business deals
Evaluating key steps and information required for negotiation and generating deals
Steps for negotiation are required to be followed for achieving desirable outcome which it
might be useful for following the structured approach for negotiation. In certain work
scenarios, meetings are required to be arranged with the parties that are involved for
successfully validating the negotiation process.
Preparation
Preparation is the step which is taken before any negotiation where all meetings are required
to be considered which helps in discussing the problem and personnel for attending the
problem. Cooke and Zaby (2015) have mentioned that a limited time scale is required to be
set that helps in preventing of disagreement along with clarifying own position. This
particular step includes all pertinent facts which are associated with knowing the rules of an
organisation along with their appropriate ground of refusal. The organisation is required to
have certain policies that help in referring to the preparation of negotiation. It also undertakes
preparation after discussion that help in avoiding further conflicts that waste times
unnecessary during any meeting.
Discussion
Discussion is the stage which includes individuals or member of each side of negotiation they
put for understanding the situation. Dygert and Barrett (2016) have mentioned that it is also
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helpful to take notes of the step of discussion along with recording all points that are required
to be presented for more clarifications. It is also important to list during any disagreement
takes places with the mistakes and providing equal opportunity to each parties.
Clarifying goals
The discussion and goals along with interest are required to be considered for both of the
disagreement along with further clarification. Goals are required to be clarified which helps
in negotiation process without any kind of misunderstanding that are likely to be associated
with barriers that causes problem in the overall process.
Negotiate towards a win - win outcomes
This particular step focuses on the side that makes the parties feel special or positive in the
overall process of negotiation. This point of view is required to be considered that should be
their ultimate goal. As per Faff et al. (2017), alternative strategies are required to be
compromised with the point that often utilized by positive alternatives that helps in achieving
greater benefits that are compared to the original positions.
Agreement
Agreement is the mutual understanding between parties in an organisation that understands
the viewpoint of interest and acceptable. Agreement is essential which helps in keeping open
minded for achieving acceptable solutions. Agreements are required to be clear in between
the parties so that both of the parties know that what has been decided in the overall
agreement.
Implementation of course of action
The courses of action that are decided in the agreement are required to be carried out along
with decision. The decision that has been taken into consideration in the agreement is
required to be implemented in their normal course of action. Failure of agreement puts a
negative impact on the overall negotiation process which are required to be mitigated with
rescheduling of meeting and other process (Faff, 2015).
In case of negotiating the general deal helps in getting of cheapest possible right prices and
negotiation includes some factors such as delivery times, terms of payment and quality of the
goods that are supplied from the suppliers. Most of the business owners views a good deal
that are required to meet all of the requirements along with considering other factors for
enhancing other factors with the particular suppliers.
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The context of negotiation and the importance of key individuals in a
negotiation
Key stakeholders during negotiation process
Stakeholders are the person who is directly affected by the overall outcome of a negotiation
process or decision-making process. In a negotiation process different stakeholder of an
organisation are associated with the process that includes their customers and suppliers. In
case of any negotiation process, identification of stakeholders is important as they are the
main people who actas parties in a negotiation process. Based on the viewpoint of Callister
and Love (2016), key stakeholders consist of providers which are associated with suppliers
and partners along with users or beneficiaries which includes customers and staffs. It also
includes influencers which are associated with media, trade unions and local group interest.
Identification of stakeholders also includes governance which includes boards, audit
committee, regulatory boards and steering groups.
How to gain the best deals/contract
Gaining a best deal contract is required to sell who would provide lot to the business which
also appreciates the customers that would helps in reaching of goals. Tracking of record in
the past purchases expect that are based on those purchases. The best deal can only be gained
by choosing the right track that helps in acquiring of information about the deal or contract.
How to generate new business and win deals
Generating new business consist of setting of bar that sets the amount for the new business
along with deals. Negotiating includes to be specific which would avoid confusion,
complication and problems in the later stage. It also includes trust that helps in generating
new business and wining deals.
Tendering for contracts
Tendering of contract at a basic level requires to be quote by giving a letter that applies
setting of contracts that is associated with specific tendering process. A tender helps in
clarifying the aims along with strength and weakness that raises the profile of the customers
about a successful contract. Details of the contract are required to be evaluated along with
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building contracts with the potential customers. Tendering for contract includes disclosure of
factors that held by public bodies along with protecting personal information.
Factors of negotiation
Negotiation process helps in mitigating a fraud process and consists of several issues with
conflicts. As opined by Brett and Thompson (2016), the owners of the business are required
to address the problem that directly affects the overall business operation within a certain
period of time. For instance, customers might opt to purchase their goods and services which
would turn on their overall productivity.
Communication
Communication is one of the issues that might be faced at the time of negotiating with
another party for some particular business operations. As per Floryanet al. (2017), if one
party in the negotiation process fails to hear some important part from another party then the
whole process of negotiation would become vague and there would be no validity of the
agreement. Therefore, during the process of negotiation all parties are required to speak
clearly to the parties and directly to each other along with explaining the problem that has
already risen in the overall process. All information and documents are required to be shared
with both the parties for better understanding in the overall negotiation process.
Give and take
The give and take policy in the negotiation is another major problem that is faced by both the
parties. According to Gasparuttoet al. (2016), during a negotiation process one party might
give something to another party for settling some issue but that are not reflected to the
agreement which might create some problem in later stage. Therefore, all give and take is
required to be clearly stated in the agreement that has been created between two parties for
better settling of facts. At the same time it can be said that negotiating without clear sense
where the deals are required to be closed within certain period of time. In case of a small
business it wills to give what has been asked and what is expected for closing the deal for
bringing negotiation in to a complete stand still.
Power dynamics
Negotiating with the process of power dynamics with the distributors that are associated with
the overall process of negotiation; Power dynamics is the difference between the powers that
generally exists between two people that are mainly based on catalyst for community.
Ensuring of power dynamics helps in maximising business resources that are associated
within their normal course of business (Gianiodiset al. 2017). The information that gain
support from non negotiable deals are generally favourable for the favourable deal.
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Resolutions
Resolution that is associated with negotiation process can be solved by brainstorming
solutions with other parties along with the techniques that helps in expressing the viewpoints
of each member. Scheduling of different time for meetings allows each group of members for
gathering additional information which might be useful for creating the agreement.
Preparing for negotiation through a request for proposal (RFP) form
Request For Proposal (RFP) Form
Project name or
description
Coffee shop business plan
Company name Cuisine Coffee
Address London
Background The background consists of the coffee shop which is providing
food items to customers along with maintaining its allocated
budget. It is small scale business and has newly thought of
expanding itself in the market.
Aim To propose a business plan
Budget £ 100000
Target audience Young and adult citizens
Procedure to set up At first the coffee shop is allocating the fund from the bank and
planned to hire around 20 employees to expand their overall
business. The raw materials are required to be purchased from
the old suppliers that provide support in the targeted market.
Table 1: Request for proposal (RFP) Form
(Source: Created by Author)
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Responding to RFP – creating a business proposal
Trying to grasp the request for proposal entails – The RFP entails what is included in the
overall business proposal in which a bank in London is to run a coffee shop that opposed to a
national chain.
Reviewing the components of the RFP – This process mainly reviews the overall component
that is present in the business proposal of Cuisine coffee shop. The components of business
proposal consist of estimated budget that would be required for starting the business.
Reviewing the prospects requirement – It is the process by which any disputes in the
business proposal that is for a particular business. It also responds to the entire question that
is raised during the proposal of the business.
Creating the business proposal – This particular stage creates the business proposal as
mentioned in the above table. This particular proposal by the bank is required to be sending
to the Cuisine coffee shop for running their business. If any issue is found in the business
proposal then the owner of the coffee shop is required to verify with the bank about the
proposal they have prepared.
Responding to objections – If there is any kind of objection in the business proposal prepared
by the bank then the owner is required to clarify the objection within certain period of time.
Presenting the proposal – If there is no objection in the business proposal then the bank
would present the business proposal to the Cuisine coffee shop for running their business.
Explaining the RFP process along with relevant types of documentation required and formal
response
Request for proposal (RFP)
Request for proposal (RFP) process is a type of document by which an organisation with the
posts for elicits response along with formal bid from the potential vendors. Inspired from
Groves et al. (2015), these potential vendors are required to be requested for the proposal for
a desired information technology solution for better outcome in the business. This particular
request for proposal (RFP) points out what customers wants and describes every evaluation
on which each vendor would be assessed along with their proposal.
Inclusion and importance of request for proposal
A request for proposal mainly includes background that is associated with issuing of
organisation along with set of specification that describes the solution along with evaluation
criteria. Request for proposal contains section that mainly coined as statement of work along
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with defining the scope of the services and goods that are provided to the customers.
According to Jordan and Bak (2016), it also includes guidance to bidders which helps in
making of preparation of proposal along with responses for construction and organised in a
particular way. A request for proposal is important for an organisation it clearly defines the
complexity which are directly associated with information technology. The company can call
for a formal request for proposal that provides benefits to multiple bidders and perspective for
seeking integrated solution that consist of integrated technologies and vendors along with
potential configurations.
It is important when a business is moving from paper-based system to computer-based
system as it requires some proposal for all hardware and software that are required to be
established for integrating into a new system. Some of the entities such as governmental
bodies required to issue some request for proposal that helps in boosting their competitions
for driving down their total cost that are incurred in their overall business operation (Keller et
al. 2017). The proposal would be accepted on the basis of responses such as the most
responsive one would be accepted that matches with request for proposal specifications along
with lowest bid prices of the proposal.
Request for proposal process
Request for proposal process starts with drafting of the proposal process and the bidders
reviews the drafts and documents and then submit it for the overall process of improvement.
A business organisation might use request for proposal for inviting the prospective bidders
for solving any issues that might face in the overall process. Mell (2017) have stated that the
bidders can ask question about the document that is solicited in nature along with learning
more about the project. The final request for proposal mainly reflects the overall feedbacks of
the bidders that are received during the stage of drafting along with issued bidders. Moreover,
the customers might select the bidders and enter in to the process of negotiation that are based
on technical knowledge and pricing. After each process the customers might invite the
remaining bidders for final proposal and final offer to the highest bidder.
Documents for request for proposal
Request for proposal consist of disclaimer along with the contents that consist of agenda
which are issues according to the clause. The documents consist of instructions to bidders
along with evaluation of bids which includes different rules and regulation of the bidding
process. As mentioned by Opt (2017), it also consists of detection of frauds and corrupt
practices which might provide hamper to the overall process of request for proposal. Some
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