Williams Jet Tenders: Pitching and Negotiation Skills Report

This report analyzes pitching and negotiation skills within the context of Williams Jet Tenders, a UK-based boat manufacturer. It covers key aspects of negotiation, including stakeholders and phases, and explains the Request for Proposal (RFP) process, detailing required documentation and contractual procedures. The report also focuses on developing a compelling pitch to gain a competitive advantage, outlining potential outcomes and strategies for fulfilling obligations. Through this comprehensive analysis, the report provides insights into effective business communication, stakeholder management, and strategic planning for sustainable business growth. The report from Desklib is designed to help students understand the practical application of these skills in a business environment. The report covers various topics such as negotiation phases, stakeholder management, RFP process, and contractual processes.

Unit 44: Pitching and Negotiation Skills

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Negotiation and primary stakeholders associated with the negotiation............................1
P2 Phases and information needed for completion of negotiation.........................................2
TASK 2............................................................................................................................................3
Explanation of RFP process and relevant documentation required........................................3
P4 Explanation of contractual process along with management and monitoring of documents
................................................................................................................................................4
TASK 3............................................................................................................................................5
P5 Development of suitable pitch to gain competitive advantage.........................................5
TASK 4............................................................................................................................................6
P6 Potential outcomes of the pitch.........................................................................................6
P7 Determination of ways in which business firm can fulfil potential obligations from the
pitch........................................................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCE...................................................................................................................................9

INTRODUCTION
Negotiations are one of the most vital business activities conducted by a business firm.
They are crucial to completion of daily business activities as they help the company find
alternatives which provides mutual benefits to every member involved in the negotiation.
Business firms can easily deal with internal and external stakeholders by implementation of
effective negotiation process. The small business firm selected for the present report is Williams
Jet tenders which manufactures pleasure and sporting boats. The company was incorporated in
the UK in the year 2004 and has become a well-established name in the British boat
manufacturing industry. The company is headquartered in Oxfordshire and as per the 2018
financial report of the company, the firm had turnover of £23M, while the gross profit of £6M
and cash of £714,458.00. The present report provides information about primary phases and
stakeholders of negotiation. The RFP process and related documentation required for the process
is also given in this report. Along with this the contractual process of RFP and actions taken for
monitoring and managing related documentation are also given in this report. Pitch to gain
competitive advantage is given in this report along with the outcome assessment of the pitch.
MAIN BODY
TASK 1
P1 Negotiation and primary stakeholders associated with the negotiation
Negotiation is defined as the communication channel established between to parties with the
intention of resolving conflict and reconciliation so that every party involved in the conflict is at
a beneficial position after negotiations. Negotiations help business firms conduct various tasks
smoothly so that agreement is reached without dispute (Su, 2021).
The reason behind occurrence of negotiation is condition in which more than one party is
interested and can provide different outcomes. When the parties which have interest in the
condition are not able to decide unanimously the outcome of the situation, the process of
negotiation helps both parties reach common ground in which each party is in a beneficial
position. This helps business firms ensure that the activities related to specific business
conditions are commuted smoothly in order to gain timely results (Vetterlein and Hansen-
Magnusson, 2020).
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The primary stakeholders in a negotiations are individuals or groups which are most
affected by the consequences of the negotiations. It is important for managers at Williams Jets
Tenders prioritize stakeholders on the basis of impact of negotiations on the parties so that needs
of stakeholders which are affected by the negotiations are central to the negotiation process. In
addition to this employees of the respective company are another stakeholder in the negotiation
process (Campbell and Weaver, 2019). This is because the financial outcome of the negotiation
affects the employees of the company, Williams Jet traders need to understand the role and
impact of negotiation on employee in order to limit resistance from employees and ensure that
the negotiation is in the best interest of the workforce of the company. In addition to this
government authorities and trade unions are also a key stakeholder in negotiation process as the
legal documentation and regulations related to the negotiation process is supervised by
government authorities. The consumers and suppliers are another stakeholders in negotiations as
they are directly affected by the outcome of the negotiation.
P2 Phases and information needed for completion of negotiation
Light IT is custom software developing company and has collaborated with the Williams
Jet Tenders as a technical partner for developing sea navigation application as a part of
additional chargeable services provided by the boat manufacturing company. The phases of
negotiation between the two parties on software development collaboration are provided below:
Preparation: The first phase of the negotiation process includes preparation of various
activities which are required for conducting negotiation (Ramkumar and et. al., 2019). Managers
at Williams Jet Tenders need to ensure that the timeline, place of meeting and individuals
attending the meeting are decided in this phase of negotiation. In addition to this it is the duty of
managers at Williams Jet Tenders to ensure that each party involves in the negotiation gains
information the facts of the situations and regulations or policies of the company related to
negotiation. This phase helps avoid conflict or wastage of time during negotiation meetings.
Discussion: In this part of the negotiation process each part involved in the negotiation
present their understanding of the situation. In context of Williams Jet Tenders, this phase of the
negotiation involves mangers to use their communication and listening skills in order to
understand arguments put forward by other party and present arguments of the company
effectively. In addition to this the information noted during this phase involves main points made
by other parties which can be used in case of need of further clarification.
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Clarification of goals: This negotiation phase focuses on clarification of goals and
objectives of each part involves in the negotiation process with the aim of establishing common
ground for the members involves in the process (Robb, Rahn and Buffardi, 2020). The
information needed by the mangers in this phase is related to the priority of stakeholders on the
basis of the effects of this negotiation n each stakeholder. This helps the mangers at the
respective enterprise ensure that stakeholders with high priority are able to communicator their
clarifications properly. This helps reduce misunderstandings between the parties so that further
negotiation process is completed smoothly.
Negotiate towards mutual benefits: This phase of the negotiation process involves
ensuring that negotiations lead to beneficial position for all the parties involved in the conflict. It
is the duty of managers at Williams Jet Tenders to ensure that every party gains positive outcome
from this experience and feel that their perspectives are taken into account in this negotiation
prospective. The main information which is required by the mangers at this phase of negotiation
involves information about alternative strategies and compromises which provide greater benefit
for all the parties concerned compared to the original position. This assists in attaining the end
goal of satisfying each party involves in negotiation through positive outcome.
Agreement: This phase is attained one each side after considering the perspectives and
understanding of each member involves in the negotiation (Tian and et. al., 2017). At this phase
managers need information related to clear and easily understandable agreement and present the
information to all the members of the negotiation so that every side understands the outcome
decided with the help of negotiation.
Implementation of course of action: This phase involves implementation of course of
action decided by every part involved in the agreement. Legitimate and logical information is
used in the last phase of negation process.
TASK 2
Explanation of RFP process and relevant documentation required
Request Proposal Form is formal request which is issued by business firm asking vendors
to acquiesce proposal depicting the product or service offered by the company addresses various
issues faced by business firm. The RFP process is explained below:
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Step 1: Crafting RFP document: This first step focuses on creating detailed RFP
documentation for Williams Jet Tenders which is verified and includes essential information
such as objectives, Timeline, evaluation criteria and other information which needs to be
communicated.
Step 2: Completion of client investigation: The second step of the RFP process involves
analysing the capabilities and efforts of the client in providing services and attaining objectives
of the RFP.
Step 3: Shortlisting vendors: In this step the respective company needs to identify a
group of vendors which have the qualifications and capabilities required to address their needs.
This involves identification of differentiating factors and vendor strengths for profound
comparison of all vendors.
Step 4: Follow up on prepared shortlist: Williams Jet vendor needs to conduct an in
depth evaluation of the shortlisted vendors in order to select the most suitable vendors of the
company. This includes asking follow up queries with vendors and requesting demo presentation
form selected vendors (Erickson, 2021).
Step 5: Completion of evaluation: In this steps the task of Williams Jet Tenders need to
focus on selecting and confirming the most capable vendor.
Step 6: Documentation of the contract: After the selection of suitable vendor the
respective business firm needs to focus on preparing suitable documents for this process
providing RFP outcome to legal department and drafting statement of work and creation of
contract which contains useful metrics for evaluation.
Documentation required for RFP process:
Statement of Work: This is the primary document required for this process and contains records
of various activities conducted by Williams Jet Tenders for this project.
Terms and Conditions: This includes information about terms and conditions applicable to the
agreement and contract formulated.
P4 Explanation of contractual process along with management and monitoring of documents
 Peroration of contract: Williams Jet Tenders need to identify various factors associated with
the project which includes identification of risks, objectives and establishing timelines and
expected outcomes. This involves risks such as breach of contract.
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 Developing contract: This is involves coordinating with legal department of the company or
legal experts in order to ensure that the contract covers legal obligations of the company and
clearly defines legal duties of partners in various circumstances such as termination or
breach of contract.
 Seeking approval: Managers at Williams Jet Tenders needs to seek approval from various
supervisors and ensure that needs of concerned stakeholders are taken into account. In
addition to this managers need to seek feedback from supervisors.
TASK 3
P5 Development of suitable pitch to gain competitive advantage
The main objective of a pitch is to present business ideas in an effective manner in order to
gain investment or partnership with a particular business firm (Pereira, Lohmann and Houghton,
2021). Williams Jet Tenders is a growing name in the British boat manufacturing industry and
needs to develop strong pitch in order to secure partnership with strong clients which are
industry leaders.
Mission: To develop new simpler and sustainable boats, innovate manufacturing and
produce products which enable consumers to travel any body of water more efficiently and
swiftly.
Vision: To build brand name in the global manufacturing industry and enhance
sustainability.
The principles followed by Williams Jet Tenders in order to gain sustainable competitive
advantage are provided below:
 Maintaining partnership: Williams Jet Tenders needs to ensure that the Partnership with
Light It is maintained after the completion of the contract. This is because participating
members in partnership view extension of the partnership they provide enhanced services in
order to gain competitive advantage sustainably.
 Maintaining respect: Williams Jet Tenders aims to give respect to every buyer irrespective
of their financial status if they are capable of addressing the issues in the company. This
gives the company competitive advantage as it extends partnership and builds strong
relationship with partners.
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 Detailed negotiation: The negotiation process needs to be detailed in order to ensure that the
all the parties are on the same path and satisfied with the decision.
TASK 4
P6 Potential outcomes of the pitch
It is important for business forms to understand the consequences of the pitch in order to
prepare for various scenarios. The pitch proposed by Williams Jet Tenders can have three
outcomes which are provided below:
Agreement: This scenario occurs when investors are satisfied with the pitch and aim to
move forward with the company. This scenario occurs when the investor is interested in the pitch
and discusses various aspects of the pitch with the project manager (Pereira, Lohmann and
Houghton, 2021).
Disinterested: This scenario occurs if the investor is dissatisfied with the project and does
not see potential in investing this project. The investor does not seek information from the
project manager. Williams Jet Tenders needs to implement the project in this scenario and report
with results in order to seek assistance from the investors.
Self-Disclosure: This is one the worst scenarios for the company as it involves the investor
rejecting to invest in the project directly to the project manager. This scenarios is not possible in
case of Williams Jet Tenders as the company is has positive entrepreneurial history and stable
financial position (Ladd, 2018).
P7 Determination of ways in which business firm can fulfil potential obligations from the pitch
The completion of the pitch presents new responsibility to manger of Williams Jet Tenders
(Goldstein, 2018). This responsibility involves completion of obligations of the company. These
responsibilities are explained below:
Follow up email: This involves sending follow up email to the negotiation manager at
Light It in order to exchange information about the funding status and other essential project
details.
Regular updating: This involves regularly updating the negation manager about the status
of the project in order to ensure the trimly completion of the project.
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Forecast and Track: Williams Jet Tenders Negotiation Manager must predict the future
and track project and project success from time to time. It will help Williams Jet Tenders to
make the project a success.
Maintain Politeness: It is important for negotiation managers at Williams Jet Tenders to
maintain politeness and courtesy in every interaction with the negotiation managers at Light IT.
This will help the company maintain effective relations with the partners and ensure avoidance
of conflicts in order to gain desired results.
Barriers faced by the company
Failure to Resolve Concerns: Negotiation Manager at Williams Jet Tenders need to evaluate the
likes and dislikes of the investor in order to provide them effective results and handle their
concerns properly. The failure to overcome this barrier negatively affects the relationship with
the investors which affects the funding of the report.
Not reporting progress: The negotiation manager should develop their Project Progress report.
The failure to overcome this barrier negatively affects the financial position of the company.
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CONCLUSION
From the above report it is determined that negotiation is a complex process which is
essential for smooth functioning of business firms. It is important for business firms to develop
effective negotiation and pitching abilities in order to gain investors and smoothly deal with
various stakeholders of the company. This not only ensures removal of conflict from various
business activities but also helps the company timely complete their business goals and
objectives. Request for proposal is an important activity for completing various negotiations
smoothly and it is important for business firms to create detailed RFP documentation, contractual
process, managing and monitoring techniques. This ensures effective usage of RFP and helps the
company gain desired results from their negotiation efforts. Pitch development is important for
business firms as it helps the company present business ideas to investors effectively. Apart from
this it is equally important form business firms to assess the outcomes of the developed pitch in
order to determine if the pitch is advantageous and helps the company fulfil their obligations.
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REFERENCE
Book & journals
Campbell, M. and Weaver, C., 2019. Syndicated Lending 7th edition: Practice and
Documentation. Harriman House Limited.
Erickson, F., 2021. Waldo, blind inquirers, and an elephant: Locating learning in social
movements. Journal of the Learning Sciences, 30(1), pp.151-161.
Goldstein, J., 2018. Planetary improvement: cleantech entrepreneurship and the contradictions
of green capitalism. MIT Press.
Ladd, T., 2018. Does the business model canvas drive venture success?. Journal of Research in
Marketing and Entrepreneurship.
Pereira, B., Lohmann, G. and Houghton, L., 2021. The Role of Collaboration in Innovation and
Value Creation in the Aviation Industry. Journal of Creating Value,
p.23949643211010588.
Ramkumar and et. al., 2019. Artificial intelligence and arthroplasty at a single institution: real-
world applications of machine learning to big data, value-based care, mobile health, and
remote patient monitoring. The Journal of arthroplasty, 34(10), pp.2204-2209.
Robb, C. C., Rahn, D. and Buffardi, K., 2020. Bridging the gap: A model for interdisciplinary
collaboration between entrepreneurship and software engineering students. Journal of
Education for Business, 95(5), pp.321-330.
Su, A., 2021. Peach State: Poems. University of Pittsburgh Press.
Tian and et. al., 2017. Platform for transport aircraft wing–body parametric modeling and high-
lift system design. Journal of Aerospace Engineering, 30(5), p.06017004.
Vetterlein, A. and Hansen-Magnusson, H. eds., 2020. The Rise of Responsibility in World
Politics. Cambridge University Press.
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