This respective report will cover the following questions to highlight the theoretical concept in the negotiation which are given below:
- Analyse the content of the negotiation and also evaluate the information needed to prepare for the negotiation.
- Record documentation related to the tenders and the contracts.
- Develop the pitch to attain the sustainable competitive benefit.
- Analyse the outcome of a pitch and negotiation.
Pitching and negotiation skills consider comprehensive view that assists to focus on the effectiveness and attain more appropriate working. In this regard, skills also develop that is essential for managing and running of small businesses or being important part of dynamic and innovative workforce. Good pitching skills for new products and services assists to generate more sales and increase networking opportunities with different people (Steven and Richard, 2018).
Present study based on company of Dragon Den in which Bedlam puzzles has been selected. It is deal after filming and deciding against it after all instead going for ban loan. It is also paid off because 3D puzzles went a bit crazy and started selling instead of well indeed.
For gaining insight information of the present study, it can be stated that it covers negotiation skills and key stakeholders involved in it. Furthermore, there are several steps and information for negotiating and generating deals also measure to develop more significant advantages. Moreover, it contains RFP process with including relevant types of documentation required. At last, potential outcomes of a pitch has been explained with fulfil their obligation from a pitch.
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1. What is negotiation and why it occurs and who are the key stakeholders in negotiation process (P1)
Negotiation is discussion which aimed to reach an agreement. In different consideration, it contains action process of transferring legal ownership of a document in Bedlam puzzles to develop more appropriate work and significant advantages as well. Strong negotiation skills can be difference between beneficial compromise and a loss. There will always be conflicts in life and ability to solve them is considered as including several people to solve this issue and problem. It creates success which would be beneficial at workplace and includes several people in it (Romo, 2017). Reason behind this is to solve conflicts issues and problems in particular enterprise. There are several stakeholders involved in this that are as follows:
- Union: Union might expect to be engaged in negotiating at times when it is implementing agency to using other forms of engagement. In addition to this, it contains communication, consultation and cooperation. Therefore, it attempts positive process in Bedlam puzzles. Furthermore, it is also important to focus on the different opportunities that are covered to beyond the work (Tripopsakul and Charupongsopon, 2017).
- Government: Government also diminish their opportunities for negotiated and change that are likely to be vigorously opposed. It will also assist to implement more effectiveness which would be beneficial to implement process of the work.
- Customer: Customer are also important consideration of negotiation process which assists to make appropriate process of communication and develop more significant advantages in Bedlam puzzles. This is because, there are mainly different kinds of activities and tasks has been successfully built that must be carry to attain appropriate working (Diop, 2018).
- Community society: Community society is the process in which negotiation process will be successfully develop to attain more effective and significant results. On the basis of work, it can be stated that process will be carry more desired level performances to overcome issues and problems.
The structure of every negotiation process is multinational system. At any time, given negotiation occurring simultaneously with three distinct dimensions that are as follows:
- Horizontal dimension across the table with other side
- Internal dimension within each team of negotiation or party to the negotiation.
- Ratification also needed between each team so that party and the organisational hierarchy also successfully followed (Ellermann, 2017).
2. Evaluate key steps and information required for negotiation and generating deals (P2)
In order to consider successful negotiation and generating deals with process in Bedlam puzzles. There are following steps can be taken in the system:
- Preparation and planning: Preparation and planning is the first step in which negotiation process consider. In this way, both parties such as employer and employee will organise and accumulate information that are necessary to have an effective negotiation. Within the Bedlam puzzles, it is essential to prepare fully for the negotiation. Information can be powerful in the process that assists to add validity to claims. In the companies, investigation also needed for each other history and try to figure out opening offer that cover with the highest amount of chosen enterprise contribution (Tripopsakul and Charupongsopon, 2017).
- Definition of ground rules: In next step, Bedlam puzzles need to consider definition of ground rules which establish for the planned negotiation. Consideration will be given to the question where negotiation is take place, time constraints' existence, issues that are off limits. Happening in the agreement process. In addition to this, both parties also try and figure out appropriate price that are included in starting point for the negotiation. Demand and expectations also disclosed up front (Toding and Venesaar, 2018). At lastly, on bottom line which contain the lowest price also figure out for the negotiation process. Both parties also agreed in this aspect to consider different vendor.
- Clarification and justification: When rules are established, it is important to consider appropriate discussion regarding specific of the job price. In the third negotiation step, clarification and justification of the particular position of both parties also discussed at length. This part of negotiation should not be argumentative so that opportunities also develop with each side educate. Information also needed for particular position that must be taken in whole aspect.
- Bargaining and problem solving: In this step, it is essential to implement bargaining and problem solving. Therefore, strategies also successfully build to focus on the position of Bedlam puzzles which made to accomplish more desired results at workplace. On the basis of negotiation process, it can be stated that bargaining problem solving skills developing process (Toding and Venesaar, 2018).
- Closure and implementation: Closure and implementation procedure also undertaken to focus on the desired level of results. In this regard, effective results also maintain effective results at workplace. On the basis of appropriate work, negotiation skills successfully develop at Bedlam puzzles. Furthermore, implementation of process also ascertained more systematic results (Tripopsakul and Charupongsopon, 2017).
P5 Develop an appropriate pitch applying key principles achieve a sustainable competitive edge
As an entrepreneur, pitch is required to be built to inform investors to tell them about the product an entrepreneur will launch and how that product will solve the problem of customers. Acquiring capital from customers is little tough and comes a lot of time, therefore, it is important for Bedlam puzzles that a start-up pitch must be impressive and must include following elements to prepare it:
- The problem :- first step of making a great pitch is to tell the investors about the problem people are experiencing in today's world. Further, Bedlam puzzles will going to address that problem through its new start-up in the marketplace. Moreover, it would be more helpful for the company if it can relate the story to the audiences as well (Gelderman,Semeijn and Bruijn, 2015).
- The solution :- share what is unique about the product Bedlam puzzles will going to trade and how it will solve the problem that was shared in the first step. Must also be aware that, it should be short, concise and easy for the financiers to explain to others.
- The target market :- be realistic in this topic, this is because everyone says that the whole world is potentially their target market. Bedlam puzzles must be clear about the product and that they will break out the market through their new commodity.
- Revenue :- it has been observed that investors are very much interested in this step that how the company make money. Being very particular about the item, its pricing, and profit margin can be very helpful for them.
- Customer acquisition :- this section is almost skipped by most of the entrepreneurs in a pitch. In step the company needs to inform them about how they will reach the customers, how they will measure success and so on (Clingingsmith and Shane, 2017).
P6. Potential outcomes of a pitch.
To prepare the pitch investors for equity fundraise, following are the clear clues as whether there is a presence of real investment in future or not. It includes the following-
- Who shows up to the meeting- the capitalists of venture and the professional investors are the most engaged person so they have team with them that leads streamlining the due diligence process. Thus, for a first meeting, the members that are involved includes associates that are typical and also the junior members on team may take the appointment. These members that are front lined are tasked with that findings as the diamonds in rough. And are also eager in bringing good deals to the partners of the firms. This one is the most typical process in the investment which lasts for six weeks or six months.
- How quickly investor diverts from your deck- the team of investment has built the entire business around sourcing deals. This helps in ensuring that they can cover the items that is actually needed in order to assess appropriately the business and they will not go off track tangent that are not helpful to the party and investor.
- Suggestion of the next step- to end the meeting in appropriate manner is the key in these environments. Firstly, they have to read the investor that are potential. Thus, if they aren't interested they ask them if there arises a reason of moving forward with the decisions that are ongoing in the process. The investor if advices the party to see with meaningful milestones,smile and also thank in advance.
- How readily the investor introduces towards their network- just like many dates, the founders can be clueless and either unable or unwilling in order read the signs of interest. Thus, if they are still completely unaware about the procedures of meetings in successful way till the presentation has been closed. Then the party must try to ask one question before sealing the deal as ask that investor to introduce their network. They must also ensure that investors that are co-invested on past deals and that ask for specific introductions of some investors that are involved with them.
Thus, if the investment pitch fails, the cited company has to execute the plan anyway. Further, the best way in order to garner the interest of the investor, they have to execute. They have to go and meet the milestones and also find the first customer. They also have to go close to another investor. The cited company has to work hard and politely.
P7. Issues in pitching process
In today's competitive world, acquiring and starting new business organisation is not easy and rational process. Agencies are aiming at pitching rigorously to gain competitive advantages. Business pitches needs to consider various factors which can create issues(Diop, 2018). Pitching is internal part of business which helps in acquiring new business and also to retain in existing one in competitive markets. For business organisation pitching is considered as draining resources, time, morale and it also does not bring effective results because it may face certain issues. Bedlam puzzles conducts business pitch which can have following mentioned issues:
Business organisation fails to provide accurate information in pitch. For example, company spends too many data on explaining what type of products and services it offers and fails to provide essential information such as what problem is solved by using these products and services, or benefits of it, etc.
Pitch may face issues if it fails to provide accurate data or information. This will not lead to attract investors and pitch idea will fail or rejected. Bedlam puzzle needs to properly analyse the pitch process whether it is attractive to customers or not. The pitch needs to gain attraction of investors by giving accurate and relative data. For example, pitch needs to make investor attract and happy for investing in your company(Macaulay, 2018).
Business organisation needs to provide relevant and accurate information in pitch and does not contain too many numbers or facts. As this factors make pitch full of numerical proofs which may create issue of rejection of pitch. Facts are important but it may create bad point in pitch if there are many(5 Worst Mistakes Entrepreneurs Make When Pitching Angel Investors, 2018).
Bedlam puzzle needs to focus on attracting full attention of investors by creating an effective pitch. Pitch should not contain information of past sales. Pitch needs not to be attached to or linked with business plan of company. Pitch needs to include new revenue opportunities of business which may increases the chance of attracting customers.
If ownership stakes are explained too much in pitch, it may lead to create issue. It seems natural to discuss ownership but it does not create effectiveness for investors(Ellermann, 2017).
From the above-stated context, students often face problems while writing an essay, but we have a ready solution to all their queries like Business Essay Writing Help and many more.
Negotiation and pitching skills helps in identifying the importance of business skills which may help in doing successful transactions. The above study describes significance of pitching and negotiation skills that are used by business organisation to maximise the revenue generating capability and capacity. This study also explained and evaluated that accurate selection facilitate business in selecting employees and train negotiators effectively. Negotiation and pitching process effectively helps in increasing sales and profits of business. Post negotiation process identified in study report helps business organisation to increases trust of customers and also their reliability. Effective suggestion and analysis for negotiation provides benefits business and also facilitate in achieving overall objectives.
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