PITCHING AND NEGOTIATION

PITCHING AND NEGOTIATION SKILLS

Nawaf Alzahrani

Introduction

Strategically, business organizations and corporations have to negotiate in numerous devise areas of the organizational conflicts. Notably, it is common for any business organization and enterprises to enter into a conflict due to diverse issues and ideas that they may incur in solving various circumstances as well as the business ideas and opportunities. (Timothy, 1998) Implicitly, negotiation itself can be referred as a process for the two business parties to come into an agreeable conclusion that will facilitate a solution to the problem that is acceptable by the both business parties. This may in the pursuance to solving a conflicting issue within the business operations of the business parties. In addition, to come into an agreeable conclusion, there are various steps that need to be regarded in a negotiation process for the both parties to come in a common conclusion with equalizes the interest of the both business parties under conflict. (Timothy, 1998)

Negotiation Process Comment by dinesh: Satisfactory work done

Negotiation process can best be described in the business environment as the strategic process in which two or more business organizations may agree upon to conducting an open discussion in which they need to find out the solutions to the existing business conflict that the business parties may be currently existing. (Timothy, 1998) It is to be noted that some of the business organizations have a prolonged disagreement that have existed in decades time and that may influence the functioning and the execution of the business operations regarding the prosperity of the respective business organizations under concern. Negotiation process may have existed in the following business circumstances that may be unavoidable in the business operations of the respective business organizations.

The following could be the major influencing factors of the negotiating initiators within the business organization conflicting with other prospective business organizations. One of the key circumstances of the negotiation process is basically when the business conflict is comprised of the two or more parties or business groups that may be operating under a similar dimension. (Timothy, 1998) Similarly, the negation process may be incurred where a major conflict of interest exists between the two parties involved in the business conflicts. In addition, it could exist where all the involving parties feel that the negotiation of the existing problem will lead to a better outcome hence need of conducting the negotiation process. Besides, the negotiation process will exist where all business organization parties feel that they need to operate together instead of having a dysfunctional conflict situation.

Developing Negotiation Skills Comment by dinesh: More points can be addes to make it more satisfactory

There are various ways of developing negotiation skills within the business conceptual analysis. There are various valid strategies to utilize while developing the negotiation skills. Some of the key factors include noting that negotiation skills are not merely a series of compromises. Numerous people make negotiations using a zero-sum process. This is basically where they determine what they want and engage in a series of compromises to obtain their result. It is to be noted that the problem cannot be developed without all involved parties understanding the situation appropriately. Otherwise, failure to achieve this will lead to the parties not being satisfied with the outcome solution. Secondly, in developing the negotiation skills, it is your people that make the difference. The negotiator ought to apprehensively understand this. (Stacy, 2006) They ought to know how their behavior and reactions in the negotiation process affects the other involved parties. They besides need to understand that everyone has their unique preferred way of communicating and it may not be your way. They too need to consider that effective skilled negotiators are those of us who can change their communication style to meet the needs of the listener.

Thirdly, the potential negotiator need to understand the most potent negotiating skill I listening. An individual acquires the interest of the other business organizations through learning what the other business organization say about the conflict. Here, the key aspect to fully understand the interest of the said business organization is basically listening to what they say. Therefore, in developing the negotiation skills, one ought to understand the listening capability to what the other company says about the conflict. (Stacy, 2006) For instance, Dr. Albert Mehrabian of UCLA did a research on the ways of communication in a negotiation process. He ultimately found that there was huge occurrence of the incongruency or mismatch in the communication. 7% was contributed from the words of the party involved, 38% was discovered to have been attributed from the tone of voice of the party involved as well as the 55% was contributed from the body language the party use in discussing about the existing business conflict.

Steps for negotiation and generating business deals

There are some of the powerful negotiation tactics that a negotiator need to enumerate in the negotiation process to achieve maximum out of it. One of the key steps is basically asking for more than you expect to get. (Nimrod, 2003) The negotiator need to have the courage of asking for the impossible. The second step is basically never saying yes to the first offer. Despite the deal being perfectly aligned with your needs, there is need to take a deeper dive into facts of the deal being offered. Emotions, opinions as well as the feelings may dilute the deals. The third step of the negation step would probably to avoid the confrontational negotiations. It is common that every business organization likes conducting business deals with the other business organizations that they like and trust. It is good to affirm the other side’s position and then offer factual insights to strengthen your case.

The fourth step could basically to be reluctant. It is advisable to note that the less eager you are the better off you will be. In most of the situations, it is good to implement the Vise Technique that the other business organization will have to do better that what they offer you. The fifth step is probably the leverage urgency and remembering the 80/20 rule. (Nimrod, 2003) The 80/20 rule synthesize that the eighty percent of your concession will be finalized by the last twenty percent of your timetable. The last step will be to evaluate the competitive landscape. This is the step in which the respective business organization ought to entail the RFP to exist in their aid. The respective business organization ought not be afraid of mentioning their observation of the competitive activity.

Importance of Key Individuals in a Negotiation Comment by dinesh: Great work done,done nicely.

For the negotiation process to be a success, there need t have key persons who are not just the negotiators for the sake but rather they ultimately realize their role in the negotiation process. Key individuals in the negotiation process helps in identifying some of the business opportunities that can emerge from the business deals under the negotiation. (Maryanne, 2009) This can effectively be influenced by the was a good negotiator will listen to what the negotiation party has to say in the negotiation process. Besides, key negotiators help in smoothening the entire negotiation process. They know what is actually required in the negotiation process and are ready to determine an accomplishment of a good negotiation process. For instance, the good negotiators are able to determine the weaknesses arising from the respective negotiation process and respond to the entire process with efficiency and adequacy.

Good negotiators who are definitely the key individuals in a negotiation process are able to keep the sustainability of the respective business organization. Notably, in a negotiation process, there need to have a good critical thinking to predict the next progress of the respective business organization from the actions taken from the associative negotiation process. (Maryanne, 2009) Such actions may deter the business performance of the respective business organization. They may either lead the business organization into the doom of failure or rather into an overjoyed success or rather the business prowess of the respective business organization.

Key individuals in a negotiation process may have a positive impact in the concluding actions that are resolved from the negotiation process involving the all-inclusive business organizations parties. This is entirely due to their key say within the negotiation process. Notably, to be one of the good negotiator, an individual ought to critically view the suggestions of the other parties within the negotiation process. (Maryanne. 2009) As mentioned above, not all the parties involved within the negotiation process will be satisfied with the decisions or rather the solutions made within the business process. Therefore, there is need for the key persons within the negotiation process that help run the negotiation smmothly without any doubtful bias.

The Tendering Process and Types of Tenders

The tendering process is basically a method where a business organization invites a bid for a particular business project. This is in the aim of another business organization to accept the formal offer such as a takeover bid. In submission of the tender includes various limits and conditions that may significantly outlie the execution of the tender. For instance, a business organization may essentially give a tender that will be completed within the specified date of deadline accomplishment of the tender. (Daniel, 2015) The respective business organization will the waits for the response as it has already shown interest within the tender submitted. Numerous business organizations may choose to seek other business organizations operate under the same industry to respond to a particular need of the respective business organization.

Generally, there are there are various keys types of tenders within the business operations and activities. The type of the tender the business organization may be obliged to choose may particularly depend on the nature of the contract and the complexity of the business tender involved such as construction. In addition, it may be dependent on the factors such as the expertise needed in the construction of the proposed project as well as the other reasons such as capital and available resources. (Daniel, 2015) One of the key types of tenders include the open tender which is the main tendering procedures employed by both the government and the entire private sector. The client advertises the tender offer in the local newspaper giving the detail and the key information of the proposed works and inviting the various interested contractors to tender. The second common type of the tenders is commonly the selective tender. This is where a business organization creates a short list of contractors that is drawn up and they are invited to submit the tenders. The submitted tenders are then evaluated for choosing process of who is the most appropriate for the tender. The third type of the tender is basically the two-stage tender. This is where a contractor is chosen earlier in the design process depending with their competency.

Preparing for negotiation through request for proposal form

Request for proposal is one of the important tools in the project procurement deliverable in the business organization. Request for the proposal form is an essential tool in the preparation of the negotiation with other parties. (Daniel, 2015) It defines the steps followed in the negotiation process that helps the negotiator in reaching for the goals and objectives of the business organization within the negotiation process. It defines the specification of the intended project requirements of the business organization. Through the request for proposal form, the negotiator understands and evaluate a context for a comparative analysis of vendors. They create an informed decision-making within the negotiation process. It is through the RPF that the negotiator establishes a standard basis for the solutions evaluation for the forthcoming negotiation process using a structured set of evaluation criteria. (Daniel, 2015)

Contractual Agreement Process Comment by dinesh: More detail explanation required

There are key steps for the contractual agreement process that can make and assure the business organization to attain an effective outcome from the negotiation process. These steps include ensuring that you start with a thorough investigations of both the business and legal background for the contract as well as the proposed transaction and business relationship in which the contract is to be consumed. (Geoffrey, 2014) Secondly, working with the needed representatives of the company to accomplishing the set contractual project. In addition, there is need of ensuring that you get a vivid comprehension of the scope of the proposed business relationship so as to identify the contracts and related documents required to document the relationship.

If warranted by the complexity of the proposed transaction, an individual should [reaper a time and responsibility schedule for the drafting, review, discussion, revision and completion of the necessary requirements of the contract. In addition, there is essential need to consider the discussions with the company representative’s pertaining your role in the contractual agreement process. (Geoffrey, 2014) When the background information has been collected as well as the preliminary agreement has been met upon, there is need of preparing an initial draft of the respective number of contracts and associated documents.

References Comment by dinesh: Harvard style referencing is needed

Daniel (2015), Need of Tendering Pr ocess & Request for Proposal Form, pp. 115-116.

Geoffrey (2014), Contractual Management & Understanding¸ Key Concepts & Steps, pp. 102.

Maryanne (2009), Negotiation Process, Benefits of Goods Negotiators, pp. 256-257.

Nimrod (2003), Negotiation Process, Key steps and Business Deals, pp. 996-998.

Stacy (2006), Developing Negotiation Skills, pp. 405-406.

Timothy (1998), Negotiation Process, Taylor & Francis Group, pp. 560-563.