In the present scenario, Pitching is an appropriate function for encouraging people for achieving better outcomes as well as development in working in an effective way. Negotiating skills is a main power of bargaining within more than two persons. Enterprise is producing services as well as products for selling them, it is highly important to have the skills of pitching and negotiating (What is Negotiation?, 2016). These are required at a higher level for winning of new agreements on agreeable terms. This assignment is based on Marks and Spencer which it is a retail organisation that provides quality of products and services to their consumers for achieving desired outcomes. Through using this skills firm can achieve better place within a market. In this report, documentation consider it as a main contact as well as tender. Additionally, effective pitch need a proper frame to achieve better competitive benefits to complete a positive image of brand within a place of market.
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P1. Negotiation; the reason it occurs and its key stakeholders for the process to commence
Process of negotiation is in which two or more persons agree on same statement for properly settle down their issues. It is also considered as an effective approach which is used while purchasing services as well as products. Through this skills it aid in easily achieving of proper results along with that make an effective process of buying. Additionally, there are some effective factors which are utilized by people while communicating with others. Through the same, they can easily maintain relations as well as eliminate disputes raised among them in a proper manner. Some reasons which take place during the process of negotiation are given as below:
- Eliminating conflicts: It is an appropriate process of enterprise in which manager has to face different challenges which create chances of growing conflicts (Anable and et. al 2017). This type of problem is developed while performing activities of Marks and Spencer. Hence, it is necessary for company’s managers to analyse properly and assess for eliminating disputes in an effective manner. With the help of same, organisation improves the level of performance by achieving positive outcomes.
- Create a situation of win-win: Each persons are having their specific opinions and views at a working environment which may aid in increasing chances of achieving positive results. It is compulsory for the person who is negotiating to analyse as well as locate the conditions in an effective way which assists in achieving objectives and goals for making a situation of win-win.
- Build-up of respect: In any organisation, members of staff prefer to take and give respect from workers as well as supervisors. By this, positive environment can maintain within company. Continuously eliminating of disputes will help Marks and Spencer in achieving objectives and goals in a proper way. Long term relations in between workers as well as managers are maintained by management of M&S by using the process of negotiating in an effective manner.
- Different mind-set: It has analysed that organisation workers work with various sets of mind. Hence, it arise the possibilities of disputes as well as Marks and Spencer both PA and manager having a communication for increasing the pay scale where they both had given a reviews which are very different from each other. As it can create problem which is difficult because manager have to take proper decisions on time so that it will aid in eliminating disputes (Baber and Ojala, 2017).
Hence, negotiation is used at each level of Marks and Spencer. Problems can be solved of both workers as well as managers which assist in achieving the set targets. By using this, positive workplace should be maintained at the right time.
M1. Presenting a concise rationale for negotiation process along with steps undertaken in the process
Rationale in the process of negotiation stands crucial otherwise this may get a little messy and unreliable. The rationale behind negotiation defines set of reasons which are undertaken for this particular course of action. Negotiation helps in overcoming of complex situation and problems encountered by a business in a logical as well as productive manner. It has been identified that negotiation skills are very important when it comes to run a business in the market. The amount which has been lost by business aggregately stands at 9 million in the economy of United Kingdom. The development of negotiation mind-set helps in ideal dealing with difficult situation related to clients and employees. The creation of win-win situations assure that everyone feels that the deal which has been undertaken is a good one. Relating to the case study, manager have been able to retain one the valuable employee within organisation and at the same time change to the codes of practices which are formulated by the management. Here are given the process in brief:
- Preparation: Before negotiation they should be aware of disputes. They are negotiating with persons as well as their perception of expecting conflicts.
- Engaging other group at a negotiating process: once strategies and plans are developed it begins while defining a rules and procedure of ground.
- Accomplishing the process of negotiation: First positions are exchanged both will explain justify, bolster, clarity and amplify their real demands.
- Formulation of some alternative plan: It is an real process as well as has a contract in an effective bargaining (Belinsky and Gogan, 2016).
- Implementing: Formulation of negotiating a process is a agreement which work out and develop and process that is important for monitoring and implementing.
Therefore, Marks and Spencer outline this procedure in achieving effective results along with that it aid in reaching of targeted projects.
D1. Evaluation of steps of negotiation process and issues which can arise
It has been defined that negotiation stands crucial within an organisation as occurrence of conflicts in business enterprise are regular. It defines the procedure which helps in overcoming situation of conflict in an organisation. Various issues which can arise in retail organisation such as Marks and Spencer are as follows:
- There can be situation of conflict amongst two parties, team or groups.
- There can be conflict of interest between employees and employer.
- It is the perception that negotiation will be helpful in reaching a decent outcome.
The various stages which are undertaken while dealing with a conflict situation are as follows:
- First step in negotiation process involves Preparation which focuses on understanding of the situation and perception of people involved (Bodily and et. al., 2017).
- Second step focuses on forming ground rules of strategy which is to be undertaken. The proposals between parties will be exchanged in this process.
- Justification in this step focuses on demand by which they are looking forward which are concerned by an individual and their arrival at initial demands.
- This is the most crucial step which focuses on the actual negotiation For instance: manager in this case scenario focuses on the alternatives which can be adopted so that proper bargain for both the parties could be formed.
- Final step revolves around formulation of document and formalising the same (Fletcher, 2018).
Therefore, there are different causes for Marks and Spencer need effective pitching and negotiating skills that can help in meeting enterprise results and objectives in an effective way. For resolving disputes, create a win win situation and manage respect in more appropriate way.
M2 Implement RFP process in M&S, outline key documentation needs and consequences of breaching the agreement terms
For achieving the process of pitching and negotiation within a working company, this is important to collect some procedures as well as documents that can help whole company in a same direction. Marks and Spencer is undertaking different major process which are important for effective functioning of the operations of enterprise. These documents do not effect the companies in meeting their objectives of enterprise but also help in achieving the set results by avoiding coming disputes and problems in an effective way. Their are some main factors which are linked with the process of documentation that can assist in representing their important activities which are explained below in detail:
- Determination of needs: It is linked with the process of RFP which aid in mentoring of requirements and demands as it is associated by communication with merchandisers (Hoad-Reddick, 2017).
- Communication strategy: Most important elements which need for a step of pitching and negotiating which is required to outline the RFP process. By using techniques, organisation can distribute their sources which are identified, seller and others components which aid in success as well as growth in more effective way.
- Criteria of Evaluation: This is last element need to use for undertaking the RFP process. This can help in meeting the goals and results.
Therefore, by managing and discussing these components, companies can meet their results and targets in an appropriate way. M&S can use the process of RFP for proper enterprise ideas of pitching.
D2 Evaluate competitive tendering and process of contract also make recommendations for accomplishing a successful tender with minimum risk
By utilizing the process of managing a contract, an company can decrease the risk, obstruction and hinder from business in a more effective way. Their are various approaches and strategies that can be used for proper managing as well as contracts which are suitable for the M&S as it is a largest company which aid in administration of different guidelines and terms from the company. Agreement dealing is a sort of functioning of enterprise either it is large or small business. Their are different kinds of contractual commitment which are used by company are as follows:
- Be a goods and services customers: As a borrowing money, franchise agreement along with its rental contracts.
- Be a suppliers of goods and services, independent contractor, retailer and wholesaler (John Peters, 2016).
- Having a partnership agreement with others business components: partnership, consortium and joint venture.
There is very essential to manage business relations and disputes that can help in achieving the objectives of enterprise. According to agreement and contract process, there are different legislations and acts within state. M&S follow some stages which can assist in meeting the objectives of enterprise. In the initial mentions and discussion, represent the present contracts opinions, negotiation for determining its goals and objectives.
M3 Examine the process of pitch in an company, evaluate ways to maximise chances of successful pitch
Pitch indicate a process of efficient and effective way of communication which will be carried out by companies managers which impact workers and others towards enterprise purpose. By higher skills of communication, employers able to develop stakeholder interest and easily invests within the project of organisation. It involves conference meeting, presentation, e-mail and communicate more with related persons. The main source for doing a project effectively is capital. With proper finance, business managers such as M&S can perform operations properly. Organisations bondholders are require to analyse the factors of key for pitch for higher attaining objectives of enterprise (Keinonen, 2016). It includes presentation description which they present in front of investors and stakeholders. Managers of project are need to use concise as well as short and simple matter which is consider as first most elements of pitching. Person who will present should be confident while representing data which gives good impression on the persons who are listing. Matters should involve all contents which organisation have to disclose but in short.
For executing of project in a successful way. They have to focus on every matter carefully. Hence, doing a new project which includes various risks. They have to make proper techniques for eliminating risk. Presenting a data in a very short and concise way help investors to invest within project. Therefore, having a proper fund help M&S to run whole operations in an appropriate way as well as accomplishment of project within a span of time. For gaining loyalty and trust of stakeholders, workers are required to ignore unrealistic assumptions of future. They must be optimistic as well as real while executing a project and also consider judgemental views of investors. They also keep observing that funds are utilizing in an proper way which they had given for accomplishing a specific project. Hence, managers should utilize it effectively by which they can gain a higher level of return on investment.
D3 Creative and dynamic pitch both are persuasive as well as concise in meeting a sustainable competitive edge
For gaining sustainability, Marks and Spencer has established a new goods by pitching their investors. It will assist in communicating as well as creating a advancement of sustainable competitive for enterprise within a market. Thus, companies bondholders make techniques as well as policies for making a innovative goods which assist in gaining a higher level of consumer satisfaction (Nic Giolla Easpaig and Humphrey, 2017). Therefore, managers of projects has taken certain steps for making a advancement of sustainable competitive such as create a brand loyalty. For introducing their brand strong within a marketplace. Marks and Spencer make their services and products patents. This will aid in giving securities to its innovative techniques of planning a project. In order to make a creative and dynamic pitch a organisation needs to frequently innovate their manufacturing and company. If they are bringing modifications in companies culture by involving diversities. Experiences, skilled and highly qualified workforce can assists in accomplishing project within a bspan of time by which a organisation can gain higher sustainability and return on investment within a market. In these basic steps, workers of Marks and Spencer require to use the contracts of long terms as well as incentives. Along with this it is a most essential step of pitching their investors. While engaging consumers with the contracts of long term is most difficult process. Hence, companies managers tried to develop techniques for applying this process (Wiener, 2017). They are making a small contracts initially for meeting long terms contract.
P6 Potential results of a pitch
Companies stakeholders have to take proper decisions in the context of elevator pitch after discussing a relations for their project which are going to accomplished within future. Their are different results which are observed from sale talk are discussed below:
- Acceptance: It is important result which is made by elevator pitch given by particular person. This activity is made for setting a investor mind and spend finance into their business projects for future. They need to take registration and sign contracts of no shop. Companies do not need to sign agreement as it depends on willingness of management.
- Rejection: It defines that it is adversely effect business as well as functionality as if investors are not get satisfied with their projects. This condition is created as management is having lack of communication skills. So it will not give proper and accomplish informations of stakeholders. It will assist management to make a proper projects as well as efficient outcomes (Nieh, 2017).
- No response: It specifies activity which are result which are common as well as exist within a environment. Management communicate with their investors to provide their beliefs and thoughts. They formulate functions and take care that they don't get annoyed. It aid in taking a proper actions and methods as per investors. They have to execute ideas of investors by communicating with them and also determine proper answers.
- Come back later: It is an proper activity which is carried out in an accurate result for projects. If investors are not satisfied with a project along with that it will consist no impression for specific assignment. Management will aid in attracting their investors again, making a successful project and accurate market position.
M4 Ways in which M&S can fulfil their post-pitch obligations, highlight potential issues
Their are different ways by which post-pitching problems can be solved in a effective way which assist in meeting objectives and goals of M&S in an efficient and effective way. Along with this, it aid in analysing, investors which get impact within the company. Hence, it is important for company to keep on organising seminars which aid in providing organisation mission and vision in front of investors (Stanco and Kosobudzki, 2016).
M&S management should always keep in mind about their stakeholders while making a plan. This will assist in increasing of funds very easy manner. Managers of M&S should observe along with that execute a decisions by which investors which have to set on a right time. Organisation keep on evaluating policies which are linked with their pay scale as well as they have to keep on making changes in their services and products which they sell to buyers. Lastly, they have to consider their investors so that effective advantages can increase by the managers of Marks and Spencer by involving all components. By taking the help of it, growth of company can be observed in a very proper manner.
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D4 Evaluate post pitch and pitch results to determine risk management and potential risk
Foremost of strategies within pitch can be consider within company is an elevator pitch. It aid in completing functions of projects by bondholders in a appropriate period of time. Pitching investors are used to get finance for organisation. After taking a assistance of using finance, M&S managers require to focus on various factors such as collecting revenues, expansion of manufacturing team and manage relations. It involve equipments, capital, human resource, raw materials and many more. Utilizing these resources by declining wastage which aid in achieving investors trust within project. For collecting higher revenue managers are need to keep their eye on whole organisation activities which help in running a enterprise and improvement in manufacturing. Engagement of workers aid in increasing workers productivity, they need to give important training also (O'brien, 2016). It will help in developing knowledge as well as skills of employees so that they can provide support for completing a task within a liomited period of time. Hence, by this process it has evaluated that accomplishing a process of pitching, a organisation such as M&S need to concentrate on every activities.
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From the above report it is concluded that negotiation and pitching skills are essential factors which aid in improving the level of performance within the organisation. They can easily take a best decisions towards their technology as well as policies which may aid in achieving effective outcomes. They key components which are involving within enterprise along with that process of negotiating held in introducing a positive workplace. Their are different documents which may aid in analysing all contract and tender for taking a best decisions in a very proper manner. Therefore, effective and appropriate negotiation is important which may aid in making a right and proper judgement for achieving a better level of growth within a marketplace.
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- Anable, J. and et. al 2017., Business travel: exploring how changes in the arrangement and negotiation of professional work generate demand for travel.
- Baber, W. and Ojala, A., 2017. IT Negotiators: What’s your approach?.The European Business Review. 2017.
- Belinsky, S. J. and Gogan, B., 2016. Throwing a Change-Up, Pitching a Strike: An Autoethnography of Frame Acquisition, Application, and Fit in a Pitch Development and Delivery Experience.IEEE Transactions on Professional Communication. 59(4). pp.323-341.
- Bodily, S. E., and et. al., 2017. Kelly Solar. Darden Business Publishing Cases. pp.1-3.