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The procedure of Pitching and negotiation is an essential path that can help the assisted stakeholders and people to understand the vision of the business (Singh, 2020). It is an effective way that helps to increase the interest among the stakeholders about the functional process of the company. This particular report will scrutinize the negotiation skills of the managers in the Marks and Spencer organisation with the associated stakeholders, customers and suppliers. Alongside, this report aims to reflect the steps of negotiation which are followed by the management of the company for dealing with business issues. This report also outlines the process of Pitching is helpful for accelerate the business exquisitely. Marks and Spencer is a leading retailing supermarket located in the United Kingdom and has a vast retailing chain all over the globe (Nyame-Asiamah and Ghulam, 2019). Alongside, this report will evaluate the pitch and post pitch outcomes regarding the identified business issues.
2. Critical Evaluation of the Negotiation Process and Asses the Valid Solution for Deal with Business Issues
2.1Importance of negotiation in an organizational context
The negotiation process is an essential course that holds the individual perspective to come up with an effective decision in a business. Business negotiation is a process where two different parties are involved to find out the ultimate solutions for an organizational problem. It is a very effective process where the management of the company has involved the stakeholders in the functional process of the organization. Rather, than it is very important for the managers because it is helpful for share the vision of the organisation with the associate stakeholders. In the organizational context of Marks and Spencer, it is also an important process to conduct the proper negotiation process. In the functional process of the organisation strategic changes are normal. In such condition, the negotiated discussion would help to share the new approaches among the stakeholders which are positively effective.
2.2 Key Stakeholders during the Negotiation Process
In the operational process of the organization, stakeholders are an important asset. In that case, the decision making process of an organisation the key negotiation with the key stakeholders in the important procedure from the management of the business. Employees are considered as the major stakeholder of a company. Hence, then managers have to consider their priority because they are the important asset of an organisation and they are conscious about the taste and demand of the customers (Farjad et al., 2017). Employees are the important stakeholder whom assistance the management of the company to understand and drive constrains of the business protocol and changing demand and requirements of the purchasers. As a consequence, the engagement of the employees is important in the process of negotiation. On the other hand, shareholders are an important asset in a business corporation. They are investing handsome money to establish a shared value in the functional process of an organization.
If they have faced any irrational and unknowing issues that occurred in the functional process they tend to give up and stop their investment in the business. As a consequence, involvement and shared the information among the shareholders is considered an important responsibility of the managers (Eid and El-Adaway, 2017). Alongside, suppliers are the important stakeholders who supplied the raw materials that are essential for the business. In the organizational context of Marks and Spencer, suppliers are playing an important role and the manager is always concern about them and seeking their opinion and value it. In that case, the trade union is the best approach for the rights of the employees with organizational management. The main focus of the trade union is to focus on the negotiation with the employees and give consent on their opinion.
2.3 Evaluation of the Key Steps and Information Required In Preparation
In an organizational process, when two or more parties engage in negotiation, they must make specific choices that have a direct impact on the result of the process. To get a satisfactory conclusion, it is critical to discover and comprehend the negotiating process.
The Five Stages of negotiation are listed below:
Prepare:Preparation for negotiations is a key initial step in the negotiation period. Before preparation, all parties in the discussion should identify any potential trade-offs and priorities their most wanted and least desired outcomes. Then it will help to produce the best alternative approaches if needed in future and come up with a determination of the process to the end.
Exchange information:In that case, both parties have to share their personal opinions and underlying their interest in business (Tosselli, Bogado and Martínez, 2020).
Clarify:In the discussion process if the individual opinions are juxtaposed. That is why critical evaluation is needed for the concern with proper clarity.
Bargain and Problem Solve:In this stage, strong verbal communication is needed that keeps the several perspectives and throw ultimate solutions to the discussions.
Conclusion and Implement:Once an acceptable solution is presented then the individual should rethink their discussion and negotiate with each other for a long term relationship in the business (Simosi, Rousseau and Weingart, 2021).
Key individuals in negotiation and roles and responsibilities
Leader:The leader has to organize the actions of the different parties and reflect the main image of the negotiation.
Critic:The role is beneficial in preventing difficulties such as complacency and hostility, which occur when a team deviates from an effective method of cooperating or with the opposition team (Woo and Myers, 2020).
Relater:Relaters are developing connections with members of the opposing side and may obtain important information as a result. Additionally, they intercede when personalities clash and can serve as a mediator or another supportive function.
Expert:Experts may be brought in and out of the discussion at various points to give specific evidence or evaluations in critical areas. Typically, they do not engage in direct bargaining, but instead, provide information and respond to inquiries (Doz, 2020).
Recorder:The recorder takes down everything uttered. They take note of what individual’s desire and what options are provided.
Builder:The builder is the individual who generates the deals by assembling packages of items to trade for other packages to return. Additionally, they may have a financial function in which they determine the cost and worth of the things being traded.
3. Critical Evaluation of the Competitive Tendering and Contact Process and Recommendation for a Successful Tender
3.1 Explanation of the REP Process with Key Documentation
An RFP is a specific proposal wherein the issuer solicits bids from vendors demonstrating how their product or service may meet several of the issuer’s critical business needs. For many years, RFPs have been critical to businesses. Through the process of REP, the Marks and Spencer Organisation would able to demonstrate its services with better approaches (Ghodoosi et al., 2021).
Gather the RFP requirements
The assurance among the suppliers knows the issue and is equipped to respond appropriately. The RFP should educate bidders of the issues the issuer wishes to solve. Without a doubt, it is in the issuer’s best interest to ensure that this document is as accurate as possible.
Crafting the RFP
Each request for proposals has inquiries. While some individuals may have a dozen inquiries, others may have thousands. To facilitate the review, it is desirable to keep the number of RFP questions to a minimum (Ghodoosi et al., 2021). Not only can shorter RFPs simplify the process of picking the proper provider, but they also improve on-time completion and avoid beneficial vendors from failing to reply.
Conduct Initial evaluation
In this section the three stages have to be followed by the organization:
Contrast important aspects with vendor advantages
Eliminate vendors that are incompetent or unable to compete
Determine differentiating characteristics to conduct an in-depth comparison
Follow up shortage list
After determining which bidders reached the shortlist, the RFP issuer can conduct a more in-depth review. Suppliers should be able to present how their offerings differentiate themselves from those of their competitors.
Make final decision
After understanding the offering asset of the vendors it is the final stage where the managers of the company should be involved in their strategic business process (Ghodoosi et al., 2021).
Create and complete the Contract
Once the issuer has chosen a vendor, it is necessary to document both the choice and the subsequent procedure.
3.2 Explanation of the Contractual Process with Relevant Documentation
Contract management has played a major part in everyday chores, as companies strive to increase efficiency without expanding the number of employees (Klakegg, Pollack and Crawford, 2021). As contracts expand in commercial transactions, contracts must save time and not spend more time as if it would be applied in the organizational process of Marks and Spencer. As a consequence of minimizing the risks this contract process initiated in seven individual processes:
Contract preparation
It is critical to be disciplined and equipped with the necessary resources. Properly outlining the needs, causes, and stated aims that need a contract simplifies subsequent decisions.
Implementation stage
After sketching out the contract management, it is time to put the strategy into action. This often entails the implementation of a contract management system is to facilitate the setup and execution of contract-related duties (Badi et al., 2021).
Pre-contract stage
With the project management application’s basis in place, the time has come to begin applying it for contract extensions. This entails the development of new “template” contracts for regular contracts. At this point, it is strongly suggested that to create templates and related papers that are tailored to the company’s vision and mission.
Handover stage
After a contract is formed and signed, the person(s) who will carry out the contract is handed over. The party that wants to negotiate the contract is generally distinct from the party that fulfils it (Emelianova et al., 2020). Throughout that phase, it is essential to establish a seamless transfer so that all parties concerned are aware of the importance to retain a dispute.
Contract stage
This is the phase of contract management in which your contracts will ultimately be implemented (Badi et al., 2021). Though this would be one of the easiest steps, management is important.
Pre-renewal stage
When agreeing, it must remain well educated and aware of any fines and conditions. An efficient contract management procedure must be maintained by being informed and planning for certain dates and deadlines.
Post- Contract stage
Once a contract is up, a maintenance arrangement is still needed to guarantee that everything is neatly packaged. This involves verifying that termination terms, the issue or payment of final bills and preserving the contract have been satisfied.
4. Development of a Dynamic and Creative Pitch To Achieve a Sustainable Competitive Edge
Effective pitching always helps to serve a better ramification of the business in the competitive business market. In the decision making process of a business negating with the stakeholders is essential a clear and specific pitch is to build a certain image of the future scopes. Investors always stay one of the essential stakeholders for the firm. Sometimes investors lost their attention after hearing plenty of odd talks (Roseckáa and Macheka, 2020). In that case, the main aim of a business pitching is securing the business association of accurate sources. Proper pitching is hit the main point of an organizational business. In the United Kingdom, Marks and Spencer is a leading retailing organisation that has included a wide number of stakeholders in its operational process.
Therefore, it is an essential responsibility of the managers to ensure their stakeholders about the vision of the business that would get to help a better production of business. In that case, the key principles are listed below that help the company to extend the business with prospective accomplishment:
Joint Venture Term
If both parties believe they will become partners after this agreement is completed, the pitch will provide them with a lasting competitive advantage. If both sides believe that it would benefit the organizations, it will become an asset. Without addressing the question of whether the parties will work to improve service, this proposal serves to maintain (Fernández-Vázquez and Álvarez-Delgado, 2020). In that case, if the Marks and Spencer Company think that their stakeholders are true partners then it will build the last longer relation in their operating system of the business.
Problem Solver
The managers of the Marks and Spencer Company have always try to maintain and discuss to the point when executing the business pitch. The Company always reflect that attitudes that their stakeholders are their important asset and they will never tend to lose them. They always work collaboratively and try to minimize the risks of the business (Rudawska, 2020). Therefore, it has been seen that they pretend to execute a good pitch about their daily functions of the business. A good pitch works as an essential element in a business that helps to reduce the risks in a business easily.
Consequence on miniature issues
Several small issues have been seen to arise in the process of a business pitch. Several complicated terms have consisted that has brought out the complications. In that case, the company negotiators have to concern every single issue and resolve it effectively which forward the whole business safely.
Specific concession Agenda
In the operational process of a business, there is one join in a pitch with a clear idea about the project scenario (Putri et al., 2017). Hence, in the middle of confusion, the company negotiators have to promote the proper value on the stakeholders’ time. There is a place of unnecessary issues that hit the main one.
Value the Purchasers
This is the primary principle underlying pitching. Never assume anything after examining the buyer’s age. Occasionally, they will be youthful and it will be incorrect if the negotiation believes the buyer has less concept expertise. Young purchasers are ambitious about moving up the corporate ladder.
5. Critical Evaluation of the Pitch and Post Pitch Outcomes to Determine the Potential Issues and Risk Management
5.1 Asses the Potential Outcomes of the Pitch
In the above section, it has been seen that the Marks and Spencer Company has taken several initiatives that hold the several approaches of the investors, employees and consumers in their pitch. In some cases, the pitching process of the organisation has a great contribution but in some aspects, it has lost its motion (Ciuchta et al., 2018). The outcomes from this pitch have a unified ramification but in some fragile aspect, it could not able to fulfil the business negating approaches that remain holds the complications. In that case, the managers of this company have to more concerned and determine their business (Clarke, Cornelissen and Healey, 2019).
5.2 Identification of the Issues
In the pitching process of Marks and Spencer, there are several issues identified that will corrupt the future planning of the business. The fragile negotiating manners of the managers are avoiding the many aspects that are harmful to the overall negotiating process of the business expansion.
Issue 1:Generations are always consumed with new thoughts and ideas that help to promote the innovative features in every feature. The managers of the Marks and Spencer Company mostly follow the perspectives of the new generations about the promotion of the services where they are less concerned about the old ageing consumers thoughts that are beyond the proper negotiation in the context of business pitching.
Issue 2:Maintain the image to the business world the Marks and Spencer Company always focus on minor issues in their business. Therefore, in the business pitching session, the managers are not complying and reflect the small issues that are hit the big aim of the company in the future.
Issue 3:As it has been seen that, Marks and Spencer have followed a potential image of pitching about their business. But in that case, they have sometimes faced complications with the employees for their sudden changing process that make a complexity.
5.3 Recommended Ways for the Marks and Spencer That Can Fulfill Their Post-Pitching Obligations
Business pitching is an essential part that helps to promote a clear vision of the operating process of a corporate firm. Hence, it has to be cleared to both external and internal stakeholders of the company. As well as, it is necessary to give equal value to the different perspective of the stakeholders on the narration of the business pitch. In that case, the leading corporate retailing firm Marks and Spencer has some fragile aspects in their business pitch as considered in the above section. Based on these fragile aspects there are recommendations are provided below:
In the era of modernization, the modern generations are like a gem. They are only able to understand the recent trends. But, alongside it is also important to give priority to the demand of the old ageing consumers (Strandvik, Heinonen and Vollmer, 2019). They do not always understand the current modern approaches of the company that has been proposed as their business expansion. Hence, the managers of the Marks and Spencer should also deal with the demand of the ageing people’s demand.
The small drops of rain are the reasons for natural calamities like flood. Now, this particular line suggests that do not ignore the small issues or any aspect that can cause a big reason. In the presentation of the business pitching the Managers of Marks and Spencer are not always concern about the small issues which is later hit on the big agenda of the business (Turner and Endres, 2017). Therefore, it is a notable suggestion that the management of the company should be concern about the minor issues and negotiate with their stakeholders and based on this it will be proposed on the business pitching.
The managers of the Marks and Spencer should be deal with the different perspectives of the stakeholders in a proper manner that helps to avoid operational complexity.
6. Conclusion
In the operational process of the business negotiation is a fundamental element that helps the management to accelerate the business exquisitely. Negotiation comes up with a great understanding with others. This report evaluates the nature of the negotiation in the organizational context of Marks and Spencer and suggests some effective effort to make it more precise. On the other hand, this report has been narrated the process of Pitching accurately and evaluate this process on the Marks and Spencer organization. The report has found some issues in the pitching process of Marks and Spencer that also suggested as recommendations that would helpful for the management.
7. References
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