Pitching and Negotiation Skills

P1 Determine what is negotiation, why it occurs and key stakeholders during negotiation process

Negotiation is an activity between two or more parties who face divergence in interest  and understanding that they are interdependent, look for an alternative arrangement aiming at eliminating their divergence and thus creating, maintaining and developing a healthy relationship between them. In context of business organisations, this process is imperative to be creative in any business process, especially selling process. Business negotiations are often done for the purpose of dealmaking, corporate team building, entering into contracts, business acquisitions, vendor pricing and sales, real estate leases etc. A successful business negotiation was carried between Walt Disney Company and Lucas Films where after bargaining for one and half years, Disney finally acquired Lucas Films.

Business negotiation is often carried out with the objective of  resolving points of difference and to gain competitive advantage for individual or collective relevance. Also, it is conducted to derive successful outcomes for the interest of parties involved in negotiation. This process is often carried out when one party put forward an opinion as to the importance of collaboration and then offering a position and making concessions to arrive at achievement of agreement. The extent to which the negotiating parties put trust and belief in each other to execute the negotiated process defines whether the negotiation is successful or not. The acquisition of Lucas Films by Disney made the company a leader in animation and superhero films and generated huge revenues from already lucrative Star Wars media and merchandising empire of Lu

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