Business development is one of the significant subjects of this modern era. To bring methodical rigidity into business operations global corporations hire graduates who are skilled in business development. As the name suggests it refers to the practices that can help in enhancing the overall success of an organization. It uses several means and methods to develop the business of an organization and the subfield of business management. It is the process of planning, innovating, decision making, and marketing the product and services of the business organization. The study of business development helps students think logically, critically, and creatively. Writing a case study on business developments enhances their knowledge and clears the concepts of business development.
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An overview of business development
Business development is an integral part of every business organization. It is one of the important processes of smoothing firm functions and their development. Business development assists the organization in bringing in new strategies, policies, and standards for the business. People from different fields like specialized engineers, sales, marketers, IT professionals, etc. are involved with business development. The primary job of a business developer is to cooperate with the production, marketing, research, and development team. Business development is a combination of marketing, strategic analysis, and sales. Business development professionals need to be involved in everything such as:
- Development of their employer’s products and services
- Assessment of marketing opportunities and target markets
- Creation of marketing strategies
- Generation of sales leads
- Negotiating and closing deals.
Significant methods and concepts of business development
- Marketing: Marketing plays a significant role in creating the relationship between the customers and the business of the market. The marketing strategies assist the organization to promote the goods and services for the marketplace by differentiating each product.
- Focus on selling: This is another most important concept as this method puts light on the sale resources. It assists in increasing the customers’ base in the starting period of the business.
- Advertising: It deals with different ways of promoting the product and services through advertisement.
- Personal selling: It is a business development technique where the representative of the business personally summons the individuals and explains to them, what the business offer.
- Market research: It is an imperative concept to initiate a business. The prevailing market needs to be thoroughly researched. Better market research assists in increasing cash flow.
- Business Image: Developing a business takes time, it is a long-term process. It is necessary to grow a proper business image for any businessman so as to enhance the customer base.
- Merger: It means the joining of two companies to make it one. It is a technique of how one business needs to merge with another to achieve the capital for development.
- Acquisition: It refers to the organization that is taken over another organization. It is better to take an acquisition if the business is not going well.
Techniques and skills involved in business development—
- Analyzing marketing opportunities and target markets
- Generating leads for possible sales
- Follow up sales activity
- Generating leads for possible sales
- Business model design etc.
- Advising on, drafting, and enforcing sales policies and processes for business development
- Pitch and presentation rehearsals
- Formal proposals or presentation management and writing