Thinking business development as the functional
view and as a sub-set of the marketing is now out of date. Modern version of
business development catapulted it as a key business strategy to be applied on
the scale of organization wide item. This version incorporates the following
step-up approach, in defining business development:
1. Business
development brings in new relationship along with added sales growth from the
target customers newly identified
2. Existing
relationships are cajoled to make additional purchases or change-in to new
products that are marketed as innovative and game changing ones
3. Building
of strategic alliances is the cornerstone of business development activity that
seeks to negate any differentiation competitors may try on the existing product
lines
4. Creating
more opportunities for sales must reflect back on the organization whereby new
products and processes are introduced to optimize such opportunities
5. Every
growth opportunity is identified and analysed so that the optimum one yielding
commensurate return for all functions in an organization is selected.
Thereafter, proper business strategy is formulated with a view to ensure
seamless implementation
6. Business
development must aim for incremental to phenomenal rise in market activity that
sustains the growth momentum in corporate management, marketing, human resource,
production/operation as well as in finance
7. Key
partners are alerted on the business development parameters and key activities
are streamlined to ensure efficient use of key resources that are procured in much
more competitive terms
8. Finally,
business development must garner long term value for the company by employing
internal strengths to capitalize on external opportunities.
Cheers!
Muthu
Ashraff Rajulu
Business Strategist
Mobile: + 94 777 265677
E-mail: cosmicgems@gmail.com
Blog: Business
Strategist
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