Unit 44-LO4 Assess the outcome of a pitch and negotiation-BTEC-HND-Level 4 & 5
Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business
Pitching is a way to get new business. When you pitch, you can negotiate for better terms. This article will teach you how to assess what the outcome of your negotiation will be and how to increase your chances of success in pitching.
Outcomes of a pitch and negotiation:
Determining key outcomes and contingency planning for dealing with rejection
Determining key outcomes for dealing with rejection requires an individual to first determine their motivation for pursuing something. When a person is primarily motivated by the desires that fulfillment of their “drive” will create, they are happy. The thought of not achieving what it is that satisfies this desire creates unhappiness.
When you do things because you want to help people and not for other reasons, you are less likely to be sad if someone else is not successful in this way.
Contractual implementation and fulfilling obligations, ongoing monitoring/review of contracts
A contract is a legal document that says what one person has to do if something happens. They can be a lot of different things. For example, you might have to feed your dog 3 meals a day or take care of their house while they are gone for the summer. A contract is really important and should not be taken lightly!
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When a party does not do what they agreed to in a contract, there are two things that can happen: either you have to pay money or the other party has nothing. It is important that you know what will happen before deciding if you need help from someone else.
Managing relationships and generating incremental revenue
A company generated $50 million by changing the way it managed customers. They assigned each customer a “premier” relationship manager, who is responsible for that customer only.
With one person, it’s easier to make sure that all the customers are well taken care of. This person can focus on each customer and do a good job because they don’t have any distractions from other people. They can also focus on the customers who they know well and those who need extra help.
Contract Termination is the process of terminating a contract between two or more parties. It usually refers to contracts that are intended to deliver goods and/or services, but many other types of contracts can be terminated as well.
Termination is either voluntary or involuntary. Voluntary termination means that one party agrees to terminate the contract in exchange for compensation from the other party, typically in the form of a settlement agreement, early settlement consideration, or early cancellation fee.
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Involuntary termination may happen by operation of law (unless specifically excluded) such as bankruptcy proceedings, death, disability, or insolvency; by court order; because consenting parties have agreed with neither side getting many advantages so they opt for the no-deal scenario; or by a party’s breach of contract.
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