Effective Pitching and Negotiation Skills for Business Deals

This report delves into the crucial aspects of pitching and negotiation skills within the context of business development, using Marks and Spencer as a case study. It covers the concept of negotiation, reasons for its incidence, and identifies key stakeholders. The report outlines the essential steps for negotiation, detailing the preparation, information exchange, clarification, bargaining, and conclusion phases. It further explains the RFP process, including requirements collection, drafting, evaluation, vendor selection, and contract completion. The contracting process is also discussed, emphasizing contract preparation, negotiation, approval, and execution, along with methods for managing relevant documents. Furthermore, the report explores how these skills contribute to achieving a sustainable competitive advantage. It concludes by examining potential outcomes of pitches and ways firms address concerns, offering recommendations for successful tendering while minimizing risk. This student assignment is available on Desklib, where students can find a wealth of resources, including past papers and solved assignments.

PITCHING AND
NEGOTIATION SKILLS

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
P1 Concept of negotiation and the reason behind its incidence and who the stakeholders
during negotiating process..........................................................................................................1
P2 Key stepladder and detail required for negotiation and produce deals..................................2
P3 RFP process and documents required....................................................................................4
P4 The contracting process and the ways through which relevant documents is managed........5
P5 Suitable arena affecting key values that attain sustainable competitive border.....................6
P6 The potential outcome of the pitch........................................................................................8
P7 The ways in which the firms complete their compulsion from a pitch by identifying
impending concerns....................................................................................................................8
Recommendations for completing a successful tender with minimal risk..................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Pitching and negotiating skills refers to involvement of two or more parties in order to
settle an issue. This is a procedure that majorly consists of certain compromise or an agreement
among parties while avoiding any kind of conflicts and disputes among individuals (Ghaffari,
Hackley and Lee, 2019). Hence, it is required for a company to understand the art of negotiating
as learning is the ability of general negotiation and applying them in the business operations is
highly important for the growth and expansion of the firm.
In order to illustrate the concepts related to pitching and negotiating skills, Marks and
Spencer will be chosen through which definite aspects such as negotiation, identification of the
required information, management of documentation and development of pitch to achieve
sustainable competitive age will be discussed. Apart from this, the study will also highlight the
thoughts related to outcome of pitching and negotiating will also be further elaborated in order
identify more understanding.
MAIN BODY
P1 Concept of negotiation and the reason behind its incidence and who the stakeholders during
negotiating process
Negotiation is a systematic procedure under which most firms resolved their varied
differences and get more advantages. It is significant to find the solution that must be
appropriate for both the parties. The major purpose is to satisfy each and every aspect by taking
best decisions in order to achieve particular outcome in most efficient manner (Gibson and et.al.,
2020). Negotiation is greatly considerable in order to settle down various differences or issues. It
basically occurs at the time of purchasing and selling of goods and services at which good
position has been occurs. It creates with mutual understanding and has share benefits for both
the parties to built strong relationship. Various reasons for negotiation are:
 To avoid dispute situations: This is the major reason due to which negotiation takes
place. As businesses have to deal with diversified situations under which appropriate
solutions must be required. It is related to distribution of work among employees as with
the help of this, company can able to optimise their resources at the time of business
operations within the work premises. In context of Marks and Spencer, they always
considers all kind of circumstances that can be potentially arises and helps to make better
1

decisions in order to resolve drastic issues in well structured manner. Various techniques
will be addressed in context of utilisation of available resources and allocate them in a
way so that desired outcome will be achieved.
 For creating win-win situation: The negotiation and pitching skills are greatly required
within an organization in order to resolve various conflicts and create a situation that is
highly suitable for both the parties (Faff and et.al., 2018). This helps in taking corrective
measures and creates a situation under which both parties feel significant to each other.
In M&S, such conclusion help individuals by making favourable decisions but for many
organizations it is highly difficult to handle as they do not have that much skilled
workers to make negotiation in efficient manner.
 Boosts morale of employees: It has been evaluated that best negotiation process is
appropriate enough to handle the situation and also encourage their employees in most
efficient manner. With the involvement of this the employees within the M&S are feeling
highly motivated as well as valuable. As the firm focuses over satisfying their employees
up to their core by providing certain extra benefits to enhance the overall productivity.
This makes the firm a good brand among their competitive establishments.
 Difference in behaviours and mindset: Within an organization, it has been identified
that different kind of people are working for the betterment of their firm and hence the
concept of negotiation arises from their itself as mutual agreements are always required
where different people of diversified mindset exists. Each and every person has their own
perception of doing work and to avoid this specific challenge, negotiation takes place.
P2 Key stepladder and detail required for negotiation and produce deals
The success of negotiation is directly dependent upon the planning and preparations done
for this specific procedure. It includes well structured strategies and tactics to execute the
process in favor of the firm by involving specific process of negotiation from preparation to
conclusion.
2

Negotiation procedure
As per the above diagram, it has been identified that the image consists of five stages such as:
 Preparation: This is the primary stage at which negotiation occurs. This involves
preparing both the parties to discuss, In order to prepare both sides discussion, possible
issues have been identified along with their most desired and least desired outcomes.
Then the manager of the M&S have to prepare a list of what concessions they are willing
to put over the negotiating table, understand the power of decision making, importance to
the relationship that has been given or the partner want to create and after that prepare
the best alternative solution to a negotiated agreement.
 Exchange information: At this stage, both the parties exchange their role with fulfilling
their own individual sides’ interests and concerns in uninterrupted manner. It involves
their aim that they are going to receive at the end of the negotiation (Mejía-Arauz, and
et.al., 2018).
 Clarify: In this step, both parties continue to discuss that they began at the time of
exchanging information by justification and encourage their claims. If one of the party
disagrees then discussion over the disagreement persists in calm and compose manner till
reaching a point of understanding.
 Bargain and problem solve: At this stage, problem solution exists with the help of
bargaining about the issues and come to the conclusion by negotiating over specific
3

solution. The nest negotiation is the one who uses best communication skills and comes
to the conclusions in most rapid manner.
 Conclude and implement: This stage arises after the discussion occurs over the problem
and final conclusion takes place after identifying the negotiate solution. In this
expectations are outlined by each party and the compromise will be implemented.
This negotiating procedure helps the Mark and Spencer in order to deal with their issues in
most efficient manner. The firm also utilizes above explained stages in order to deal with their
issues in most concise manner. In order to prepare appropriate conclusion or solution to the
problems, the information required from diversified people over their own perception towards
the challenge and their ways to handle such situation by concluding towards one common point
of solution (Dai and Dixon, 2019). It includes collection of viewpoints of leaders, relater, critic
person, recorder, expert and builder. They all acts accordingly to resolve the issues within the
M&S by making common solutions which is beneficial for both the parties.
P3 RFP process and documents required
RFP is a kind of formal request under which the issuer within the organization ask vendors
to submit proposal illustrating the ways in which the product or service has been offered or
addressed. It is a kind of proposal plan in which the establishments announce their funding for
specific program.
 Collects RFP requirements: It is associated with finding appropriate partner who are
efficient enough to understand the business desires. This ensures that the vendor
responds appropriately and a sense of understanding has been generated. The RFP should
inform the vendors about the issues with a hope to address. Certainly, it is in the best
interest to make this document as clear as possible.
 Drafting the RFP: RFP consists of questions and in order to simplify evaluations it is
helpful to keep the number of RFP questions as low as possible. Short RFP helps to
select appropriate vendor but also increases the time of completion and prevent helpful
vendors from declining to respond. In the M&S, the managers use the information
4

gathered from stakeholders while drafting the questionnaire and phrase them in yes or no
format to ease down the process. Apart from this, open text answers also encourages as it
helps to share their creativity and vision.
 Conduction of initial evaluation: After vendors submitted their proposals in the M&S
the RFP issuer begin with primary evaluation. During this stage, the issuer will identify a
subset of vendors who are highly efficient to address the challenges faced. This happens
within the Mark and Spencer by compare critical factors, eliminate vendors and identify
differentiated factors for detailed evaluation.
 Follow up with shortlisted vendors: After identification of vendors exists, more
detailed evaluation continues to begin. In this the issuer desires and concerns should be
clearly providing opportunities for targeted messages.
 Make final selection: At this stage, the RFP issuer have complete knowledge about each
vendor and time to decide about the best solution that addresses the needs in best
possible manner. This includes strategic scoring process, where sections or individual
questions which represent the area of biggest concern are valued most heavily.
 Creating and completing the contract: Once the issuer within the M&S selects the
vendor, the time comes to document the decision into records and proceed further. They
provide RFP to legal department, draft statement of work from collected responses and
include performance metrics and review procedure in the contract.
Hence, the company states that the requirement of performance metrics is important for RFP
issuance within the M&S as their key elements helps to inform their vendors about their
expectations and protects the RFP issuer in the event that the agreed upon expectations are not
met (Bailey, 2018).
P4 The contracting process and the ways through which relevant documents is managed
All business agreements are based upon specific contracts in order to mitigate any risks and
create strategic relationships in which the formed contract should be managed in Mark and
Spencer by following certain steps such as:
5

 Contract preparation: It is significant to start with right resources. By properly
identification of requirements, rationale and decisive goals which requires agreement
makes the decision making procedure much easier. The contracts are prepared in order to
mitigate risks involved among the relationship. For instance, the terms and conditions are
explained within this document over which both the parties show their consent.
 Author the contract: While describing the terms of agreement, it is significant to
disburse concentration towards the words as any expressions leaves the contract up for
interpretations. State and country laws were considered specifically when two parties are
at diversified locations.
 Negotiate the contract: By expecting and investigating other social gathering
requirements before the discussion, it helps to make things easier in context of
procedure, and create a strong underpinning for lifelong affiliation. It is easy to use bond
organization display place so that both parties are able to view the working manuscript to
make alterations in collective manner (Carpita, Ciavolino and Pasca, 2021). For this
procedure, the M&S can use email and offline documentation may lead to rapid
negotiations and provide visibility to both parties.
 Approval before finalising: After completion of negotiation and agreement of both the
parties, next comes the approval part. In Mark and Spencer, the manager approvals are
required in order to complete the audit process as all the requirements of approval must
be fulfilled before finalisation.
 Execution of contract: At this stage, both the parties agrees about the contract and the
next step is related to making it official. The final contract or agreement has been shared
by the manager after their final approval within the M&S. Legally binding signatures are
essential in order to make the consent of all the parties involved.
P5 Suitable arena affecting key values that attain sustainable competitive border
A business pitch is a kind of presentation to varied people who acts as an investor or group
of investors. The pitch can be in the form of mail or letter with having the major objective and
are securing resources for the business (O'Connor and Donovan, 2018). This pitching includes
some major principles. Investors always remain one of the most important stakeholders for the
business. Mark and Spencer is a large multinational company that have huge number of
6

investors. These investors have great significance to the firm. Hence, it is the primal
responsibility of the M&S to ensure a good outcome for them.
 Partnership term: If both parties think that they become partner after completing this
contract, the pitch gives them a sustainable competitive edge. If the parties think that it
becomes an asset for the firm. It consists that the M&S think another service provider as
their partner and for this; both the parties get to benefit from it.
 Building brand loyalty: When a consumer receives exceptional experience and services,
they establish a strong relationship or connection with the business. Even though a
business might not provide affordable goods, but the customers still stay loyal to the
brand for the quality of offers.
Innovative actions: When the M&S continues updates the business operation, then he
establishment achieves a sustainable competitive edge. It gives a strong relationship among
product and market performances (Ayres, S., Sandford and Coombes, 2017). Through
innovating new products business can maintain market share and maintain profit level.
 Protecting patents: After securing patents business can pitch their ideas to investors,
licensee or buyers. A well established patent delineates ideas before it is pitched. The
company must be clear and use step by step approaches to point out how the product
works.
 Setting up teams: Setting up teams after the negotiation takes place save both money
and time. It also makes sure about the preventives and productivity conflict among
members.
In order to consider the effective pitch procedure within the Mark and Spencer, there is
certain ways or steps have been followed by the firm to make the most of the probabilities of a
victorious ground. The steps includes such as things that needs o be considered before going into
the pitch, casting it in right manner (Pardo-Garcia and Barac, 2020), next is the rehearsal
procedure, final preparation, show time about the pitch, Post pitch period and finally the follow
up process occurs. All these steps make the whole process within the establishment into most
successful in nature.
7

P6 The potential outcome of the pitch
Before evaluating the final outcomes, it is significant to analyse all the factors of a pitch
which helps to get better result and manager is able to formulate better strategies. Capitalists and
investors play a vital role in determining the factors to make the decisions regarding the
investment in highly considerable ways (Forester, 2017). Potential outcomes within the M&S
are:
 Acceptance: This has been given by the party when they are agreeing about the proposal
of other party. It is completely based upon the agreement that has been made among both
the parties. If the management of M&S prepare some agreement with other party which
is beneficial for both of them, then they can accept the proposal. The agreement should
be signed by both the parties.
 Rejection: This is a situation when one party do not accept the proposal of other party.
The party who think that the proposal is not beneficial for its business growth then the
person may deny accepting the proposal.
 No response: No response is considered as important component of pitch which is also
called elevator pitch. It is the kind of situation when investor does not want to invest into
a project of the Mark and Spencer. There must be varied reasons for no response for
instance the project is unable to generate possible outcomes that have been considered by
the other party.
 Come back after hitting milestones: If the venture capitalists want to see the progress
and typically specifies what the Mark and Spencer is looking for, the business should not
expect the message was clear. Often the venture capitalist may be directive to accomplish
a certain task and then come back again.
P7 The ways in which the firms complete their compulsion from a pitch by identifying
impending concerns
Any business can achieve pitching obligations after managing crucial factor that influences
the business operations. By accepting pitch obliges and organization towards various
responsibilities. There are certain ways in which Mark and Spencer fulfil their pitch obligations
involves making sure about the thing which are going to be delivered, respecting the deadlines
and budgets (Ayres, Sandford and Coombes, 2017), Always comply things with the law or rules,
8

regular meetings to fix issues when it arises and by providing invoices along with financial
reports. There are some potential issues also have been identified along with facing many
problems that may arise during the pitch such as:
 Poor listening ability: Stakeholders leading the negotiation may talk a lot and show
potentials to clients due to fear. The customers may not even get a chance to respond or
ask questions for any kind of efforts made.
 Power dynamics: When the power is dis-balanced the negotiation procedure exists. To
make sure about the negotiation as it is important to maximise the resources that involves
the information and assessment over the competitors’ strength and weaknesses.
 Identification of interests: When the goals of each party within the M&S are not clear
then the negotiation becomes unproductive in every manner. The negotiation may
become a standstill if the negotiator has no clue about the other party requirements.
With the help of key performance indicators, the performances of each individual have been
identified and measured appropriately therefore having an interpretation key that both party
recognises would prevent from misunderstandings and help with monitoring both parties
operating. When the other party with the Mark and Spencer gets ready about the agreement, then
RFP has been prepared. Finally the official contract signed by all parties will be prepared.
Finally the documents that include all the details have been discussed and organized that have a
certain amount of validity (Pardo-Garcia and Barac, 2020).
Recommendations for completing a successful tender with minimal risk
There are certain ways in order to avoid many of such kind of risks that are associated with
successful tender completion with minimal risks. In order to complete this activity, they have to
utilise provided formats and templates, structure the tender document in clear and descriptive
manner, providing all relevant details, address the selection criteria for the tender, choosing right
and appropriate referees also will help, proofread the tender, submit the tender within speculated
time duration, etc. From various studies, it has been identified that the most significant risks that
are associated with a tender are related to availability of resources, documentation or designing
errors, build ability issues, inclement weather, incomplete designs, etc. Hence the practices
should be consists of activities that helps to reduce the risks in efficient manner.
9

CONCLUSION
From the above report it has been concluded that pitching and negotiating is an important
skill to win contracts over agreeable terms. To manage any business operations, pitching skills
generate networking and sales opportunities. A business needs to deal with different people and
business transactions to gain best opportunity. Hence, it has been identified that the business
success when negotiates over good terms that helps in building better relationship that provide a
quality solution to business and deliver lasting positive effects. Therefore, both pitching and
negotiating both are equally important for business success and growth.
10

REFERENCES
Books and Journals
Ayres, S., Sandford, M. and Coombes, T., 2017. Policy-making ‘front’and ‘back’stage:
Assessing the implications for effectiveness and democracy. The British Journal of
Politics and International Relations, 19(4), pp.861-876.
Ayres, S., Sandford, M. and Coombes, T., 2017. Policy-making ‘front’and ‘back’stage:
Assessing the implications for effectiveness and democracy. The British Journal of
Politics and International Relations, 19(4), pp.861-876.
Bailey, B., 2018. The importance of nonverbal communication in business and how professors
at the University of North Georgia train students on the subject.
Carpita, M., Ciavolino, E. and Pasca, P., 2021. Players’ role-based performance composite
indicators of soccer teams: A statistical perspective. Social Indicators Research, 156(2),
pp.815-830.
Dai, J. and Dixon, S., 2019. Singing together: Pitch accuracy and interaction in unaccompanied
unison and duet singing. The Journal of the Acoustical Society of America, 145(2),
pp.663-675.
Dunne, T.C., and et.al., 2019. The technology bias in entrepreneur-investor negotiations. Journal
of Business Research, 105, pp.258-269.
Faff, R.W., and et.al., 2018. Fantasy Pitching V: Doraemon, Handshaking, Spiders, Misery….
Forester, J., 2017. Why planning theory? Educating citizens, recognizing differences, mediating
deliberations. In The Profession of City Planning (pp. 253-260). Routledge.
Ghaffari, M., Hackley, C. and Lee, Z., 2019. Control, knowledge, and persuasive power in
advertising creativity: An ethnographic practice theory approach. Journal of
Advertising. 48(2). pp.242-249.
Gibson, J.L., and et.al., 2020. Making sense of social pretense: The effect of the dyad, sex, and
language ability in a large observational study of children’s behaviors in a social pretend
play context. Social Development, 29(2), pp.526-543.
Mejía-Arauz, R., and et.al., 2018. Collaboration or negotiation: Two ways of interacting suggest
how shared thinking develops. Current opinion in psychology, 23, pp.117-123.
O'Connor, C. and Donovan, P., 2018. The engaged classroom: PowerPoint free. All Ireland
Journal of Higher Education, 10(2).
11

Pardo-Garcia, C. and Barac, M., 2020. Promoting employability in higher education: A case
study on boosting entrepreneurship skills. Sustainability, 12(10), p.4004.
12