Pitching and Negotiation Skills - Marks and Spencer

MAIN BODY

P1. Negotiation and identification of key stakeholders during the time negotiation process.

Negotiation has been derived from the Latin word neg (no) and otsia (leisure) which means that the businessman working in Marks and Spencer has not leisure time for themselves. It is where two people agree on the same thing to reduce differences between in them so that competitive edge can be achieved. Negotiation in firm can be done on internal and external basis. It can be done with suppliers, stakeholders, investors, customers and many more. It is often conducted by putting forward a position and making concessions to achieve an agreement. Reaching to solutions determine whether negotiation are successful or not. This process occurs in Marks and Spencer to reach to ultimate solution and gain competitive advantage by sacrificing something.

Stakeholders during the time of negotiation process

Marks and Spencer is a public limited company. Stakeholders or shareholders are engaged in decision make process of firm. They are the main owners of company. Negotiating with them is very necessary for retailer organisation. This can support them in gaining competitive edge. Negotiation changes in workforce and methods of doing task is one of the most hectic challenges that can be faced by implementation department of company. Key stakeholders that needs to be negotiated are;

Customers: Marks and Spencer must get engage in negotiating with their clients so that they are better able to understand the changes that have been implemented by company. They are the most important people with whom firm needs to agree on same point in order to gain competitive advantage.

Employees: While implementing strategic changes in the organisation, supervisors and managers of Marks and Spencer needs to negotiated with employees in order to sustain and retain them (Jackson and Rucks, 2015). This can support them in acquiring more new workers during the time of changes. Also, they will assist firm in time of crisis.

Government: Negotiation can also be done by government in order to make them agree on same terminology that Marks and Spencer wants to implement. This can support organisation in increasing their growth and also government will come in support for them (Li and et.al., 2017).

Suppliers: Marks and Spencer needs to negotiate with suppliers for various reasons like reducing the price of raw material or any other necessary product required in the company. This can assist them in saving cost and increasing operational efficiency.

P2. Key steps and information required for negotiation and generating deals.

Negotiation process involves making various stakeholders like investors, suppliers, employees, government and customers agree on the same term as Marks and Spencer. Negotiation can support organisation in building relationship with internal and external people in business (Li and et.al., 2017). It can reduce the difference and gap between them and also support them in enhancing their efficiency and productivity. This process requires several steps that includes the following:

Preparation and Planning: It is the first step in the negotiation process. Marks and Spencer needs to prepare and plan in order to negotiate with stakeholders. For negotiating with the information contained by the organisation must be powerful so that there claims can be validate. Stakeholder and company both should have keen knowledge about their history. They can also involve in trying figure out solutions for the problem.

Definition of ground rules: Marks and Spencer while involving in negotiation process with stakeholders needs to determine the ground rules. Rules can be based on sharing of profit or mutual agreement between each other. All these rules and regulations needs to be adhered by both the parties. So that successful negotiation can be established. It includes elements like where will negotiation take place and what happens if there is no agreement.

Clarification and Justification: This is the third step in negotiation process. Here Marks and Spencer and stakeholders will justify and support their original request. Opportunity should be given to both the parties to justify the claims made by them. This will support them in reaching ultimate solution to problem. Also, Marks and Spencer will be able to resolve the crisis.

Bargaining and problem solving: Marks and Spencer must get involved in bargaining with the various stakeholders. They can bargain with suppliers about the prices of the raw materials or resources (Tse, 2013).. Also, company can engage in problem solving process with the stakeholders in order to overcome with the barriers they are facing in establishing their firm. This can support them in gaining competitive advantage.

Closure and implementation: This is the last step in the negotiation process. Here Marks and Spencer can engage in coming to the ultimate solutions to the problem. Also, they can implement changes after completion of this step. Crisis can be resolved by them during the time of closure. Sufficient implementation of negotiation process can support firm in gaining competitive advantage.

Information required in negotiation process

Before engaging in negotiation process Marks and Spencer must make sure that they have all the proper information related to stakeholder which includes shareholders, employees, suppliers. Both the parties should have full knowledge about the goals and plans behind negotiation (Wheeler, 2013). Also, they must have data related to where the negotiation process will take place and time related to it. Information like what resources will be required during the process must also be known by firm and stakeholders.

P3. Pitch process to achieve sustainable competitive edge

Pitch process is one of the most important component that can be made used by Marks and Spencer. This can support them in gaining competitive advantage. The process can help organisation in training their employees as well as staff members to make use of various advanced tools in a better way (Tse, 2013). It allows industry and firm in enhancing their operational efficiency. This process is carried out by some steps which includes following:

Request for proposal: This step defines that company must engage in preparing request for proposal. In the pitch process Marks and Spencer must get involve in meeting potential stakeholders so that they can have a knowledge about how these people can help them in solving their problems. This will support firm in gaining competitive advantage. It may increase the efficiency of firm.

Chemistry meeting: Marks and Spencer should give sufficient amount of time to their agencies to pitch so that they would be able to deliver better results. Continuous support must be given to agencies during the time of pitching (Li and et.al., 2017). It will help support them in developing and making strong relationship with their agencies. This can make firm efficient during the time of crisis.

Initial strategic thinking: Organisation can also create competitive edge by making agencies know about the competitors. This process can develop a competitive spirit in them. Also, to make the pitching process more effective industry must make agencies know about the policies and procedures which company follows so that it will be easy for them to carry out the pitch process.

Creative presentation: Pitch process can support Marks and Spencer in gaining competitive advantage as it is involved in making the organisations staff more effective and efficient. Firm must get engage in making them agencies have an idea about their potential future (Rosenbaum, 2013). So that they can perform the pitch process better. This can support firm in organisational development. Marks and Spencer must make their agency know about the indicative budget. It can allow agency to carry out process in that budget only.

P4. Assessment of potential outcome of pitch

Pitch process can assist Marks and Spencer in making their employees more effective and efficient while conducting any meeting with suppliers or stakeholders. For making the pitch successful the company must make sure that no post obligation is been created. Communication during the pitch should be effective, in order to make sure that every relevant information related to firm is known to both the parties. For example Any miscommunication between the agency and the company can create chaos between them and this might hamper industries. Also, it can make working efficiency of employees weak. It can create serious concerns in Marks and Spencer, so firm must take care of pitch post obligation.

Pitch process can support firm is solving their issues so that they can better able to perform. It can make an organisation self efficient. Also, giving training to employees by the agency in pitch process can encourage and motivate them to perform better. This can support workers in increasing their confidence and potential level (Wheeler, 2013). Marks and Spencer after completion of pitch process must ask investors about what they liked and related to. They must get involve in taking feedback related to pitches in order to improve it. Working on feedback can enhance the productivity and profitability for the firm. They can earn higher revenue on the basis of it. After completion of meeting industry must be engage in keeping the notes so that they can work upon it. Not keeping the notes can hamper the working aspects of Marks and Spencer. By this they can lose their investors.

P5. Determining Marks and Spencer fulfilling obligation of pitch

Pitch obligation can be created when Marks and Spencer is engaged in ineffective communication to their investors or agencies. This can be overcome by the organisation by asking for feedback to these people. It can help industry or firm in improving the current pitch and making the pitch process better (Rosenbaum, 2013). This is one of the most important task for the company to do in order to gain competitive advantage. Pitch guidelines should be properly communicated with the stakeholder that includes suppliers, competitors, customers, government and employees. This can support Marks and Spencer in enhancing or increasing their efficiency. Pitch obligation solved can make the functions of unit better

Marks and Spencer after completion of pitch process must ask investors about what they liked and related to. They must get involve in taking feedback related to pitches in order to improve it. It will help them in building better relationship with their agencies and firm. Also For example not taking feedback from investors or agencies can reduce the profitability and operational efficiency of firm. It can make negative image in the mind of consumers and people. There business can get affected because of this. So Marks and Spencer must take care of it to gain competitive advantage. Effective communication can support company in creating.

CONCLUSION

From the above study, it has been summarised that negotiation in Marks and Spencer has required the involvement of stakeholder that includes suppliers, investors, government, employees and customers. It has helped them in making their decision making process better. Also it has supported company in enhancing their market share and profitability. Negotiation has supported firm in solving problem with the other party. It has given them with competitive edge. Pitch process has supported Marks and Spencer in bringing significant changes in the organisational structure. Also miscommunication has been reduced by company that has resulted in not creation of obligation. This has enhanced the productivity of industry or firm. Are you worried about online assignment help from expert writers? Contact our experts.

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