Comprehensive Report: Pitching and Negotiation Skills for Business

This report provides a comprehensive overview of pitching and negotiation skills, essential for business development. It explores the negotiation process, including its steps, stakeholder roles, and the rationale behind each stage. The report also delves into the Request for Proposal (RFP) process, explaining its steps, documentation, and application. Furthermore, it examines contractual processes, including contract preparation, management, and competitive tendering. The analysis extends to developing effective pitches, evaluating pitch outcomes, and fulfilling post-pitch obligations. The report concludes by summarizing key findings and emphasizing the importance of these skills in achieving successful business outcomes. This report is designed to help students understand and apply these crucial business concepts.

Pitching and Negotiation
Skills
1

Table of Contents
Pitching and Negotiation Skills.......................................................................................................1
INTRODUCTION...........................................................................................................................3
P1 What is negotiation, why it occurs and stakeholders in process of negotiation.....................3
P2 Information and steps of negotiation process.........................................................................3
M1 Rationale of including steps of negotiation process..............................................................4
D1 Evaluation of steps of negotiation..........................................................................................4
P3 What is RFP process along with types of documentation......................................................5
P4 Contractual process along with ways of managing documentation........................................5
M2 Application of RFP process...................................................................................................6
D2 Evaluation of competitive tendering and contract process....................................................6
PITCH..............................................................................................................................................7
P5 Developing an appropriate pitch.............................................................................................7
M3 Examining pitch process.......................................................................................................7
D3 Developing a creative pitch....................................................................................................7
P6 Potential outcome of pitch......................................................................................................7
P7 How companies fulfil obligations from pitch along with potential issues which occur.........8
M4 Ways in which company can fulfil their post pitch obligation..............................................8
D4 Evaluation of pitch and post pitch outcomes.........................................................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
2

INTRODUCTION
A process of reaching to an effective and final agreement without taking legal action or
on basis of mutual understanding is known as negotiation process (Brett, Karsaklian, 2017). This
present study will show all common steps which make negotiation successful along with
importance of stakeholder representative. Further, it will also show reasons of making business
document or RFP by companies and how they can get their project done by vendor.
P1 What is negotiation, why it occurs and stakeholders in process of negotiation
Negotiation: Negotiation is an important formal discussion related to business which is being
done by 2 or more than 2 parties in order to reach to final agreement and make both parties
beneficial. It is generally a process of mutual understanding of solving an issue.
Purpose: There are several benefits of completing negotiation process and one of the main
common purpose is to solve issues without getting hurt and without hurting others or making
beneficial to all involved parties in an effective manner.
Reasons of occurring: There are several areas and reasons in which this condition occur ans
some common reasons of occurring situations of negotiation include: Job role and recruitment,
business acquisition and merger, legal activities or compensation etc.
Stakeholder: In the process of negotiation, stakeholders play an important role as it is an
individual who is being selected by the whole party in order to talk on the behalf of all people
with other party (Karsaklian, 2017). Often, stakeholder representative is being selected on the
basis of their education, experience and negotiation skills, and they are mainly responsible for
completing this process successful and make their party beneficial.
P2 Information and steps of negotiation process
There are some information and steps required for completing negotiation process successful
such as:
Planning: In this step, stakeholder representative mainly focus on identifying objectives for
which they are completing this process, ways of interacting along with appropriate strategy.
They also required to have all detailed information about each party.
3

Defining ground rules: In this step, both stakeholder representatives require defining rules and
basic detail of negotiation as where it will take place, time, main issue, all constraints, final
expectations of each party, requirements and all.
Clarification: In this step, after having all details each party get chance of proving themselves
and make other party believe that why their requirements of negotiation process is effective.
They both also educate to each other on issues and ways to solve them or arriving to their initial
demand.
Bargaining: In this step, stakeholder representative tries to solve problem at their own and
concession needs to be made undoubtedly by both parties (5 Steps of Negotiation Process, 2017).
Implementation: It is the final step in which both parties agreed on each others views and
requirements to some extent and also decide that how they both will allocate scarce resources
while maintaining each others requirements or interest.
So, from the above discussed it can be said that both parties for negotiation require mutual
understanding and ability to respect each others views and perceptions (Vinichenko and et.al.,
2019).
M1 Rationale of including steps of negotiation process
An effective negotiation is the one in which negotiator or stakeholder representative follows all
steps as it allows them to accomplish their goals and solving main problem.
 It helps negotiator to improve relation with other party.
 It also allows them to deliver lasting and quality solution.
 It helps them in solving future problems.
D1 Evaluation of steps of negotiation
After completing process of negotiation it is important to evaluate them and for that there is
requirement of having decision-making, critical analysis and communication skill. In this process
negotiator needs to identify as all issues were settled, it has given mutual benefit, both parties
have ability to communicate and parties gained importance.
4

P3 What is RFP process along with types of documentation
A request for proposal refers business document which consists of all detailed
information about a project or activity which company needs to prepare. In this document,
company also requirement mentioning all important details about project as budget in which they
need to get done project, timeline and scope. It is also known as tendering. There are some steps
of this RFP such as:
Draft creation: It is the first step in which company or issuer require adding all information and
the main issue of project which can make vendor know about reason of completing project. After
getting all informations, vendor respond accordingly.
Client discovery: It is important to accept RFP by vendor and it is possible when vendor has all
details of client like their problems, requirements etc.
Vendor shortlist: When vendor discover clients history and give respond to issuer then it is
important for issuer to compare all received proposals by vendors in order to select the best one
after evaluating their experience and skills (RFP Process and Steps, 2018).
Following up: After short-listing vendors, issuer needs in depth evaluation for selecting that
which vendor has ability to win bid by setting scoring criteria, engaging them and interacting
with them in continuous manner.
Final evaluation: In this step, issuer compare all scoring results of each vendor because
selection of vendor is the main key of the success of RFP.
Signing contract: In this step, vendor and issuer require feeding RFP result to legal department,
drafting statement and including performance metrics. By having all contract terms, both vendors
and issuer can eliminate misunderstanding and can complete this process (Chu, Rong and Zheng,
2019).
P4 Contractual process along with ways of managing documentation
Contract preparation and contract management refers a process in which companies require
managing negotiation in order to monitor as both parties are following rules or not. Some steps
are included in this process such as:
Planning: It includes all important details of contract such as budget, plans, rules, process,
project plans, hearing informations and others.
Initiation: It is all about tender such as: notice, values, Inquiries, specification etc.
5

Award: It is one of the main step in which both parties add details of award like values, bid,
bidder, information etc.
Contract: It includes detailed information or final details such as: amendments, values, signed
etc.
Implementation: It includes payment, location, completion, information related to termination,
progress, extension etc.
Selection of steps depend upon the type of contract as direct contract starts from award step.
After these steps, both parties also make sure that all rules are being followed and for that they
need to manage contractual process by managing service delivery, managing relationship and
making further improvements if required (HILLS, WELCH and ENGINEER, 2018).
M2 Application of RFP process
For applying RFP process in an effective and successful manner there is requirement of
following all steps of adding details, identifying the best vendor and make them agree to solve
problems and completing project. After that for this application, company require identifying an
effective place where it can upload its RFP and circulate it through its own RFP portal in the
form of bids.
By uploading it, company can get effective solutions from vendors of all its issues related to
project and making project successful.
D2 Evaluation of competitive tendering and contract process
Competitive tendering is known as a common method of procurement. It is a submission
which is mainly developed by contractor for inviting effective workers for tender (Mathisen,
2016). Competitive tendering is being used by public entities so, it is important for contractor to
focus on research in order to make their contractual process for tender competitive and taking
advantage of it. By comparing own tender with others, company can evaluate it and make
improvements accordingly.
P5 Developing an appropriate pitch
Covered in PPT...
M3 Examining pitch process
Covered in PPT...
D3 Developing a creative pitch
Covered in PPT...
6

P6 Potential outcome of pitch
Covered in PPT...
P7 How companies fulfil obligations from pitch along with potential issues which occur
Covered in PPT...
M4 Ways in which company can fulfil their post pitch obligation
Covered in PPT...
D4 Evaluation of pitch and post pitch outcomes
Covered in PPT...
CONCLUSION
From the above study it has been summarized that negotiation process played a vital role
as it allows all involved party in solving issues by mutual understanding and without taking legal
actions. Further, it has also shown importance of RFP or contractual process as how it helps
company in identifying or selecting the best vendor and getting their project done in set criteria.
Lastly, it has discussed ways of solving issues and completing contractual process.
7

REFERENCES
Books and journals
Mogini, V. and et.al., 2017. Improving quality and efficiency in healthcare. The Lean Thinking
strategy [Pitch Presentation].
Shao, Y. and et.al., 2019. Developing an acidproof breathable composite fabric based on
fluorinated polyurethane/isotropic pitch electrospun nanofibers. Journal of Industrial
Textiles, p.1528083719848156.
Van Damme, S. and et.al., 2017. The effectiveness of pitch-raising surgery in male-to-female
transsexuals: a systematic review. Journal of Voice. 31(2). pp.244-e1.
Brett, J. Karsaklian, E., 2017. Negotiation Is about Sustainability', Sustainable Negotiation.and
Thompson, L., 2016. Negotiation. Organizational Behavior and Human Decision
Processes. 136. pp.68-79.
Chu, L.Y., Rong, Y. and Zheng, H., 2019. Strategic benefit of request for proposal/quotation.
Quotation (March 11, 2019).
HILLS, B., WELCH, R. and ENGINEER, P.A.C., 2018. NOTICE TO BIDDERS PROPOSAL
FORM SPECIFICATIONS and STANDARD CONTRACTUAL REQUIREMENTS.
City.
Karsaklian, E., 2017. Negotiation Is about Sustainability', Sustainable Negotiation.
Mathisen, T.A., 2016. Competitive tendering and cross-shareholding in public passenger
transport. Transport Policy. 48. pp.45-48.
Vinichenko, M.V. and et.al., 2019. Improving the efficiency of the negotiation process in the
social partnership system. Entrepreneurship and Sustainability Issues. 7(1). pp.92-104.
Online
5 Steps of Negotiation Process. 2017. [Online]. Available through
<https://www.iedunote.com/negotiation-process-five-steps>
RFP Process and Steps. 2018. [Online]. Available through <https://rfp360.com/rfp-process-
guide/>
8