L/508/9856 - Pitching and negotiations skills for Marks and Spencer

TASK 1

P1. Determination of negotiation and key stakeholder involved

Negotiation is highlighted as a crucial strategy for resolving conflicts and addressing issues that workers encounter in the workplace. It has been observed that managers and employees frequently face challenges due to changes in technology and policies, which can create friction within the company. Consequently, the negotiation process can be beneficial in this context by establishing contracts or agreements that clearly outline terms such as wages, working hours, and leave policies, thereby mitigating potential disputes (Cooke and Zaby, 2015). Salary negotiation gives opportunities to both employees and employer to put their point of views in front of each other and then lastly an agreement is being done after the discussion so that no issues can get arise in near future. With the help of negotiation process win-win situation can be created by both staff members and supervisors in Marks and Spencer where firm can expect high rate of returns on investments. Some reasons that an organisation should consider negotiation process at workplace given beneath:

Creating win-win situation: Negotiation process or skills can be stated which can create win win situation for a business organisation. It has been located that agreement in between employers and stakeholders will directly reduce all the conflicts that can get arose at marketplace. Along with this, companies that have taken under in use of negotiating process raised positivity and created healthy environment at workplace.

Building respect: Negotiating skills builds up respect among both managers and employees at workstation. Marks and Spencer's people works at workplace on agreement basis and this is being followed by every single organisation at global level (Dawson, 2014). Along with this, marketer, consumer and workers are some main people that can put impact on profitability therefore, if a contract is being done in between them with considering different aspects it is may be possible that firm may grab good position at marketplace in short perio