Business Development Strategy Plan

Business Development Strategy Plan-41
Business development activities extend across different departments, including sales, marketing, project management, product management and vendor management.Networking, negotiations, partnerships, and cost-savings efforts are also involved.

Business development activities extend across different departments, including sales, marketing, project management, product management and vendor management.Networking, negotiations, partnerships, and cost-savings efforts are also involved.

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It is not sales; it is not marketing; it is not partnering.

Instead, it is the eco-system encompassing the entire business and its various divisions, driving overall growth.

“Business Development Executive,” “Manager of Business Development,” and “VP, Business Development” are all impressive job titles often heard in business organizations.

Sales, strategic initiatives, business partnerships, market development, business expansion, and marketing – all of these fields are involved in business development but are often mixed up and mistakenly viewed as the sole function of business development.

A business developer can be the business owner(s), or the designated employee(s) working in business development.

Anyone who can make or suggest a strategic business change for a value-add to the business can contribute towards business development.

However, these entities assist in business establishment and the necessary fine-tuning only during the early stages of business setup.

As a business matures, it should aim to build its business development expertise internally.

Due to the wide open scope of business development and activities, there are no standard practices and principles.

From exploring new opportunities in external markets, to introducing efficiencies in internal business operations, everything can fit under the business development umbrella.

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