What is a negotiation in the business context

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Reference no: EM132948848 , Length: word count:4400

Purpose of this assessment

The assessment will test the students' knowledge of the negotiating process and their ability to:

- explain its main elements/key steps.
- describe the skills required to successfully manage/conduct negotiations and produce required documentation.
- summarise all this in a concise and efficient way in an attractive document, user friendly guide that is useful to a target audience of entrepreneurs.

These skills are essential for the management of a small business.

Scenario (Task 1)

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

You have been asked to create an attractive, user friendly guidance booklet on how to effectively prepare and manage a negotiation process with a funder to a small business. 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. The key steps for negotiating and generating business deals.
3. The context of negotiation and the importance of key individuals in a negotiation.
4. How to gain the best deals/contract.
5. How to generate new business and win deals.
6. Tendering for contracts.
7. Preparing for negotiation through a request for proposal (RFP) form.
8. Responding to a RFP - creating a business proposal.
9. The contractual process and agreements.

The ‘Guide' is to be submitted to Turnitin.
This provides evidence for LO1 & LO2. Word count: 2,000 - 2,500 words

Scenario (Task 2)

This provides evidence for LO3 and LO4. Word count: 2000 - 2500 words for all Task 2 documents (you will not be penalised for exceeding the total word limit)

This task is individual. The submission for Task Two has two components:

A. Present a 5-minute elevator ‘pitch' for a business to business product or service of your choice. Prepare a 500-word summary of your product or service specification as a handout. Illustrative graphics and images are encouraged. Your lecturer will act as the business buyer. You will be allocated a date and time slot to attend a recorded Zoom meeting. Be prepared for your "buyer" to ask three questions about your pitch. The total pitch including questions and answers will not exceed 10 minutes.

B. Write a critical essay about pitches, supplier evaluation and selection, and pitch outcomes in a business to business negotiation. Include sections about the following:

• Metrics through which a supplier might assess the pitch you wrote when comparing it those of competitors
• Approaches to negotiation with suppliers
• Approaches to risk management and contract negotiation between suppliers and organisations
(The recommended essay word limit is 1500 words, although you will not be penalised for exceeding the total word limit.)

All work must be supported with research and referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system.

Reference no: EM132948848

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