Unit 44: Pitching and Negotiation Skills Report - HND Business

This report provides a comprehensive overview of pitching and negotiation skills within a business context. It explores the purpose of negotiation, key steps for generating business deals, and the importance of key individuals in the negotiation process. The report details strategies for securing the best deals, generating new business, and effectively tendering for contracts. It also covers preparing for negotiation through a request for proposal (RFP) form, responding to RFPs with business proposals, and understanding the contractual process and agreements. Furthermore, the report discusses developing an appropriate pitch, metrics for assessing pitches, approaches to negotiation with suppliers, and risk management in contract negotiation between suppliers and organizations. This document is available on Desklib, where students can find a wealth of study resources including past papers and solved assignments.

Pitching and
Negotiation Skills

Table of Contents
Part 1.......................................................................................................................................................3
TASK 1...................................................................................................................................................3
a) Explain, the purpose of negotiation along with the reasons for negotiations in general.............3
b. The key steps for negotiating and generating business deals.........................................................4
c. The context of negotiation and the importance of key individuals in a negotiation.......................5
d. How to gain the best deals/contract................................................................................................6
e. How to generate new business and win deals.................................................................................7
f. Tendering for contracts................................................................................................................7
g. Preparing for negotiation through a request for proposal (RFP) form...........................................8
h. Responding to a RFP – creating a business proposal...................................................................10
i. The contractual process and agreements....................................................................................10
PART 2.................................................................................................................................................11
TASK 2.................................................................................................................................................11
A. Developing an appropriate pitch..................................................................................................11
B) Critical Essay about Pitches.............................................................................................................13
Metrics through which a supplier might assess the pitch..................................................................13
Approaches to negotiation with suppliers.........................................................................................14
Approaches to risk management and contract negotiation between suppliers and organisations.....14
References.............................................................................................................................................17

Part 1
TASK 1
Negotiation is a process where two parties communicate with each-other in order to find the
best possible alternative for betterment of both the parties. Generally, negotiation is a positive process
that is used in order to minimize the conflicts between two parties. By doing negotiation parties can
easily reach at meaningful conclusion. This will allow both the parties to enter into a final agreement
in an efficient manner (Pyles, 2017). After the final agreement, duties, roles & responsibilities of
every party will be allocated accordingly. However, an individual needs to have necessary skills in
order to complete the negotiation process successfully.
In context of business organization, negotiation is done for deal making, entering into
contract, corporate team building and more. The main reason of business negotiation is resolving
issues and differences in order to get competitive edge. Also, it helps in getting positive outcomes for
the parties that are involved in negotiation. In this, both the parties express their opinion with an aim
to reach a final conclusion. The extent to which parties put trust and believes in negotiation process,
affects the success of negotiation process. In the present context statius management service ltd is
a) Explain, the purpose of negotiation along with the reasons for negotiations in general.

b. The key steps for negotiating and generating business deals.
taken into consideration. It is a small consultancy company based on Bromley Borough. It helps the
business entities in improving their overall efficiency and effectiveness. Now, there is requirement to
obtain adequate amount of funds for further growth and expansion of business. In this regard, the
business owner is going to negotiate with investor, shareholders so that they get ready to invest in
business.
During the negotiation, both the parties need to take certain decisions with an aim to affect the
outcomes of negotiation process directly. In order to drive the positive outcomes, it is imperative to
understand the process of negotiation effectively. Success of negotiation and deal depend on planning
and preparations done by the parties. It might involve planning with effective strategies and tactics to
execute the process in significant manner. In this regard, the process of negotiation is mentioned
below: Prepare: This is the first stage of negotiating process where both the sides maintain proper
discussion with each-other. In order to make the discussion effective from both the sides, it is
imperative to identify possible trade-offs, determine most as well as least desired outcomes
significantly. Further, parties need to prepare a list of concessions that they will use during the
process of bargaining (Paço, Ferreira and Raposo, 2017). Here, it is imperative to keep the
position in mind and understand the relationship which an organization wishes to maintain with
other stakeholders. Additionally, there is requirement to take guidance from ground rules of
negotiation in order to make the entire process successful.
 Exchange information: After preparation, both the parties are likely to exchange their positions.
Each party is allowed to share their interest, concerns, their aims and wishes to get at the end of
negotiation process. Here, they need to communicate with each other what they aim to get at the
end of negotiation process and the reason to feel in a particular way. Exchanging the information
is important to reach at meaningful conclusion in significant manner. This will allow the small
business unit to make a rightful choice significantly. Clarify: At this, both the parties start to communicate with each-other. They start to exchange
the information with an aim to justify their claims in a profound way. Here, they put efforts to
justify their claims in significant manner. In this, it is possible that one party is saying something
and the other one is denying on same thing (Gilmore and et. al., 2020). Here, they are required to
discuss such disagreement in terms of claims with an aim to reach at particular point of
understanding. By clarifying each-other, the parties can easily formulated an agreement in order

c. The context of negotiation and the importance of key individuals in a
to get appropriate outcomes in future period of time. This will allow the small entities to take
rightful decisions for the future betterment.
 Bargain and problem solve: At this stage, both the parties imitated give and take situation.
They start to bargain with each other. After making the first initial offer, each party involve in
negotiation process needs to propose counter offers. This needs to be done at the time of
concessions. While involve in bargaining process, it is important to keep the emotions under
control. A good negotiator is likely to have strong verbal communication and listening skills. The
main goal of the respective step is to take a positive course of action for future betterment. This
stage is important to undertake appropriate bargain so that the small business unit can earn
adequate amount of profit.
 Conclude and implement: After getting agreed on acceptable solution, both parties are required
to demonstrate gratitude to each-other in order to take part in discussion. Regardless of getting
affected by the outcomes of negotiation, they need to initiate a good & healthy relationship with
each other (Faff, 2021). After then, there is requirement to point down the expectation of each
party to ensure that compromise will be implemented significantly. Here, a written agreement is
prepared and also follow up is taken for smooth implementation process. This stage is important
to reach at suitable conclusion so that the small business units can implement the necessary plans
and strategies in an efficient manner.
At the time of negotiation, key parties are those who are involve in the discussion and
mutually got agreed to reach a final conclusion. In this context, certain key stakeholders are
mentioned below:

d. How to gain the best deals/contract.
 Competitors: Sometimes, company needs to negotiate with its competitors. Generally, two
competitive firms are not likely to get agree on a particular point. However, they can negotiate
and formulate an agreement for the benefit of both the parties (Fletcher, 2018).
 Suppliers: Suppliers are the most important stakeholder of each and every company. In this
context, the company is likely to negotiate with suppliers on price. Here, both the parties
barging with each other. At end, they get agree on such price which is beneficial for both
parties.
 Customers: It is analysed that customers are one of the most significant stakeholder of each
and every company. Here, they also negotiate with companies for their own benefits. Finally,
both the parties get agree on such conditions which are beneficial for both.
In the given context, the investors wish to gain maximum profit out of the investment they have
been made in the company. Business entity is performing the business functions to attain the profit.
There are conflicts in terms of bargaining.
 Listen and understand other party: To get the best deal, it is imperative to listen the other
party. Here, both the parties play important role in negotiation. Hence, it is crucial to listen
and understand the requirements and needs of each-other.
 Be prepared: To crake the best deal, there is requirement to stay prepare by reviewing the
business of other party thoroughly. For this purpose, it is important to go through with their
journals, article written and more.
 Keep the negotiations professional: There is requirement to use appropriate language during
the negotiation. It will help in formulating positive relationships between both the parties.

f. Tendering for contracts.
e. How to generate new business and win deals.
Define a clear value proposition: In this, there is requirement to prepare a clear value proposition in
order to differentiate the offerings from competitors in market place.
Set up marketing team to generate leads: Here, the marketing team is required to set appropriate
marketing goals. They need to generate necessary leads for future reference.
Robust sales system and process: To gain positive outcomes from marketing plans, there is
requirement to have a robust sales system. Here, the system needs to use to capture the opportunities
of future growth.
Devise a clear sales strategy: At this step, there is requirement to structure a clear and effective sales
strategy to earn higher amount of profit significantly.
Ensure team buy in: There is requirement to have the entire team to successfully run the new
business.
In business, tendering is a process where governments invites bids for the large projects that needs ti
be submit within a specified deadline. Basically, it is an invitation for a project.
Types of tenders:
 Open tender: It allows anyone to submit a tender for the purpose of supply of goods and
provides equal opportunities to any organization to submit a tender.
 Selective tender: Here, only suppliers are allowed to submit the tender by invitation. These

g. Preparing for negotiation through a request for proposal (RFP) form.
suppliers are known by their previous track record that is suitable for the contract of that size,
nature and complexity.
 Negotiate tender: In context of engineering and construction industry, these type of tenders
are highly used. To get specialized contracts, it is better to negotiate with a single supplier.
Tendering process in Borough
 Prequalification: At this stage the contractors are identified on the basis of their qualification
and interest in the overall process of tender.
 Issuance of tendering documents: After qualifying the first step, the next step is to issue the
tender documents. Here, working methods, risk assessment, environmental impacts and more
need to taken I into consideration significantly.
 Receipt, review and award the tenders: At this stage, documents are reviewed within a
particular deadline and policy guidelines that has been established by the entrepreneurs.
These methods need to be define and well-understood by all the parties.
 Awarding the contract: It is the final stage where the tender is awarded to a specific
contractor to get better outcomes in future period of time.
RFP is a formal request where issuers requested to vendor to submit a proposal in order to
demonstrate how their product and service will resolve the business needs & requirements of issuers.
Here, RFP plays a vital role in business and help in future success of company as well. In this
context, steps of RFP are mentioned below:

 Gathering RFP requirements: With an aim to find best partner, a successful RFP helps in
facilitating partnership significantly. For this purpose, vendors are required to understand the
background and business needs of issuer. This allows the vendor to respond in an appropriate
way (Pitcher, 2017). Here, the role of RFP is to make the vendor familiar to the issues that are
being faced by the issuers. Further, issuer needs to make the document clear. If the accurate
information will be provided, the proposal will be also accurate and useful.
 Crafting RFP: Each and every RFP has certain questions. However, the number of questions
might vary. For simplifying the solutions, there is requirement to keep the number of questions
as low as possible. Here, short RFP helps in selection of an appropriate vendor and also ensure to
get timely response from vendors. Questions can be crafted from the information gathered from
various stakeholders. Further, questions need to frame in yes or no format with an aim to get
quick response. On other side, open text answers can be used to stimulate suppliers to share their
vision & creativity. Conducting the initial evaluation: After getting the proposal from vendor, issuer can initiate
evaluation. Here, a shortlist is prepared by the issuers based on the number of proposals received
(Wheadon and Duval‐Couetil, 2019). The major steps during short listing are comparison of
critical factors with strengths of vendors, eliminate non-qualified vendors, and identify
differentiation factors for in-depth comparison.

h. Responding to a RFP – creating a business proposal.
i. The contractual process and agreements.
 Following up with short listing vendors: After conducting the initial evaluation, issuer needs to
begin in-depth evaluation. For getting selected, vendors need to demonstrate their offerings
differently than other competitors. Here, it is imperative to clear the doubts of issuer in order to
make appropriate selection of vendor.
 Making final selection: At this stage, RFP issuer needs to have in-depth understanding about
offering to vendors. Now issuer needs to determine the best solution to address their
requirements. For this purpose, every vendor needs to evaluate one by one. It will help them in
making selection of an appropriate vendor for fulfilling their needs in an efficient manner.
 Creating and completing the contract: After selecting the vendor, the next step is to document
the decision. At this stage, there is requirement to provide RFP results to legal department,
drafting a statement of work, including performance metrics.
 Write a formal cover letter: While responding to RPF, there is requirement to write a formal
cover letter wherein one needs to include own knowledge, company’s interest and more.
 Include executive summary: Now, there is requirement to prepare a suitable executive
summary to respond the proposal effectively.
 Add information about implementation plan: At this stage one can add the necessary
information regarding the implementation plan.
 Discuss partnership contract: Moving towards the end of RFP response, there is
requirement to provide information regarding partnership contract.
 Highlight referencing: At the end of RFP process, one can highlight the reference of other
companies that one has been worked in previous years.
Step one: Contract preparation-
This needs to be well-organized and structured with right resources. Here, identifying needs &
goals that requires a contract makes the decision-making easier. Contracts need to minimize the risks
in a particular relationship (Teague, Gorton and Liu, 2020). After determining the reason to structure
a contract, the next step is to start drafting of such contract.
Stage Two: author the contract:
To pay attention towards the specific wording is highly important while authorizing the terms &

conditions of contract. If there is any ambiguity in the contract, it makes difficult to interpret the
contract effectively. When two parties are at different location, there is requirement to consider the
state as well as country law significantly.
Stage three: negotiating the contract-
Negotiation needs to start with trust & transparency. The process can be simplified by
anticipated the needs of other party before the conversation begin. In addition, conversation is also
helpful in creating strong relationships (Ippolito and Adler, 2018). Through contract management
platform, both the parties can access the working document to make necessary changes in future
period of time. In this context, emails as well as offline documents can cause huge cost. By using a
single source for conversation will help in facilitating quick negotiation for completing the entire
process in a smooth manner.
Step four: Appraisal before finalizing-
When both the parties get agree, the next step is approval. In case of large company, there
is requirement to take approval of manager or they have audit procedure. Here, it is important to fulfil
all the requirements before finalizing the deal. In context of contract management procedure, there is
simple way of getting approval. Here, whosoever wishes to get the approval can view a notification
and also place comment on real time.
Stag five: execute the contract-
It is the last step where the contract is executed for future betterment. The simplest part in
a contract is signing it. Here, both the parties get agreed and the next step is to make the contract
official. However, agreements are also done across the country and getting the signature is not an
easy process. Here, online signature can resolve this issue. In this context, online signature allows
both the business entities to move faster to ensure further betterment.
PART 2
TASK 2
A. Developing an appropriate pitch

Xyz <[e-mail]>
To Sarah Sister
Hi Sarah, Thank you for taking the time to read this out.
Let me start off with a question.
Well that’s what we are trying to do with Statius Management Services. In short we provide
consultancy and support services to the organisations to optimise their business performance
through our ever ready technical support, excellent staff and management teams.
The reason we think Statius Management Services and its technical support assistance will be
a great fit for you because it can help you with your growing business. It can be helpful to
increase your supplier market, investor’s choice and engage customers in the market. We
know you through your LinkedIn profile, and your choice of business for home décor
products on which our assistance can help you with that. On average, our customers see the
200% ROI within 6 months and increase in the number of suppliers due to existing contacts
as well as increase in the number of customers up to 1000 after using technical support from
Statius Management Services.
So let me ask you, is Statius Management Services something you would like to learn some
more about?
Regards,
XYZ
Sales and Marketing Team (Statius Management Services)