As per the current market scenario, most of the companies produce commodities in order to sell their products so as to gaining maximum profits. Therefore, it is necessary that an individual has pitching and negotiations skills. This assists them in winning all the contracts according to the terms and conditions. Basically, this kind of concept is used by small and medium firms so as to provide excellent services and facilities (Chang and Rieple, 2013). If company utilises excellent pitching and negotiation skills then they can perform the tasks in an effective manner that will help them in having healthy relations with other companies and stakeholders as well. Marks and Spencer is a leading organisation in the United Kingdom that deals in products related with clothing and household items. Company was established in the year 1884. Report throws light on determining reason behind negotiation and the process of stakeholders commences. Lastly, the potential outcomes of a pitching are covered in this assignment.
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P1 Determining negotiation and reason for its occurrence along with Key stakeholders
The action or process of transferring legal ownership of a document can be known as negotiation. In other words, it is a concept under which two or more companies or individual come together in order to resolve their problems through effective process. This helps them in achieving excellent results by eliminating all the issues that are creating problems in business operations. It is much required for two business entities in order to do business with transparency so that no fraudulent activities can be done from any of them. Apart from this, factors that are required for effective communication are used so that they can interact with other people effectively (Cooke and Zaby, 2015). Therefore, it is creating transparency in between employees and customers. As a result, it is helping them in sustaining better relations and at the same time, minimises chances of conflicts. Thus, some of the negotiation process which are used by M&S given below mention:
Reducing Conflicts: Manager and superiors of an organisation face many problems in order to sustain a better position in the market. For this, it is necessary that company has effective strategies which they can follow for getting the best results. There are ample number of theories and concepts like Maslow's motivational theory and others which can help an organisation in developing proper relation among employer and employees. It is much required for Marks and Spencer so that development can be done of products and services that they are offering at marketplace. It is being seen that suggestions that are been given by employees may aid an organisation in raising its profitability and productivity both at the same time. Therefore, it is important that managers of Marks and Spencer monitor the performance of their employees on a regular basis so that superiors can evaluate the problem that is creating conflicts amongst workers. Hence, it enables them in attaining the positive results in a specific period of time.
Creating win-win situation: A win win situation is when a company raises its reputation at a market, profit, productivity, sales and other things through delivering products and services in an appropriate manner to consumers according to their needs. Variety in culture can be seen at workplace with different mind-sets. This helps an organisation in resolving the problems through various methods so as to gain excellent outcomes. Therefore, negotiation assists the organisation in identifying the situations effectively so that goals and objectives can be attained properly (Dierdorff, Rubin and Bachrach, 2012).
Building up respect: For working in an organisation, it is important that a healthy environment is maintained and this can be possible when all the employees and superiors will be given with importance and respect as well. Therefore, managers of Marks and Spencer are taking feedbacks and reviews from employees so as to know whether workers are having any problem in accomplishing the tasks appropriately or not. As a result, it is assisting them in achieving goals and set targets in a given time frame (Dawson, 2014). Further, Marks and Spencer is using negotiation skills for communication with customers so that a healthy relationship will be maintained in between them. This can be done through asking for feedbacks from consumers after when they use products and services that they have sold. With the help of this, organisation can create long term relation with consumer. Along with this, company can create win win situation at marketplace and may give good rivalry to competitors.
Different mind-set: This can be one of the reasons of conflicts in between employees as they may not agree with the views and thoughts of one another. For example: as per the given scenario, an issue is arising between the manager and PA in terms of pay scale and it is creating problem for superior to cooperate with other members of the board. Therefore, negotiation is used in this and a thought is presented to which both can agree. This will help them in resolving the problem in a better manner without any conflicts (Healy, 2011).
Henceforth, negotiation is a process that is required in every stage of the organisation. Through this, a positive environment can be maintained and assist employees in obtaining all the set targets and goals in specific period of time.
M1. Concise rational for the negotiation process including steps that organizations go through during a negotiation process and the information required in preparation
Negotiation is considered as an important element that many of the organisations utilise in order to resolve most of their problems. Therefore, Marks and Spencer is optimising all the tools and technologies that are available to them so that the best quality products can be delivered to its customers (Dierdorff, Rubin and Bachrach, 2012). Issues can affect a company directly or indirectly based on the effectiveness of problems and therefore, they are using all these methods for resolving problems that are acting as a barrier. It is assisting them in generating high revenue. Certain steps that are used by Marks and Spencer in negotiation are mentioned as below:
- Preparation- Analysation and research of market is being done by manager and then only plan can get developed.
- Involvement of other groups during negotiation- there are ample number of sectors that may build confusion among two entities while doing an agreement.
- Closing the procedure of negotiation- This includes selecting the best way of taking negotiation under process.
- Formulating of alternative plan of action- When a plan fails it costs much to companies. Therefore, it is required for them to develop an alternative plan so that they do not face any sort of losses.
- Execution- Developed plan comes in execution through considering all the relevant data which is being gathered by research and development department (Negrón, 2014).
Therefore, Marks and Spencer is optimising all the above mentioned points so as to get suitable results and accomplish the task in an effective manner.
D1 Evaluate the steps of the negotiation process and present valid solution for dealing with issues that can arise
According to the points mentioned above, it is determined that negotiation process can be said as a procedure that happens in between two different groups so that relevant outcomes of difficult problems can be evaluated. The procedure of negotiation that Marks and Spencer follow in order to gain the best results are given as below:
- This is optimised when two or more parties are involved in negotiations.
- There is always an issue related with interest factor among the parties.
- Parties that are involved in this negotiation process experienced positive outcomes.
- Therefore, all the member in a group desire to accomplish the task together rather than having dysfunctional issues and conditions (Healy, 2011).
Marks and Spencer is following a specific procedures in order to operate the task in an effective manner. Therefore, stages that are included in this are mentioned below:
Steps 1: This is the first step in which potential values of both the parties are identified. Along with this, it is required for both of the organisation to understand about all specific values which they both have so that no conflicts may take place.
Step 2: Formulating and creating the values that is required for accumulating the information that is related to the case. This can be considered as second phase where two firms do gathers about all the relevant data of companies so that creation of values can be done.
Step 3: By concerning both the parties that are involved in negotiation is done in order to design and manage the entire process. With the help of this, firms do get to know about their profit and loss margins that they are going to have in near future.
Step 4: Under this, negotiation is concluded so that desires terms and policies can be formulated. This phase aid organisations in coming to a conclusion where both of the parties gets agree with each other demands and other things.
Step 5: This is considered as the final steps, in which Marks and Spencer the execution of entire process is done in an effective manner so that a better results can be obtained. This can be stated as the last phase where firm starts doing business and make future plans in order to grab a good position in near future at marketplace.
Therefore, in order to perform the task and maintaining a healthy relation with other companies it is required that Marks and Spencer has appropriate pitching and negotiation skills. This will enable them in resolving the conflicts and issues in an effective manner. Other than this, win win condition is utilised for having better results. Henceforth, it is assisting them in collaborating with other organisation so that they can expand their business across the globe.
M2 REP process within an organizational, outlining the key documentations required and consequences of breaching the terms of an agreement
It is important to evaluate all the documents and procedures so that proper negotiation and pitching can be done in an effective manner. According to the requirements, Marks and Spencer are adopting various processes which are required for a proper functioning of business operations (Hendricksen, 2014). Therefore, using all these documents not only provides benefits but also help then in eliminating all the issues that are creating problem further business proceedings. Thus, the factors that are connected with the process of documentation are given below:
Determination of recruitment: Every organisation have one or the other requirements that are to be fulfilled so that they can work according to the needs and wants of customers. Therefore, RFP process is used by the organisation so that demands and requirements can be fulfilled through effective communication skills with their stakeholders and merchandisers (Healy, 2011).
Strategy of Communication: Communication is the basic process that is used by most of the organisation in order to have appropriate interaction between others. This provides assistance for negotiation and pitching skills which is required for the entire process of RPF. Further company makes strategies and plan of action so that they can optimise all the resources that are available to them (Horton, 2016). Thus, it is Marks and Spencer is using latest tools and technologies through which they can communicate with customers and employees as well.
Criteria of evaluation: This help the organisation in identifying all the problmes that should be considered throughout the procedures of RPF. It is assisting them in having an overviews of the entire procedures which they can follow so as to achieve the set targets and goals in specific time period.
Therefore, by conducting a meeting and discussing about all the matter through which organisation can get suitable outcomes is considered. It is helping them in attaining the objectives in an appropriate manner. Henceforth, Marks and Spencer is optimising RFP process in order to generate effective pitching ideas.
D2 Competitive tending and contract process and make recommendations for completing a successful tender with minimal risk
An agreement between two or more parties that creates obligations that are enforceable or otherwise recognized by law can be known as contract process. Two different entities should go for different steps in order to do a contract which are given below:
- Step1: Selecting a Contract.
- Step 2: Collecting the Necessary Information.
- Step 3: Choosing a Negotiator.
- Step 4: The Contract Review Process.
- Step 5: Contract Signing (O'brien, 2016).
Contract management is a process that is used by most of the organisation so that they can minimise the chances of risk to some extent. All the obstacles are eliminated so that company can function all its activities in a proper manner. Henceforth, there are various methods by which Marks and Spencer are enabling themselves in maintaining a proper connection with other firms. Therefore, dealing with all the organisation is important so that a functioning of the business can be operated in an appropriate manner (Negrón, 2014). Further some of the contractual commitment that has been optimised by Marks and Spencer are as follow:
- Company can work under an agreement or work on the basis of rental contracts.
- They can also opt or merge with others firms so as to establish themselves in the new market in an appropriate manner.
Analysation should be done of policies and organisational culture/structure which is being followed by company with whom it is going to do contract. Along with this, profit and loss margins gets set of two companies which may aid them in hitting their targets in much effective and appropriate manner.
Therefore, it is important to manage and maintain a good relation with all the contractors or partners in order to achieve the set targets and goals. Thus, working in partnership or contractual basis it is necessary to follow certain rules and regulations that are required so as to achieve and perform their business operations appropriately. Apart form this, it help them in decision making as they it assist them in sharing their opinions so that negotiation can be done properly (Hendricksen, 2014).
M3 Pitch process in an organization, evaluating ways to maximise the chances of a successful pitch
Pitch is the process that is used by an organisation in order to have a effective communication between employees so that they can influence others as well so as to achieve the set targets and objectives in a better manner. Appropriate communication skills is helping them in interacting with other stakeholders and investors so that company's project can be achieved effectively. Therefore, it is necessary to have a tow way interaction between where every body gets a chance of expressing their views and thoughts respectively. To have a proper communication it includes various methods like e-mails, presentation, meetings, conferences and many. With sufficient resources that are available to them Marks and Spencer is executing their business operations in an effective manner (Nudelman, 2017). Apart form this, it is necessary for capital providers to evaluate the whole process and key factors through which they can achieve business objectives. Therefore, to be successful it is required that stakeholders use simple process of presentation rather than complex procedures so as to evaluate the future proceedings and components of pitching in an effective manner. The related information that are included in this the presentation must be relevant so that presentor must find it easier to convey the message in an appropriate way. Along with this, an individual must be confident while explaining the information that is included in the presentation. This will enable them in having a good impression on listeners.
In order to execute the whole process in an effective manner it is necessary that all the data that are available to them are utilised in a proper way so that a valid conclusion can be evaluated. All these information must be used carefully so that flaws can be eliminated. While executing the process there might be a chance of arise in risk and issues further to cope up with this company should make proper strategies and plan of action. Therefore, it is essential that all the data which is presented must be concise but more effective so that it can influence the stakeholders and investors who can invest their money for future proceedings. This will help Marks and Spencer is generating sufficient amount of money so that they can operative their business in an effective manner (O'brien, 2016). Other than this, it will help them in winning the loyalty of stakeholders for this, it is important that they set a target that is achievable. Thus, they should set the targets that can be achievable. Hence, stakeholders should monitor and keep an eye on the company so that they can see the resources are used in an effective manner. Hence, it is prime duty of managers to utilise all the elements that are available to them in order to have effective outcomes.
D3 Dynamic and creative pitch that is both concise and persuasive to achieve a sustainable competitive edge
If a company wants to gain better position in the market area and to launch a new product they are using pitching investors. This will help them in communicating with other in a suitable manner as a result competitive advancement can be achieved. Therefore, project managers of an organisation help the organisation in establishing the better position in the market area along with the brand loyalty. Further, Marks and Spencer is offering discount coupons and offers in their commodities sop as to attract more and more customers toward their organisation.
Henceforth, for making their product safe from other rival companies M&S have patent their commodity which is making them unique from others. Other than this, company is using long and short term contractors so that they can get better results and outcomes.
P6 Potential outcomes of a pitch
After considering all the factors a brief discussion is being conducted so that strategies can be made for the upcoming projects. Therefore the role of investors came into being and company desperately wait for the investor to make their point whether they want to invest in their business or not. Some of the outcomes are mentioned below that is used in pitching:
Acceptance: For having an effective growth in business operations it is necessary that they have accept all the changes that is required for pitching. Elevator pitch is an important factor as if the person will be able to influence the person than it can have a positive impact or vice versa. As a result if an individual agree to this than he/she may invest their money in future proceedings or projects (Paço, Ferreira and Raposo, 2016). After this, the step that arises is no-shop agreement, which states if the document is not profitable than they may not approach their further plans in this business project. Hence, it is not necessary that every individual sign no-shop agreement and it is depends on the choices of organisation whether they want to communicate with the same part or not.
Rejection: It is considered as one of the unfavourable outcomes because under this investors may not agree with the concept of the project. This can be because of the communication process used by the individual in order to influence stakeholder. Therefore, it is necessary that organisation lookout for other investors who can invest in their business operations.
No response: This is one of the most essential element of elevator pitch. Hence, it is important that all the views and thoughts are execute in an effective manner so that the person may not get annoyed. This assist them in taking proper decision making so that a appropriate outcomes can be evaluated. For this, it is necessary that they make suitable plans and strategies so that company can have an overview about their future projects.
Come back later: Under this, if the activities are not providing suitable outcomes than by applying innovative ideas and sustaining the better position at market area they can regain back the loyalty of customers. For this, it is required that Marks and Spencer have ample amount of money through which they can buy new resources in order to execute the plan in an effective manner.
M4 Ways in which an organisation can fulfil their post- pitch obligations, highlighting and potential issues
Post-pitching can effect the performance of whole business operations so there are various methods through which they can achieve the set goals and targets in specific time period. It is important that Marks and Spencer is providing proper documentation to stakeholders so that it can be understood by them by them in an effective manner (Rich, 2013). For doing this in an appropriate way meetings and seminars should be conducted so that company can tell about the mission and vision of their organisation in front of stakeholders and investors.
Therefore, before formulating the strategies and plans it is necessary that all the factors and elements are taken into considerations so that they can satisfy their investors right on time. As a result a healthy relation can be maintained for a longer period of time.
D4 Evaluate the pitch and post pitch outcomes to determine potential issues and risk management
The basic and important technique that is used by most of the organisation is Elevator pitch as it help them in completing the task in specific limited time frame. Therefore, Marks and Spencer is determining various factors like generating more and more revenues, improving in expansion of production etc., hence, by utilising all these resources they are enabling them in delivering best quality products (Wiener, 2017). Further to manufacture superior products it is necessary that all the resources are optimised in a better manner which includes human resource, capital, machineries, equipments and many more.
Other than this, Marks and Spencer is giving proper training programmes in order to increase the skills and knowledge of their employees so that they can give effective results for the same.
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From the above report it can be concluded that, pitching and negotiation skills is an essential element that helps an organisation in enhancing the performance level of the organisation. With the use of this process company can make proper policies and strategies by optimising these firm can sustain a better position in the market area. Therefore, for having effective results it is important that all the resources are optimised in an appropriate manner so that all the goods and products that are manufactured are according to the needs and wants of customers. Therefore, there are different kind of documents that helps contactors in signing the agreement properly.
You may also like to read:
- Chang, J. and Rieple, A., 2013. Assessing students' entrepreneurial skills development in live projects. Journal of Small Business and Enterprise Development. 20(1). pp. 225-241.
- Cooke, B. and Zaby, A., 2015. Skill gaps in business education: fulfilling the needs of tech startups in Berlin. Journal of Higher Education Theory and Practice. 15(4). p. 97.
- Dawson, C., 2014. The Mature Student's Study Guide 2nd Edition: Essential Skills for Those Returning to Education or Distance Learning. Hachette UK.
- Dierdorff, E. C., Rubin, R. S. and Bachrach, D. G., 2012. Role expectations as antecedents of citizenship and the moderating effects of work context. Journal of Management. 38(2). pp. 573-598.
- Healy, K., 2011. Social work methods and skills: the essential foundations of practice. Palgrave Macmillan.
- Hendricksen, D., 2014. 12 more essential skills for software architects. Addison-Wesley Professional.
- Horton, S., 2016. The Leader's Guide to Negotiation: How to Use Soft Skills to Get Hard Results. Pearson UK.
- Negrón, R., 2014. New York City's Latino ethnolinguistic repertoire and the negotiation of latinidad in conversation. Journal of Sociolinguistics. 18(1). pp. 87-118.
- Nudelman, G. R., 2017. Engineering identity: Analysing e-portfolios in a professional communications course. South African Journal of Higher Education. 31(2). pp. 211-225.
- O'brien, J., 2016. Negotiation for Procurement Professionals: A Proven Approach that Puts the Buyer in Control. Kogan Page Publishers.
- Paço, A., Ferreira, J. and Raposo, M., 2016. Development of entrepreneurship education programmes for HEI students: The lean start-up approach. Journal of Entrepreneurship Education. 19(2). p. 39.