HND Business (RQF) - Unit 44: Pitching and Negotiation Skills Report

This report provides a comprehensive overview of pitching and negotiation skills within a business context. It begins by defining negotiation, emphasizing its importance in various aspects of life and business, and identifies key stakeholders. The report then details the crucial steps involved in negotiating deals, including preparation, information exchange, bargaining, conclusion, and execution, while also highlighting the role of key individuals in the negotiation process. Furthermore, it explores strategies for generating winning deals, such as categorizing negotiation approaches and avoiding one-time deals, and concludes by discussing the importance of capturing the best contracts by considering factors beyond price, such as delivery timelines and supplier relationships. The report incorporates real-world examples and practical advice, making it a valuable resource for understanding and improving negotiation skills in business settings.

PITCHING
AND
NEGOTIATIO
N SKILLS

1. Negoti ati on
Concept i n the
Business:
It is a most important concept and it is not only used in the
business but also in every aspect of life. It is also known as
settlement and trading of an agreement. It is defined as a
situation where interests of both parties are considered and will
not give benefit to only one so, in this way, it produces a
favourable outcome in all situations (managementstudyhq,
2019).
It is also called as leadership as well as management skills. It
is a process where disputes are solved by making compromises
this, in turn, will lead to developing a feeling of cooperation as
well as coordination in the individuals. It is important for
making the business successful by building a better
relationship, delivering good answers and helps to avoid
problems which occurred in the transactions. Never accept the
offer which is made first.
It is made with an approach to solve the complex problem by
dividing into several parts so that it can become easy and when
unusual circumstances happen then brainstorming is become
necessary. While doing these practices, it is very much
essential to prepare well so to successfully gather the contract
(IlanaZohar, 2015).
Negotiation is applied in both forms whether it is formal or
informal communication and informal it is related to sale, lease
and as well as on legal contract applies. My council is the City
of London, give advice on the companies which are standing in
its boundary line so that they can manage businesses well.

2. Steps of negotiating deals:
It is a basic guideline which too is followed however irrespective of
the fact, these are not mandatory to follow because situations changed
according to different circumstances. It is prepared from the
experiences which exist in organizations all over the world. It is an on-
going activity which needs to be done for enhancing confidence,
trustful relationship.
 Prepare: It is done by making a plan so that person is
prepared in advance in real life situations by conducting
research before closing the deal so that, facts are obtained
and selection is done on the basis in order to not to obtain
wrong deals.
 Exchange of information: It is done so that interests are
maintained properly and it is different from the position part.
In this, things are going to be checked like honesty,
credibility, likes, and benefits (business.qld, 2019).
 Bargain: It is related to give and take principle, as it must
satisfy the wellbeing of the persons who are come together
for a set objective. It is required for building a bond of
connection with the concerned party. Here, communication,
as well as emotional behaviour, is used
 Conclude: It is done by combining the interests of persons,
in order to develop a newer one for implementing
effectively.
 Execution: It is not only for the current one, but also helps
in preparing the future stages by making correction in the
shortcomings done. That’s why performed what is being told
and make it a flexible one.
3. Role of key individuals
in the negotiation
procedure:
It is required because of complexity in the
tasks, creativity as well as for creating value in
this course. Members of the team can also
become compatible at the individual level
because the team is there to support their
efforts so the chances of growth can be
increased (managementstudyguide, 2019).
The better team is built in the organization with
the assistance of leader, shareholder and
technical experts in this subject.
Skills required in the party to perform this:
 Confidence: It is essential because
individuals who are shy are assumed
to be less trustable and thereby,
opportunities reduced by taking them
as a partner instead of this,
enthusiastic people are favourable.
 People Managerial skills: It is for
communicating effectively to the
people so that they become interested
to talk rather than avoiding the
interaction.
 Knowledge and expertise: It is
required for proving that the facts
researched are true as well as
accurate (Entrepreneur, 2019).
 Group work: It is for initiating the
coordination in the work so that it is
performed without any conflicts and
all members become agree on it.
 Listening: It helps to identify why
the others are interested in the
contract and thereafter, came to
conclusions of it as it is coming along
with the communication process.
 Empathy: It is done by keeping in
the place of another person so to
know his interests well and to serve
properly.

4. Capturing the best
contracts:
It is not only related to the price but also with other factors such as timings of
delivery, payment terms and as well as on the quality of products (chron, 2019).
Along with this, relation with the supplier is also considered as it can also lead to
the making of agreement in the next time also.
o Objectives are well defined while dealing: It is done by drafting a
list of important and unimportant items and it should be such, by
which the dealer is satisfied.
o Understanding the supplier’s necessities: So, to gather what
makes those interesting to work with, alternatives are searched
before choosing the one, which gives similar types of offerings in
the marketplace.
o A strategy is built up: To be in line with the plan made so, no
deviations occur while trading.
o Team: It is sent to the supplier so that to gather the contract
according to the considerations of the company.
o Bargain on the price charged: It should not be too much low as it
may impact on the quality of the product (Berger & Berger,
2015).
o Apply running checks to a supplier: It is for checking procedure
for the purpose of obtaining credit so that business can be run
well, in the case of shortage of funds.
o Making up the final contract when the deal is done: Agreement
can be made in both forms written and oral; however, writing can
serve as proof. It is essential that both parties agree on the deal
otherwise it is treated as void or null.
5. Generating winning deals
in business:
It is very much difficult to obtain the best deals because efforts are
required in the right direction for the goal of achieving flexibility as well
as for making a benefit on both sides.
1. Categorize negotiation: It is for making it as a simpler
one to understand and for defining it clearly. It is usually
segmented into two parts which are disruptive as well as
integrative. In disruptive, parts of each party deals in the
negotiation is divided in a fixed manner and cannot be
altered easily. In integrative, interests of all are favoured
and in this flexibility runs in the process (Forbes, 2019).
2. One-time deals are avoided: Instead of this, follow these:
i. Identify and evaluate alternatives
available in BATNA technique that is
choosing the best one out of various
alternatives available.
ii. Obtaining information from another one
by keeping in a position of them.
iii. Don’t accept the first offer so to remove
options.
iv. Flexibility: It is adopted when a deal is
good other than identified by BATNA
basically.

6. Tendering for deals:
It is a term used to define a legal process for obtaining the projects regarding the goods as
well as sales from the concern possibly. It is usually done when the contract is made to the
public sector. Tender is for strengths, weakness as well as for the mission which is made by
the organization.
a. Discovery about contracts: It is done for examining what forms are made in
the public and private sector so to examine which one is among them.
b. Tender requires or else not: It is because in making of this, both times, as well
as money, is spent and if the contract is not done then all planning which is
made is wasted. Therefore, it is essential to think about whether it is valuable
or not in a particular situation.
c. Finding the needs and wants of client: It is done by asking them through
telephone, email and by conducting a meeting that whether they are actually
interested or just wasting the time of the company by testing (Lewis, 2012).
d. What information is to be filled in the tender: Material should be according to
client perspective so that it connects with the individual specified and also put
useful suggestions for its business. Gives importance to value more instead of
funds. Analyse how resources will be used in an optimum manner so that to
meet the targets well within the timelines specified.
e. Writing a tender: It is the final step where actually draft is ready or prepared.

7. Preparation of RPF (Form) for negotiation:
RPF form stands for request for proposal and it is a formal
procurement mechanism where requirements are well defined,
questions are posted and moreover, criteria are presented to the
competitive bidders so that they can buy goods and services which
are being offered to them.
I. Planning: All things are planned in it including the team
which is selected for this motive.
II. Preparation: It is the drafting of appropriate format and
making it appropriate to it.
III. Review: In this, comments and feedback gave so to
improve the situation.
IV. Revision: It is changed according to the suggestions of
members.
V. Approval: It is required because top managerial personnel
have the authority to approve the plan (Finkelstein &
Bradlow, 2018).
VI. Distribution: It is the stage, where the form is distributed to
the auctioneers.
VII. Evaluation as well as Selection: It is done so to identify the
right prospects of the form.
It includes various types in it such as instructions given to
proponents, terms of response and criteria of evaluation.
8. Creating a business proposal by reacting to the
RPF form:
Proposal of business is made in a document format for giving goods and services to the
purchasers who are willing to purchase the same. It identifies the problem and making
arrangements for getting the possible solutions (Inc., 2018).
Responding to RPF:
a) What services desired: It is for satisfying the wants of the person in the
best way.
b) Recognizing the query: It is done for telling the other one that it has
required resources for fighting the problem.
c) Scope of the project: It is for selecting the good team in the corporate
and as well as for knowing how much time to be allotted to a particular
task.
d) Genuine: Answer it proposes must be such which can be achievable and
not be fictitious to attain (Westfall et al., 2013).
e) Alternatives: It is for meeting the unexpected contingencies which may
arise in the future of the business.
f) Compatible: Because other rivals also respond it for grasping the
opportunity, thus it must not be similar to the other parties and adding the
value of the business.
g) Team introduction: It is done by an organization chart.
h) Schedule: Time table is made so that it can be achieved within the duration
specified.
i) References: It is for highlighting the parties which company deals in
previously.

9. A contractual process as well
as agreements:
There is a difference between contract and agreement. The contract is formed
when two or more parties come together in a legal framework while the agreement
is without any law.
Characteristics:
 Offer, acceptance and mutual consent: It is a basic one which needs
to be done.
 Consideration: It is needed for the exchange purpose.
 Competent: Here, it means parties to be sound enough to make
decisions and not be minor.
 Legal Binding: It is for converting the agreement into a contract.
\It is formed whenever communication happens with the purchaser as well
as the seller and they both are bounded through the relationship. It is made with an
aim that operational, functional, as well as objectives of the business, be achieved
in the desired manner.
It includes various things in its scope such as managing the relationship,
contract, looking back at improvements, on-going valuations and managing
change.
The procedure of this:
A. Choosing of the contract: It is selected on the basis of suitability. In
proposal types, different forms and their standard application.
Forms and Templates for common types.
B. Gathering essential material: Just like Budget, Statement, as well as
the schedule of payment, is obtained.
C. Finding the negotiators: It is required for fixing as well as finalizing
the deal of the organization (Harrala et al., 2010).
D. Contract evaluation process: It is for going through the process so
to know it is correctly made or not.
E. Formal acceptance of the contract: Lastly, it is done when all
procedures are done well.