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Pitching and Negotiating Skills - Marks and Spencer

University: Regent College of London

  • Unit No: 8
  • Level: Undergraduate/College
  • Pages: 14
  • Words: 3500
  • Paper Type: Assignment
  • Course Code:

    BMA547

  • Country: UK
  • Downloads: 0
Question :

The scenario of this report determines requirement related to negotiation and pitching in the context of an organisation. As negotiation is a process of reaching a mutually acceptable solution of any issue. At the time of pitching, presenters must answer all the questions relating to their products or service.

  • Explain negotiation and discuss the requirement of information in order to prepare negotiation for Marks and Spencer.
  • Identify the requirement to manage documentation for contract and tenders in the context of Marks and Spencer.
  • Create a pitch that can assist to attain desired sustainable and competitive edges.
  • Evaluate the results of maintaining pitch and negotiation practices by considering different aspects.
Answer :
Organization Selected : Marks and Spencer

INTRODUCTION

Various types of entities operate in today's business environment and offer different type of products to its customers for satisfy their needs. For achieve success, it is very essential for an individual to have negotiation and pitching skills (Cremades, 2016). One of the main benefit of this is that it help in win contracts as per specific terms and conditions in the favour of business. Mainly this concept is effective for medium and small firms as this support them in offer featured products and services to all its clients. Further this help in create and maintain good relations with workers which help in get their support for attain end objective. M&S (Marks & Spencer) is a British multinational firm and is specialised in selling home products, clothing and food products. Process of negotiation and main stakeholders of this process is all detailed in this report. Various steps involve in the process of negotiation and solutions for deal with the issues that can arise during negotiation is all given in this. In addition to this, pitch process in an organisation and consequences of breaching the agreement is all mentioned in this report.

TASK 1

P1 Determine negotiation and its major stakeholders of its process

Negotiation is known as a formal discussions that take place between two people or parties that have different objectives and aims in case of business and both of them try to reach on agreement (Dlačić, Damnjanović and Ribarić, 2017). Mainly this is known as a process in which various efforts are done by both parties to resolve the issues and come to a mutual solution. This concept is use to resolve business problems and eliminate factors that create obstacles in business process. Further different elements that are essential for communicate with other individuals is also used. All this help in bring transparency between all parties involve in communication process and reduce the ground of arise conflicts. Negotiation process that can be use by M&S to deal with problems and issues can be understood by following points:

Reduce conflicts: Leaders work in organisation face various type of issues while communicate with employees and to get a competitive position in market. To deal with such kind of issues firm require to develop effective strategy. Managers of firm remain responsible to examine the performance of employees on continuous as this help in identify the various factors that results in conflict among employees. This help in ensure effective working of employees which provide competitive benefit to entity.

Create win-win situation: In large organisation large number of employees work with their own culture and beliefs which affect the way of their thinking and working. Different methods are their which can be use by firms to achieve set goal and objective. One of the main benefit of concept of negotiation is that it help in find appropriate solution as per the situation exist at workplace.

Build up respect: For maximise employee's contribution in company's success, it is very essential for manager to develop and provide them healthy work environment. Further, manager require to treat all employees with equal respect and dignity (Hill, 2017). For this, management of M&S encourage to collect feedback from all employees as this make the manager inform about various problems and issues face by workers at workplace. All this help in eliminate issues that decrease worker's productivity at workplace. Proper negotiation skills are use by manager to maintain good relations with customers.

Different mind set: Various workers work in an organisation and every employee has its own thinking style and decision making ability. All this affect their style of working and sometimes this results in conflicts among all employees. In given case study, both PA and manager have different minds relate with the terms of pay scale and this is creating a problem to them to effectively interact with each other. In this case concept of negotiation is use to get a solution (Myers, 2017). With this, both can work with each other in an effective manner.

Overall negotiation is a effective concept for an organisation, as this help in find a mutual solution for a problem that decrease profits and productivity of entity. Further it support in create and maintain a positive environment at workplace which support entity in achieve its set goals and objectives.

M1 Rationale for negotiation process and various steps for negotiation process

Today, in large organisation million of employees work and perform their roles and responsibility so company can achieve its set target. As every workers have different culture and thinking style so this result in arise conflicts among workers while working together. In this type of situation, concept of negotiation is known as an effective one this help in find effective solution of problems exist at workplace. One of the main focus of M&S is to ensure optimum utilisation of all available resources for offer good quality products to its customers. Conflicts not only decrease employee's productivity but at the same time increase cost of business. In this, concept of negotiation is use as this help in find a better and effective solution of conflict. Major steps involve in the process of negotiation that require to be follow to resolve conflicts are as follows:

  • Preparation
  • Participation of other individuals
  • Close the negotiation
  • Develop an alternative action plan
  • Execute

All these steps are use by management of M&S to deal with the issues arise at workplace to ensure effective completion of business activities.

D1 Steps of negotiation process and solutions for deal with issues

Negotiations is known as a process in which formal discussion take place between two parties to solve business issues. In order to get desired results it is very essential to firm to follow a step by step process of negotiation (O'brien, 2016). Process of negotiation follow by M&S to get better results is given under the following points:

Step 1: In first stage of negotiation values of both parties is identified.

Step 2: In this values are formulated and created that are essential for transfer the information related with the issue.

Step 3: Parties involve in the process of negotiation are consider to design further procedure.

Step 4: This is step in which negotiation is implemented for get mutual solution.

Step 5: This is known as the last step of negotiation process, in this every step in executed in an effective manner for obtain better results.

All these are the major steps involve in the process of negotiation, this help in create and maintain good relations with employees (Pyles, 2017). Mainly this process is use when more than two parties are involve in the conflict and when every party is interested in the issue being discussed. It is very essential for every firm to have effective and good negotiation skills. This ensure effective handling of all issues. Situation of win win is better in case of organisation as this help both parties in work together in better manner which provide large number of benefits to entity.

TASK 2

M2 RFP process and outline documentation required of breaching the terms of an agreement

Before execute negotiation process, it is very essential to identify all the documents require as this help in execute negotiation in an effective manner. Different processes and methods are use by M&S to ensure effective execution of business activities by deal with issues and factors in an effective manner. Main elements related the documentation with the process of negotiation is given below under the following heading:

  • Determination of recruitment: Various functions are perform by an enterprise in order to produce better and featured products for all its customers (Schech, Skelton and Mundkur, 2016). For this company recruit large number of skilled candidates for perform various job roles in enterprise so company can achieve its desired objective. In this process of REP is use by business entity for fulfil the specific requirements of customers. Further this help in fulfil needs of various merchandisers and stakeholders.
  • Communication strategy: Communication is known as one of the most important aspect of every enterprise as this help in interact with its suppliers, employees and customers. Further this support negotiation and pitching skills require to carry out process of RPF (Swartz, Amatucci and Coleman, 2016). In addition to this, it help manager in formulate better and effective strategies which ensure optimum utilisation of company's resources. Effective process and tools are use by M&S to interact with customers and employees.
  • Evaluation criteria: This aspect support entity in determine the main elements and factors that require to be consider during process of RPF. It support management to overview the whole process and the major steps that can be follow by them to attain desired ends.

By conduct a formal discussion about various aspects that support entity in achieve its set goal firm can achieve success. Overall process of RFP is follow by Marks & Spencer to get effective pitching ideas.

D2 Evaluate the competitive tendering and contract process and make recommendations for complete a successful tender

Concept of contract management highlight the process use by business enterprises to manage risk. In this all factors that decrease the productivity of firm or that create negative work environment is all identified and eliminated. Various methods are there which can be use by Marks & Spencer to manage risk and to maintain good relations with other firms. It is very essential to execute all business activities in an effective manner. Contractual commitment that is necessary to be use by M&S are as follows:

  • Entity require to work on the basis of agreement or on rental contracts.
  • Firm can merge its business operations with other businesses to get a effective position at workplace.

For ensure completion of all business operations in time and to maintain good relations with all parties related with business as this help in get desired outcomes. For working in partnership in contractual basis various rules are there that require to be follow as this help in complete all tasks in time. This also help in take right decisions related with negotiation.

Process of contract starts after the entity has finalised the award of contract. Mainly eight steps are involve in the prices of contract which are: request,generate, negotiate, approval, execute, search, comply and review.

Recommendation for writing a successful tender:

  • Use the templated provided
  • Structure the document of tender clearly
  • Provide all useful information
  • Address the selection criteria
  • Choose right referees
  • Proofreading of tender
  • Submission of tender in time

TASK 4

P6 Potential outcomes of a pitch

Identification and evaluation of all factors that affect the final outcome of project support manager in formulate effective strategies. Investors play a big role in identify and examine the factors to make investment decision. Outcomes used in the pitching can be understood by the following points:

  • Acceptance: Various factors are there that affect the activities and decisions of business organisation (Teckchandani and Obstfeld, 2017). To survive in market and to satisfy the needs of customers, it is very essential for firm to deal with al the changes that are essential for pitching. Elevator pitch is a significant element, if an individual have an ability to influence other individual then it either affect in positive or in negative way. After that an individual take decision whether he/she want to invest capital in project or not. After this, an agreement called no shop agreement take place which highlight that it the given document is not profitable then there is no requirement to approach business project in future. It is not essential that every person sign this agreement as this mainly depends on the choice of firm whether they want individual to sign the agreement or not.
  • Rejection: This factor is known as not beneficial for the project as in this, capital investors reject the project or do not accept the project. This kind of situation arise when methods and process use for communication are ineffective or fail to influence the investor. For deal with this factor, it is very important for firm to identify and examine the communication channels as this help in get acceptance of investors.
  • No response: This factor is known as one of the significant element of pitch called elevator pitch. Every single element should be present in an effective manner so that individual may not get annoyed. Further this analysis help in take better decision and support in achieve desired outcome. Formulation of proper plans and strategies is necessary so firm can further examine its future project.
  • Come back later: In this aspect, business need to evaluate such activities which have greater significance on working. Although, business need to determine and estimate such aspects which enable and facilitate in managing things better so that signified outcome could be drawn. If managers of a company found that appropriate and beneficial gains are not estimated in a better frame then they required to implement and utilise beneficial attribute which further assist in drawing beneficial position at market world as well as to gain customer loyalty in order to enhance better and signified outcome. In this aspect, better and determined resources required to purchase by a company so that they could execute things better which further enable in managing plans better and implement them in an effective manner. This need to understand by Marks and Spencer properly through which they could manage their working in an appropriate frame as well as gain consumer back in the field.

M4 Recommend the ways an organisation can fulfil post pitch obligations

Pitching is define as one of a best and better source through which a firm can improve their working and determine best solution for a definite problem. This enable and support in resolving various aspects in a better frame so that effectiveness and efficiency could be maintain and manage (Wertheim, 2016). A business association need to implement the pitching process in a better and signified manner so that they could facilitate and determine the work better so that effectiveness and efficiency could be maintain and manage.

In this regards, a better and signified procedure need to followed down which could be assess in terms of post pitching. Post pitching is a process which used to take place when actually the concern things used to take place. Thus, this enable business to accomplish their working abilities in a define manner. Post pitching is a process which enable in manage the business operations properly through better performance working so that all define targets could be accomplish in a specific time duration.

It is vital that Marks and Spencer is giving appropriate documentation to partners with the goal that it can be comprehended by them by them in a successful way. For doing this in a proper way gatherings and workshops ought to be directed with the goal that organization can tell about the mission and vision of their association before partners and speculators.

Therefore, before defining the systems and plans it is fundamental that every one of the variables and components are taken into contemplations with the goal that they can fulfil their financial specialists appropriate on time. Thus a sound connection can be kept up for a more drawn out time frame.

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