Detailed Report: Pitching and Negotiation Skills for Business Success

This report delves into the crucial skills of pitching and negotiation in a business context. It defines the negotiation process, emphasizing stakeholder involvement, and outlines key steps for generating deals. The report explores the Request for Proposal (RFP) process, detailing required documentation and its significance. It also examines the contractual process, including documentation measurement and monitoring. Furthermore, the report defines the concept of a pitch, outlining its principles and potential outcomes, alongside post-pitch obligations. The report also evaluates the pitch and identifies potential issues. The report covers various aspects of negotiation including the importance of negotiation skills, negotiation practices, the role of a manager as a negotiator, and examples of business negotiations. It also explains the RFP process, contractual processes, and the definition and principles of pitching.

PITCHING AND NEGOTIATION SKILLS

Table of Contents
INTRODUCTION...........................................................................................................................1
P1 Define process of negotiation and stakeholders involve...................................................1
P2, M1 and D1 Key steps and information required for negotiating and generating deals.. .2
P3 and M2 RFP process and relevant types of documentation required................................3
P4 and D2 Contractual process and how documentation is measured and monitored...........4
P5, M3 & D3 Define concept of pitch and its principles.......................................................5
P6 and M4 Potential outcomes of a pitch and their post pitch obligations............................6
P7 & D4 Evaluate pitch and identify its potential issues.......................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Pitching and Negotiation skills are essential for grabbing new deals on desired terms and
conditions. These skills are important for both small as well as large business. Negotiation skills
allow managers and leaders to manipulate the working of all other people in order to raise the
organisational profits. Pitching skills are beneficial while presenting new products or services as
it helps in increasing sales distribution opportunities. In different business, separate kinds of
negotiation occurs which ensure more stable deals of transaction. Negotiation skills are base of
managerial activities (Corken, 2016). This report will cover the overall working of negotiator,
key steps for negotiation practices. Further, it will also lay emphasis on pitch process and its
principles.
P1 Define process of negotiation and stakeholders involve
Negotiation is a process of settling differences and making compromises regarding
particular situation or incident. Its main purpose is to identify the solution without hammering
anyone's expectations and desires.
Negotiation practices can be of several types. In an organisation, a manager is the one
who encompasses the skills of negotiation. The main purpose of the manager is to settle down
the differences and ensure the growth and development of the organisation. Negotiation is also
interrelated with the term motivation and satisfaction. It is important for the managers to provide
such a solution which is in favour of all the disputed parties.
The concept of negotiation is very broad.
It also occurs while appointing new employees or workers. In an organisation, manager
plays role of negotiator several times (Spring, 2017). Discrete situations require precise
negotiation method. It occurs whenever the situation of disturbance occurs within the
organisation. This is a process of providing settlement to all the involved parties by keeping their
rights and interests in mind. In the given case, negotiation occurred when the managers of the
organisation after discussion with the human resource management team agreed to provide extra
salary and some benefit to their PA. In general, the role of negotiator is played by each and every
individual. Stakeholder involvement is the key to operate successful organisational practices.
Including sales managers, production managers and all other members in the negotiation process
is important due to some reasons.
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P2, M1 and D1 Key steps and information required for negotiating and generating deals.
The process of negotiation is based on five steps:
Formulating and Implementing Plan: Managers must have the entire information about
the disputes and conflicts before starting the negotiation process. They should also lay stress on
the past behaviour criteria of all the people involved for passing accurate decision.
Defining ground rules: In this step, the managers will conduct the schedule for starting
the process. Organisational members will decide the time and venue and inform all the related
parties for conducting process.
Reasoning and explanation: In this step, both the parties will justify their behaviour and
the occurrence of the event. This also includes giving each other the implementation of the issues
and specific reason behind it.
Dealing with the problem for solving the issue: After listening the whole situation from
all the parties involved, managers start discussing the outcomes they can apply for handling the
situation while making decision; it is also important for them to keep interest of the individuals
in mind. It’s their duty to pass unbiased decision.
Closure and execution: The last step is implementing decision. After overall discussion
about all the points and the situation, managers make the final decision in order to solve the
conflict or situation.
In every organisation, different types of conflicts and issues occur. Managers and leaders
should resolve the issues of the employees for ensuring sustainable growth and development.
Negotiation is a process which means solving problem in such a way that it does not hammer
emotions of any individual. It can also be termed as a skill to manipulate all the parties for
accepting the given decision (Della, 2016). Negotiation is a broad concept which occurs
differently in all situations. In the given case, negotiation occurs when the only asset of the
organisation started demanding more salary and facilities. There are several times when manager
act a negotiator for solving the conflicts and issues between the employees or anyone who are
working for the firm.. They present all the benefits and outcomes of the company in front of
candidates to persuade them to join. The one who encompasses good negotiation skills can deal
with each and every situation in order to maintain the organisational position.
Examples of Negotiation in Business: In late May 2012, CEO of Apple Tim Cook and
CEO of Samsung Gee-Sung Choi, come up in front of the judge in court in the U.S, in an attempt
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to reach at a negotiation in a high profile case occurring between the both organisations; U.S
patent case, a sobering example of negotiation in business.
P3 and M2 RFP process and relevant types of documentation required.
A Request For Proposal (RFP) is a legal paper which is used to present the needs of the
project for proposing solutions from qualified and trained people. In this process, company
announce that funds are available for a new project and program. This process is bit time
consuming; it takes around three and half month of time in its implementation.
Whenever the solution requires technicality and special capabilities, RFP is used. There
are also type of situation occurs when the decision has to be made on the product or service
which is non-existent in such type of cases also, RFP is used (Erlingsdóttir, 2015). Information
related to finance, economics, history, political and technical are also made by RFP. It includes
the entire information and all the details which are directly and indirectly related to the project.
RFP also represents the way of presenting the project in front of other organisation for seeking
approval. In each and every state of a country, the criteria of implementing RFP is different so
there is no as such golden rule for practising it but there are some general outlines which
organisations need to follow while proposing RFP.
Following steps are involved in RFP process:
 Setting boundaries for the project.
 Recognising counsellor and stakeholders.
 Defining the needs of the project
 Documenting RFP
 Draft creation process
 Circulation of RFP
 Reviewing responses
 If necessary, research novel technologies
 Tracking records of the vendors
 Selecting the best vendor
 Negotiating and Contracting
Background information of the organisation, short description of the project,
requirements and objectives of the project, budget and assigned date of the project, all the
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questions and information related to them, information about the contract and its deadline are
some information or documents which are required while proposing RFP.
Templates and examples written by other organisation for RFP are its rough idea or
detail, this is the initial point where there is no surety about the plans and policies related to the
program. Well-structured RFP will ensure efficient vendors and completion of project in a
desired manner.
The general terms and conditions that are involved in RFP are : rights of the city, interest
of city members, statement of equal opportunity, zero discrimination, requirements of disability
compliance, insurance, secured computers and privacy, harmlessness, subletting, transferring
interest, basic compliance, monitoring performance, contract and agreement, contractor
individuality, considering standard, records retention, practising data, inspecting records, law
applicability, resolving disputes and setting priority, advertising billboard, settling ethics,
terminating, materialistic ownership and setting security standards.
In top leading organisations like Apple and Samsung, business documents are very
important so as to provide the clear specification about the business.
P4 and D2 Contractual process and how documentation is measured and monitored.
The process of gathering and classifying data. Personal or classified information is
required while contracting or releasing assets. It is used for ensuring that contract is get
approved. Moreover, it involves constructing activities and practice involved parties can regulate
its working. The contractual process is based on five major steps:
 Step: 1 Determining the contract
 Step: 2 Gathering required information and data
 Step: 3 Selecting Negotiator
 Step: 4 Reviewing the process of contract
 Step: 5 Signing the contract
Contract is a legal document between two or more than two individuals who agreed upon
all the deeds and working of the organisation. Contract can be issued in private or public
industry, government-nongovernment or non- profit organisation. The legal contract is based on
the entire information, benefits and limitations of the organisation. It also includes all the legal
policies for ensuring lawful and fair business practices. Contract is a standard agreement which
helps in protecting all the rights and regulation of the individual and an organisation as a whole.
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It is essential to complete all the paper work before implementing any decision or
working process. Individuals should not engage in any formal activity without gaining all the
information related to it. All the written documents and papers must be signed by the authorised
personal for ensuring validation and verification of the contract. It includes collecting the entire
information related to the project.
The individuals with all the authorisation can only interfere in the negotiation process. No
other person can get into the process. In the given case, the firm Marks and Spencer is
responsible for extending and expanding agreements between all the other organisations. The
main focus of all the parties is to ensure liability, compliance with approved regulations, plans
and policies legislation.
Choosing a right negotiator is very important for ensuring successful lead of the plan.
Reviewing process can also termed as interfering in the process for forcing decisions and desires.
All the required certificates must be submitted with the contracting office for conducting review
process.
After scanning all the information, facts and figures that last step involved the signing of
the contract. In this step all the parties accept all the norms, rules and regulations to serve each
other and stand for each other and function business fairly in such a form that interest of not a
single individual gets hammered.
P5, M3 & D3 Define concept of pitch and its principles
Definition of Pitching: It is the method of delivering the plans verbally in front of core investors,
in order to make them invest in the organisation for the specific period of time. Pitching is the
verbal representation of the plans presented by the individuals of group of individuals.
The characteristics of the good pitch are: it should be up-to the mark, presentation should
not be too long, it should contain so many slides, the idea and the way of presenting the diea
should be clearly mentioned, it should describe all the benefits and limitations related to the plan.
The post pitch duties for the organisations are to conduct the brief study about the
presented plan to make it implemented in the working of an organisation.
Pitching is generally the verbal representation of the plans and policies so the first step is
to create the proper structure of the plan in order to make it significant and authenticated.
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Organisations need to concentrate on all the desires and expectations of the investors in
order to make the core investors of the organisation. The plans and policies introduced in
pitching should be implemented in working of the plans of the organisation.
Pitch should be presented in such a manner that it creates a impact on the mind of the
investors that they build the trust upon the organisation and ready to invest in the working of the
organisation. It also help in lay emphasis on the mind of the partners as it is all about building
trust and starts the new functions of the organisation.
In general pitching is the verbal presentation of the plan and policies of the organisation.
It helps in enhancing the standards of the brand by creating impact of the mind of investors and
all the other members of the organisation, a good pitch is must be easy to understand and should
be in very presentable manner.
Through pitch organisation tend to achieve long term relations for the organisation. It is
the method of developing new relations and outcomes within the organisation for enhancing its
future outcomes.
Observance and Clarity: This principles states that both sides need to be honest with
each other in order to maintain the trustful relationship. Clarity is important in all the decisions
and interests generally in some cases it has been seen that members maintain secrecy between
them related to the budget, data or any other important information (Hopmann, 2014). For
practising business honestly, it is important for the members to maintain and built trust within the
firm. Reverence: Involvement of trained and well-experienced persons is important. Constructing
and implementing plans should involve these persons for establishing well-structured policies.
Decision makers should get involved in the whole process. For implementing fair decisions it is
important for involving experienced members. Audacity: While managing the process of pitch it
is important for both clients and agencies to shoe courage and determination. The habit of saying
NO is very important for the clients so that agencies cannot cheat them. It is important for both
clients and agencies to be stiff about their choices and challenge bas practices.
Accessing and Navigating: It is important for the clients to understand the criteria of pitching. It
is essential for them to be available for pitching agencies for making pitch successful. The
activities of clients and agencies must be clear. The information related to the time, sequence,
decision making process is important to process evidently.Scheduling: Sometimes, pitching
becomes time consuming process.
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Power of common working:
5 P's of pitching:
1. Process
2. Preparation
3. Professionalism
4. Partnership
5. Payment
Sustainable Competitive Edge is long run advantage of a company over its competitors.
For maintaining its competitive edge it is important for the business to be creative and
innovative. Applying and acquiring chances in very important for conducting successful business
practices. These are assets, features or capacity of the business to handle adverse and difficult
situations. It helps them to sustain during the difficult situations and ensure long term success
over their competitors. Managing cost, disparity and emphasis are the three generic strategies for
achieving sustainable competitive edge. The competitive advantage is a benefit which
organisation receives by getting more loyalty of consumers than their competitors. Firm's
competitive advantage helps in receiving more returns from the shareholders. The most
important goal of any organisation is to achieve sustainable competitive advantage. The theory
states that low cost workers are universal and for maintaining good economy natural resources
are not essential. When advertising agencies present their creativity and innovation in-front of
the company, creative pitch occurs. It is a formal presentation of passing and receiving ideas. By
doing this, companies choose the best agency for preparing advertisements.
Business Pitch Example: For a restaurant, group of individuals planing to open a
luxurious Italian restaurant in down town London, because at presently there are no as such
restaurants over there.
For a technology, group of individuals wants to open mobile app company in Florida.
The company will provide mobile apps that will help the people in creating business related
plans by the use of their mobile devices.
P6 and M4 Potential outcomes of a pitch and their post pitch obligations.
Development of a perspective pitch takes place when experts and journalist combines
their work in such a way, both can share profit. It has been seen that experts are generally not
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satisfied with the performance of journalist and on the other hand journalist feel they don't have
proper content and information to make innovative questions. But the potential of pitch is
enough to solve such issues.
Pitching helps in recollecting the eliminated factors. The potential of the pitch is depends
upon its design and size, illustrations, heading, time balance and adding extra information. Pitch
does not have any physical appearance unlike most business plans, but it inter-related with all the
plans which are related to business activities.
Pitching is considered as an easy method of securing funds. It is a method of delivering
the business plan in-front of the target audience. The process of a business plan is filled with
dangers it the main responsibility of the organisational members to eliminate all the harmful
factors from the business (Lloret, 2016). For ensuring high growth and success rate, it is
important for the firms to maintain their consistency.
It is important for the organisation to stick to their commitments they have made with
their customers. The term pitching includes the concept of presenting and describing their ideas
and motives in front of the organisational members and targeted customers. Organisations post
pitch obligations are to maintain the quality in their actions and to provide best service to their
users.
Pitch is innovating new idea and implementing strategies. Potential issues occur when
organisations are capable of serving the customers but because of their demotivation and dis-
consideration they fail to do it. Post pitch obligations for the organisations are : Defining the problem: In order to resolve the issue, problem identification is the first and
foremost aspect. Implementing solutions: a smart entrepreneur must have all the skills to provide solutions
for all the problems.
 Identifying core market: For solving the problem, it is important for them to define the
problem and to identify the customers who are facing this problem. Managing competitors: competition is present in each and every business, it is important for
the organisation to maintain its competitors in order to maintain the position of the firm.
 Summarising financial matters: For presenting impactful product in front of the customers
it is important to follow the model of the business. Business model is a graphical
representation of debits and credits of the business.
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P7 & D4 Evaluate pitch and identify its potential issues.
Identifying key obligations is very important for the organisation to eliminate them.
Assessing main environmental risks from the business activities is important. Regulatory
working is also essential for eliminating liabilities and obligations, local authorities are reason of
some environmental regulation. It’s also important for the organisation to seek permission from
the environmental department if it is necessary because there are some business practices which
can affect environment adversely so in such cases permit from environment department is
compulsory. It is also mandatory to issue sessions for additional advices before practising
business which can cause any harmful effect on the environment.. Minimising the use of package
goods and services and storing wastage properly, disposing water properly, controlling burning
waste. These are some social individual responsibilities of one towards the environment. Pitch
obligations are the one in which companies ensure to protect all the interests and rights of the
customer by in directly promising them the quality of services. In future it will then turn into
obligation towards the individual ad the society (Slack, 2015). The occurrence of the potential
issue occurs when the individuals’ interests are not matched with organisational interests. In this
situation the one who is demotivated or less satisfied are not concerned with goals and objectives
of the firm. This can cause long run losses and customers level of dissatisfaction. For evaluating
pitch one should consider group members, validation of the market, commodity, model of the
business and soft skills.
For example lets say, Mark Dell has a business idea and he wants to raise some capital
from the investors, the vision of his idea is very technical and involve detail description
regarding each factor, but the investors does not have sufficient time to listen every aspect of the
plan, an elevator pitch is created by Mark which provides all the description in just few seconds,
thus it will helps the interested investors in gaining full information regarding the business plan.
CONCLUSION
From the above report, it can be concluded that Negotiation skills and Pitching are very
important for the growth and development of the organisation. It has also been seen that while
solving any kind of problem, it is important for the manager to keep interest of each and every
individual in mind. Managers should act as a negotiator in order to maintain positive working
environment. The report also lay emphasis on the process of the negotiation, it outcomes,
importance and variables. Pitching is a process which can help in increasing customer’s attention
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and their loyalty. It helps in recollecting eliminated factors. The main function of manager is to
be efficient in negotiation skills because the profitability, continuity and expansion of the firm
revolve around this process. A good negotiator can grab more profitable deal with their skills and
in turn, it will become beneficial for the firm.
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