L/508/0602 Pitching and Negotiation Skills for Marks and Spencer

TASK 1

P1 Determination of negotiation and key stakeholder involved

Negotiation are referred to key approach in a business organisation when looking to maintain its relationships and make sure that conflicts between employers and employee are resulted in an ideal manner. It is mentioned to be a situation in both the parties discuss relates to matter of contracts and agreements. This can be further explained with situation in which an employee expects better pay from its employer but an job provider does not wish to go beyond rules which has been formed by the management (Chang and Rieple, 2013). A salary negotiation assures that employer and employee emerged to be in a win-win situation and eliminate chances of conflicts within a firm. 

It is essential to incorporate stakeholder while decision making to make sure that right outcomes are ascertained from the negotiation process. The stakeholder in this segment is employee and employer and should agree to the guidelines of the contract and must not be imposed to them. The agreements which has been laid down by the management assures that benefit of employees as well of organisation leading to adapt changes in the business environment in the ideal manner (Cooke and Zaby, 2015). There can be numerous reasons for which this organisation considers negotiation process which are as follows:

Creating win-win situation: Negotiation skill is helpful in creating win-win situation in the business context. It is a difficult approach to identify and fulfil requirement of all the stakeholders involved in an agreement (Wiener, 2017). The outcomes which are identified by undertaking negotiation are highly appreciated by parties involved. 

Building respect: Negotiating skills when employed by an organisation assures that there is positive impact on the manner organisation is perceived and will be identified with respect. The win-win situation which has been supplied through negotiation assures that there are ideal relation with the vendors, clients and employees leads to reputation building on behalf of a company (Cooke and Zaby, 2015).

Improving bottom line:  the outcomes of negotiation in an organisation are helpful in ensuring that best results has been availed from the negotiation. The reason it is beneficial in an organisation is that it can help improve fundamentals of lower segment. For instance: with the help of negotiation an organisation can be successful in retaining competent customers service executive which will make sure that there is a minimum discrepancy in the operations and better profitability could be achieved (Dawson, 2014).

M1 Steps involved in the negotiation process

It can be said that there are numerous steps which can be undertaken so that favourable outcomes are achieved. The various stages in negotiation process are described below briefly. 

Stage 1 Preparation: It can be referred to as one of crucial steps in a negotiation process which involves leveraging of information wh

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