Negotiation in business term

Qualification HIGHER NATIONAL DIPLOMA IN BUSINESS
Unit Number and Title 44. PITCHING AND NEGOTIATION SKILLS
Start Date 03-12-17
Hand In Deadline 30-12-17
Assessor Name MRS. ANNU CHARIKAR
Assignment No ONE
Assignment Title PITCHING & NEGOTIATION SKILLS
Purpose of this assignment

To develop good pitching and negotiation skills, which are essential for the managing and running of a small business or being a part of a new dynamic and innovative work force. The assignment will help them to generate sales and networking opportunities, while negotiating with different people and in different business transactions will secure more favourable deals. They will also examine the different aspects of these skills required to win new contracts on agreeable terms.

Assignment Description

This Assignment covers the Learning outcomes LO1, LO2, LO3 and LO4.

Preparation guidelines

· The report should be grammatically correct and word processed.

· The written report must be presented in a professional manner, with FORM 1, front page, contents page, page numbering, bibliography and annexes.

· Use the Font as Arial size 11 and 1.5 line spacing.

· Identify any references and Use the Harvard referencing system.

· Complete the Form 1 page and sign the statement of authenticity.

· You will pass the assignment only if you achieve all Pass criteria. Student must provide evidence that learning outcomes of the subject have been met.

· Assignment will be checked for Plagiarism. Appropriate Actions may be taken as per College / Edexcel Plagiarism Policy.

Good practice

· Make backup of your work in different media (hard disk, memory stick etc) to avoid distress for loss or damage of your original copy.

· Make an extra hardcopy of your work submitted for your own reference or later use.

ASSIGNMENT BRIEF

TASK 1: (Covers LO 1 & 2)

You are working as a Business Start Up Advisor for your local council, providing advice and mentoring to small businesses on how to manage the pitch process and tender for contracts.

You have been asked to create a guidance document on how to effectively prepare and manage the negotiation process. This is to be presented as a short booklet that includes the following type of information and advice:

1. What is a negotiation in the business context?

2. How to develop negotiation skills?

3. The key steps for negotiating and generating business deals.

4. The importance of key individuals in a negotiation.

5. The Tendering Process and types of Tenders.

6. Preparing for negotiation through a request for proposal (RFP) form.

7. Enlist the contractual agreement process.

Submission Format for Task 1:

The submission is in the form of a guide for small businesses. Templates for guides and brochures can be accessed on Microsoft File. You are required to make use of headings, paragraphs, subsections and illustrations as appropriate and all work must be supported with research and referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. The recommended word limit is 2,000–2,500 words, although you will not be penalized for exceeding the total word limit.

TASK 2: (Covers LO 2, 3 & 4)

A major bank has its headquarters in the City of London. Every four years they initiate a request for proposal (RFP) process from different companies to run the Bank’s coffee shop. This is a subsidiary business of the Bank. To benefit their image, they prefer to contract a small independent company as opposed to a national chain.

You are a small business owner of Cuisine Coffee, a new start-up looking to expand, and see this as an ideal opportunity. You are keen to share a pitch and enter into a negotiation with the bank.

A) THE PITCH: You are to prepare for a 2-minute pitch, consider the following:

· You have to quote a price to the bank; this will only include your expertise to run this coffee shop successfully in Dubai. All other resources like manpower, venue, furniture, DEWA bills, etc will be borne by the bank. You will be completely in charge of this coffee shop and will be responsible for running this business for the bank

· Your objective is to bid for the highest amount however you are also aware that if you bid too high you may lose the contract. The bidding starts from AED 200,000.

· You know that in order to win the pitch you need to offer the best price however cannot go very low as will directly impact your profits. At the same time, it’s a matter of pride for you to be associated with this London Bank and this collaboration will add immense credibility to your business.

· You must have clarity on the profits the bank will earn for the next 3 years. This should be supported with logical facts and figures.

· Chalk out a clear strategy and the approach on the process you will follow.

· Focus on getting a win-win for both the bank and your business; however do not give in easily during a negation.

B) THE NEGOTIATION: Prepare a 3-minute negotiation with the banker (played by your Instructor), consider the following:

· As your Pitch becomes successful, the bank would like to negotiate the terms of the contract with you. You knew that in order to win the pitch you priced as low as you could and therefore have no means of lowering the price.

· You next task is to enter into a negotiation with the bank using a variety of techniques to get them to agree to sign the contract without you having to lower the price.

C) THE ANALYSIS

· Submit a report to evaluate the pitch and the negotiation process adopted by you.

Submission Format for Task 2:

The submission has a number of components: (All will be recorded for evidence and submission purposes)

Face-to-Face: 2A THE PITCH: & 2 B THE NEGOTIATION:

· A 2-minute pitch and a 3-minute negotiation shall be presented/submitted to the instructor (who is the Bank management) during the last class i.e. on 21st December 2017.

· DISTANCE learning students will make a Video presentation with a third-party playing the role of Bank management. The video file shall be sent via email (Drivelink/Wetransfer) to fatema@capital.ac.ae.

Report – 2C – THE ANALYSIS – (Submit with Task 1 on Edmodo)

The recommended word limit is 750- 1,000 words, although you may not be penalised for exceeding the total word limit. All work must be supported with research and referenced using the Harvard referencing system.

Learning Outcomes and Assessment Criteria
Learning Outcome Pass Merit Distinction
LO1 Evaluate the context of a negotiation and identify the information required to prepare for a negotiation. P1 Determine what a negotiation is, why it occurs, and who the key stakeholders during a negotiation process are. P2 Evaluate the key steps and information required for negotiating and generating deals. M1 Present a concise rationale for the negotiation process, including detailed steps that organisations go through during a negotiation process and the information required in preparation. D1 Critically evaluate the steps of the negotiation process and present valid solutions for dealing with issues that can arise.
LO2 Manage documentation relevant to tenders and contracts. P3 Explain the RFP process and the relevant types of documentation required. P4 Explain the contractual process and how relevant documentation is managed and monitored. M2 Apply the RFP process within an organisational context, outlining the key documentation required and consequences of breaching the terms of an agreement. D2 Critically evaluate the competitive tendering and contract process and make recommendations for completing a successful tender with minimal risk.
LO3 Develop a pitch to achieve a sustainable competitive edge. P5 Develop an appropriate pitch, applying key principles that achieve a sustainable competitive edge. M3 Examine the pitch process in an organisational context, evaluating ways to maximise the chances of a successful pitch. D3 Develop a dynamic and creative pitch that is both concise and persuasive to achieve a sustainable competitive edge.
LO4 Assess the outcome of a pitch and negotiation. P6 Assess the potential outcomes of a pitch. P7 Determine how organisations fulfil their obligation from a pitch, identifying potential issues that can occur. M4 Recommend ways in which an organisation can fulfil their post-pitch obligations, highlighting any potential issues. D4 Critically evaluate the pitch and post-pitch outcomes to determine potential issues and risk management.

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