Comprehensive Report: Pitching and Negotiation Skills and Strategies

This report delves into the critical skills of pitching and negotiation within a business context, using Walmart as a case study. It defines negotiation and its importance, outlining the key stakeholders involved and the reasons for its occurrence. The report then details the negotiation process, including steps and required information. Furthermore, it explains the Request for Proposal (RFP) process, including necessary documentation like statements of work and offers, and the contractual process, covering contract selection, information gathering, and document management. The report also focuses on developing an effective pitch, emphasizing key principles for achieving a sustainable competitive edge, such as brand loyalty and innovation. Finally, it assesses potential outcomes of a pitch and outlines how organizations fulfill obligations and address potential issues. The report provides a comprehensive overview of these skills and processes essential for business development and success.

Pitching and
negotiating skills

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Determining what is negotiation, why it occurs and key stakeholders in negotiation
process.........................................................................................................................................1
P2. Key steps along with information required for negotiation along with generating deals.....2
TASK 2............................................................................................................................................4
P3. Explaining RFP process along with relevant types of documentation required....................4
P4. Explaining contractual process along with the ways relevant documentation is managed
and monitored..............................................................................................................................5
TASK 3............................................................................................................................................6
P5. Developing appropriate pitch applying key principles which achieve sustainable
competitive edge..........................................................................................................................7
TASK 4............................................................................................................................................8
P6. Assessing potential outcomes of pitch..................................................................................8
P7. Determining the ways organisations fulfils obligations from pitch, identification of
potential issues which can occur..................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In the competitive world, skills associated with pitching and negotiating are crucial to
manage and run business or remaining part of dynamic addition to innovative workforce.
Negotiation is mentioned to a dialogue, interaction, process and strategic discussion among
entities or people who compromise for agreeing on matters related to mutual interest at the time
of optimising individual utilities (Andrews, 2016). Similarly, pitching refers to presentation
given by people to either individual investor or group of investors for the purpose of securing
funds and resources requires for making profits and business sustainability. To understand about
pitching and negotiating skills, Walmart is considered which is one of world’s largest retailer
that sells electronics, jewellery, grocery and other essential household products. It has approx 2.2
million employees working at global market.
The present report evaluates context of negotiation, identifies required information for
preparing for negotiation, manage documents associated with tenders and contracts. It also
develops a pitch for attaining sustainable competitive edge and assesses outcomes of negotiation
and pitch for company.
TASK 1
P1. Determining what is negotiation, why it occurs and key stakeholders in negotiation process
Definition of negotiation
Negotiation is defined to strategic discussion which resolves issues in effective manner
that parties find acceptable. In other words, it is said to an open process wherein individuals or
companies work together in order to formulate agreements related to issues of dispute. In case
with Walmart, the aim of negotiation is to generate sales demand, networking opportunities and
securing more effective and favourable deals. Through negotiation, the entity achieved success in
increasing organisational profits through reducing cost price of its offerings, enhancing
relationship and increasing footfalls in market (Baird, 2016).
Reasons for occurrence of negotiation
In every business, negotiation occurs as it is crucial element which comes in various
agreement areas including reduction of debts, improving contractual conductions, gaining better
business deals and lowering sales price of product. As per the case study of Walmart, following
reasons are identified due to which negotiation occurs:
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 Fixing price and quantity of offerings: In Walmart, the main reason of occurrence of
negotiation is to decision making of the company for fixing prices along with quantity of
groceries or other commodities with suppliers along with distributors with the hope of
purchase products at less prices and selling it on higher prices which increases business
profits.
 Renewing deals with entities: When business is planning to renew its deals with other
entities in the market then negation occurs (Dinnar and Susskind, 2018). In context to
Waitrose, negotiation occurred so to renew deals with various companies such as Frey
Farms, P&G etc in which provide commodities for selling in Walmart chain. It also made
the relationships between these entities stronger.
Key stakeholders in negotiation
In negotiation process, various people are involved who have huge knowledge about
commodities that they are dealing addition to have effective interpersonal skills for grabbing
most profitable deals for business. In case with Walmart, following are the stakeholders involved
in negotiation:
 Waitrose top executives: In context to Walmart, the top executives are the stakeholders
which are involved in negotiation process for sharing relevant information with internal
people to help them in understanding their roles and responsibility in dealing.
 Suppliers: In the negotiation process of Walmart, suppliers are also involved for
enhancing their relations and position with the entities. They builds proximities, shares
information, solves problems for resource procuring and helps in managing pricing issues
(Hardin, Zakrajsek and Gaston, 2015).
 Other people: These are investors, government, employees, mediator and shareholder
representatives that are also involved in negation process of company.
P2. Key steps along with information required for negotiation along with generating deals
Negotiation is the way or process to avoid arguing as well as coming to a contractual
agreement wherein both parties and companies feels satisfied. While various approaches are
there for negotiation tactics, the common steps of negotiation and making deals adopted by
operational manager of Walmart are as follows:
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Figure 1: Steps in process of negotiation. 2020
(Source: Steps in process of negotiation. 2020)
Preparing and planning: Prior to starting negotiation, it is important plan and prepare
about conflicts leading to negotiations among people involved as well as perceptions of
expectation conflicts. In this step, top executives of Walmart prepare and plans own goals and
understand terms and conditions related to conflict and its nature.
Defining ground rules: When managers develop planning and strategy, the next is
defining ground rules addition to processes with other companies over negotiation itself (Levitz,
2015). In this stage, operations managers of Walmart defines the duration, time constraints,
issues limited in negotiation and many more. In this stage, companies exchanges initial positions.
Clarification and justification: In this stage, both parties such as Walmart and other
companies includes P&G and so on explains, clarify and justify original positions addition to
demands. In case when one side disagree about something then discussion about disagreements
in claims terms reaches understanding point.
Bargaining and solving problems: Herein, both parties initiates towards give and take.
In bargaining process, managers of Walmart keeps their emotions check, uses effective skills for
negotiation and solves problems for emerging win-win results that is positive action course for
both.
Closure and implementation: It is final step in which formalisation of agreement works
out and important documents, procedures etc are developed for implementation, monitoring and
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closure. In case with Walmart, companies outlined expectations of all and further ensures to
implement compromises effectively.
TASK 2
P3. Explaining RFP process along with relevant types of documentation required
Request for proposal is the documentation as well as formal request that is posted by
company for elicit responses from multiple external people aiming for addressing problems of
issuer (O'brien, 2016). It is important for company like Walmart in order to enhance service
quality along with meet satisfaction of wide customer base in domestic and international market.
The key elements of request for proposals are project overview, proposal guidelines, project
description and requirements as well as project deliverables and scope. The RFP process which
is applied by operations managers of Walmart is as explained:
Identifying needs: in this stage, operations manager of Walmart identifies business needs
to request for the proposal with supplier or vendor in the market.
Finding suppliers: Once need are identified, the next working of managers of Walmart is
to find suitable supplier who have potentials to assist in resolving needs and meeting them
effectively. Some of identrified suppliers of Walmart that provides its products for selling
includes P&G and many more.
Develop sourcing: When managers of Walmart finds suitable supplier, they develops
sources to approach them and have communications with them through various mediums.
Negotiating with suppliers: Herein, top executives uses effective communication skills
for negotiating terms and condition, pricing and other necessities with suppliers so to work on
the proposal.
Purchase order: Once negation with suppliers are done then next is making purchase
order through vendors in order to meet developed needs (Pandey, Pandey and Kothari, 2016).
Dispatching or delivery: In this, suppliers of Walmart delivers the order that is demanded
by the company against contractual terms and agreements.
Payment: In this, Walmart managers makes payment for the purchase order and further
offer them for selling purpose after setting prices on them.
Record or aftercare: In this stage, managers of Walmart records each transaction and
keeps records of all data.
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Documents in RFP process
Statement of work: It is the document in which operations manager of Walmart defines
manner of workings with vendor. In this, all the details related to purchase order, time of
delivery, prices and so on are defined in clear manner.
Offers: It is another document which is used in procurements in request for proposal
(Peppler, 2017). It includes proposals, quotes and bids which are made by entity such as Walmart
or other potential suppliers for prospective clients.
Request for quotation: It is also a document that is used by Walmart in request for
proposals. Through the document, the company discusses with bidders and considers prices as
only factor for selecting effective bidder.
P4. Explaining contractual process along with the ways relevant documentation is managed and
monitored
Contractual process
Contractual management is said to the procedure that is undertaken by managers of firm
for managing contract development, implementation and analysis. In case with Walmart, agenda
of contractual management is for maximising performance of business in context to operations
and finance (Pyles, 2017). The contractual process which is considered by operations
management of Walmart to effectively manage contractual system is as follows:
Figure 2: Contractual process. 2020
(Source: Contractual process. 2020)
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Selecting a contract: In this stage, managers of Walmart selects a contract. A contract is
defined to an agreement among two parties which creates responsibility that is recognised by law
and is enforceable in nature.
Collecting necessary information: In context to Walmart, necessary information related
to contract and its services are collected so that further delays are avoided and workings are done
on time.
Choosing negotiator: Operations manager of Walmart selects a negotiator who have
responsibility for designing and reviewing contractual agreements with other parties. The
negotiator has key skills that benefit the entity in winning situations in disputes or contracts.
Contract Review Process: The entire practices for managing effectual contractual
system in contract are reviewed properly with the hope of achieving success in completing
working as per defined terms and conditions in contract.
Contract signing: It is last step in contractual process in which top executives of
Walmart signs contract with external parties by keeping mentioned steps up to date.
Ways in which documentation are managed and monitored
The ways in which managers of Walmart manage and monitor documentations are as
follows:
 By strategically naming as well as storing files related to contract is good way for the
entity to manage and monitor documents as and when required (Rogers and Davidson,
2015).
 Through implementing appropriate quality control system which restricts bypasses or
wrong usage of documents is opted by Walmart for managing addition to monitoring all
the relevant documents.
 Managers of Walmart properly synchronise each documentation which makes
management and monitoring of necessary document in easy and effective manner.
TASK 3
P5. Developing appropriate pitch applying key principles which achieve sustainable competitive
edge
Pitch is defined to the presentation given by organisational people to multiple investors
(Shapiro, 2015). In Walmart, managers develops pitch with the objective of securing funds,
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resources and other necessities that are essential in ensuring productivity, profitability and
sustainability in competition. For effective business pitching, presenters are required to inculcate
organisational competitive benefits.
Key elements of pitch developed by Walmart managers are as follows:
Purpose: To stimulate interest of investors for raise funding in the business.
Audience: The main audience of the pitch developed by Walmart are potential investors
having large funding.
The essential principle which managers of Walmart need to apply for accomplishing
sustainability in competitive edge is as follows:
Brand loyalty: The principle is based on the concept that creation of brand loyalty results in
establishing long term relationships with customers and other stakeholders that helps in business
in achieving competitive edge for huge duration. In case with Waitrose, application of the
principle assist the entity in developing strong loyalty of customers towards entity and its
products which create competitive edge in retail market.
Innovation: Principle of innovation says that investors are only interested in those business
that have something unique and innovative in offerings, production methods and distribution
(Winder and Dowlatabadi, 2019). At the time of pitching, managers of Walmart are required to
apply the principle to attract investors towards its innovative products and services that enhances
chances for attaining sustainable competitive benefits.
Networking: Principle of networking says that a business is required to build and maintain
relations or networks with large people including designers, vendors, distributors and many
more. In context to Walmart, application of principle assist in maintaining and improving
networks with large suppliers, strong investors and using online sources for hiring competent
employees that gives competitive edge in sustainable manner.
TASK 4
P6. Assessing potential outcomes of pitch
In business pitch, presenters makes effective attempts and efforts for pitching investors. All
workings are dependent on skills and abilities of presenters that determine rate of success for any
pitch. Contingency planning is effective measure to deal with rejection from investors as it helps
in maintaining normal operations of company and ensures that least turbulence are created when
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any rejection occurs from investors (Andrews, 2016). Pitching helps the business in maximising
opportunities, identifying goals, answering questions of investors properly and making business
successful.
In association to Walmart, following are outcomes of pitching investors:
Acceptance: For an entity, it is essential to impress investors via extensive skills together
with efforts. One effective strategy for organisational presenters shows acceptance of pitch from
investor’s side. In context of acceptance, two types of outcome generates for Walmart. One is no
shop agreement in which the firm is requires to get signed by investors which refuses the
company to interact with other investors. The other outcome is making interactions with multiple
investors through acceptance of pitch (O'brien, 2016).
Rejection: This type of outcome is rare for entities in which they receive completely no
from investors. in context to Walmart, there are certain factors that stimulates investors to reject
offerings made by the business. it is seen that one of main reason for which investors reject the
deal is ineffective communication in presenter about business and its strategies. Other reason is
negligence of investors for elements presented to them by company.
Come back later: It is also outcome of pitching in which investors suggest some
improvements to company. in case with Walmart, investors wishes to witness certain hard hitting
done by entity prior they engage in activities. the entity has huge potentials to formulate strategis
and policies that help in attaining milestones. With this, they can later again approach to
investors.
P7. Determining the ways organisations fulfils obligations from pitch, identification of potential
issues which can occur
Pitching is the effective tool that managers of business use for searching out cause of issues
which occurs in as well as develops effective ways to resolve all effectively. With this, the
owners addition to concerned people takes immediate actions in order to gain success in
managing and operating entire functions and operations appropriately. One of the way through
which obligations from pitching are fulfilled by managers of Walmart is implementing entire
pitching process in proper manner. In this context, It is important to identify together with pursue
significant actions for meeting obligations from pitch (Shapiro, 2015). Another way that assist
the retailer in meeting obligations from pitch is analysing its business model and ensuring
performances of defined tasks appropriately. When the identified or set workings are done
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promptly and in the manner defined it enhances potentials to meet obligations arises from pitch
in effective manner.
Some of potential issues that can occur in Walmart are as follows:
 Failures for addressing concerns: It is possibility for Walmart that it can face failure sin
addressing concerns related to pitch in future. It is because the developed pitch is
prepared considering competition and to attract investors that can create issues in meeting
concerns (Hardin, Zakrajsek and Gaston, 2015).
 Huge dependency on formal pitches: It is seen that business managers are only
dependent on formal pitches in order to collect funds. But in case with Walmart, it have
various options in informal pitch to enhance investments. In future, dependency on only
formal pitch is going to be great issue for the entity.
CONCLUSION
The mentioned information concludes that it is crucial for entity to design suitable pitching
addition to negation skills for upgrading level of resources and funds in order to conduct daily
operations. The entire process of negotiation is based on assumption that companies involves are
willingly to communicate as well as generate offers or counter offers. In negotiation, key
stakeholders which takes part are top executives, suppliers and other people. Essentials
documents required in RFP process are statement of work, offers and request for quotation.
Essential principles which managers are required to apply for accomplishing sustainability in
competitive edge are brand loyalty, innovation and networking. Potential outcomes of pitch are
acceptance, rejection and come back later.
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REFERENCES
Books and Journals
Andrews, C., 2016. BBC micro: bit-a little bit too late?[IT education]. Engineering &
Technology. 11 (4). pp.30-33.
Baird, A. M., 2016. 21 st Century Workforce: Employers' Ratings ofImportance and Satisfaction
of Skills and Competencies College Graduates Needto Get Hired in the Northeast.
Johnson & Wales University.
Dinnar, S. and Susskind, L., 2018. Entrepreneurial negotiation: Understanding and managing
the relationships that determine your entrepreneurial success. Springer.
Hardin, R., Zakrajsek, R. and Gaston, B., 2015. The relationship between job satisfaction and
burnout in fast-pitch softball coaches. Journal of Contemporary Athletics. 9 (1). p.1.
Levitz, P., 2015. Will Eisner: Champion of the Graphic Novel. Abrams.
O'brien, J., 2016. Negotiation for Procurement Professionals: A Proven Approach that Puts the
Buyer in Control. Kogan Page Publishers.
Pandey, N., Pandey, A. and Kothari, D.A.K., 2016. Soft skills in defense services--need of the
hour. Macro and Micro dynamics for Empowering Trade, industry and Society, p.161.
Peppler, K., 2017. Interest-driven music education. The Oxford handbook of technology and
music education, p.191.
Pyles, D. G., 2017. A social semiotic mapping of voice in youth media: the pitch in youth video
production. Learning, Media and Technology. 42 (1). pp.8-27.
Rogers, T. and Davidson, R., 2015. Marketing destinations and venues for conferences,
conventions and business events. Routledge.
Shapiro, M., 2015. HBR Guide to Leading Teams (HBR Guide Series). Harvard Business Review
Press.
Winder, C. and Dowlatabadi, Z., 2019. Producing Animation 3e. CRC Press.
Online:
Stages in negotiation process. 2020. [Online]. Available through: <
https://www.masterclass.com/articles/how-to-negotiate#the-5-stages-of-the-negotiation-
process>
Contractual process. 2020. [Online]. Available through: <
https://rgw.arizona.edu/administration/negotiation-and-acceptance/contracting-process>
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