Business Development Encompasses A Wide Scope of Ideas, Activities, and Initiatives

Business Development
Business development encompasses a wide scope of ideas, activities, and initiatives

that a business owner and management implement with the goal of making the
business better.
Take a car company selling a new sports car as an example. You might
be selling the latest model but be seeing a decline in sales. It turns out
your customer is being sold a car with everything you think they need -
parking sensors, interior WiFi, the full works. But they have to pay X
amount more and they don’t need those things, so they’d rather go to
another car company instead that sells their product for less money and
with fewer gadgets.
A strategic alliance is an arrangement between companies to undertake a mutually
beneficial project while each retains its independence. Beneficial arrangement between
two separate companies that do not directly compete with one another.
Strategic partnerships work on every level from maintaining positive

relationships with the press to establishing good relationships with your
key suppliers. Business development strategy works to establish
beneficial relationships that will grow the business in terms of increasing
profit, reach, knowledge, and reputation.
For example:
Some good examples of strategic partnership agreements between brands that you
may have heard of include Starbucks’ in-store coffee shops at Barnes & Nobles
bookstores, HP and Disney’s ultra hi-tech Mission: SPACE attraction, and Nokia and
Microsoft’s joint partnership agreement to build Windows Phones.
Let’s consider that a company is looking to expand into market X, but

want to know whether their product Y will be a hit with their
customers. Your business development professional needs to find
out how the potential customer will react to the product, whether it
will be of value to them, and whether the success in that market will help
to grow the business.
Consumer behavior is the study of consumers and the processes they use to choose,
use (consume), and dispose of products and services, including consumers’ emotional,
mental, and behavioral responses.
Competition is the rivalry between companies selling similar products and services with
the goal of achieving revenue, profit, and market share growth.
Business Development Across Departments

Business development activities extend across different departments, including sales,
marketing, project management, product management, and vendor management.
Let’s review how this business development goal can be tied to the various functions
and departments within the business.
Higher budgets allow aggressive marketing strategies like cold calling, personal visits,
roadshows, and free sample distribution. Lower budgets tend to result in passive
marketing strategies, such as limited online ads, print ads, social media ads, and
billboards.
Aggressive marketing is a tactic of communicating directly with potential customers

and actively pursuing their engagement with your business.
Passive marketing is simply the marketing and promotional tools we build and use to

help explain what our service or product is to potential clients.
Product management is a way to organize the planning, production, marketing and

other tasks related to the creation and distribution of a product.
Potassium bromate
An oxidizing agent used as a food additive when bread-making, potassium bromate has
been banned in the European Union, Canada, China, South Korea and some South
American countries.
The term vendor management is used when describing the activities included in

researching and sourcing vendors, obtaining quotes with pricing, capabilities,
turnaround times, and quality of work, negotiating contracts, managing relationships,
assigning jobs, evaluating performance, and ensuring payments are made. It requires a
lot of skills, resources, and time.
Lobbying
seek to influence (a politician or public official) on an issue.
What Is the Bottom Line?
The bottom line refers to a company's earnings, profit, net income, or earnings per
share (EPS). The reference to bottom line describes the relative location of the net
income figure on a company's income statement.
 Cost cutting is a measure taken by a company to reduce its expenses and

improve profitability.
example
internal assessment revealing high spending on travel, for instance, may lead to travel
policy changes, such as hosting video conference calls instead of on-site meetings, or
opting for less expensive transportation modes.

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Business Development

Business development encompasses a wide scope of ideas, activities, and initiatives

Strategic partnerships work on every level from maintaining positive

Let’s consider that a company is looking to expand into market X, but

Business Development Across Departments

Aggressive marketing is a tactic of communicating directly with potential customers

Passive marketing is simply the marketing and promotional tools we build and use to

Product management is a way to organize the planning, production, marketing and

The term vendor management is used when describing the activities included in

 Cost cutting is a measure taken by a company to reduce its expenses and

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