Business Development Basics
Commerce which is considered as a specialist area of the business development manager is compose of quite a handful of responsibilities and techniques that primarily aims on attracting customers as well as getting through the existing markets.
Business development generally deals with this idea.
Basic Techniques of Business Development
The basic techniques in developing businesses are the assessment of the target markets as well as the marketing opportunities, gathering information concerning competitors and customers, procuring leads on possible sales, drafting, enforcing, and advising on sales processes and policies, update on sales activity, formal proposal as well as presentations management, presentation and pitch rehearsals, design of the business model, performance monitoring and account planning, and lastly campaign and proposition development.
Business Development as a Whole
Business development, as a whole, involves the evaluation of business and realizing the full potential of the venture through the use of tools such as marketing, information management, and customer service. A comprehensive organization that aims to surpass competitors never stops the development of the business but getting involved in it is a process which is ongoing as stated by Luis Bautista, the president of the LMT Corporation. However, the development of business is usually connected to growth even though there are times when the objectives as well as the strategy on optimal marketing is intended to downsizing the various activity in existing markets. There are also times where it is the decrease of the volume of the sale of selected product lines or services. In connection with this, the roles of business development may possess one of the two modes. The first mode is basically sales oriented or client facing. On the other hand, the second mode is mainly a function on support sales which is operational in nature.
With regards to sales role, the development of business typically focuses on the improvement of the general sales or strategic-channel relationship. This has emerged from the analysis of the different job descriptions which can be found in any job-search engines. This is most especially the situation in United Kingdom. On the other hand, in United States, “capture management” which is usually used when characterizing business development as a function operational in nature in order to support and sustain the selling duty of the company is merely an alternative role or job. Additionally, in the “Capture Management Lifecycle” which was produced by the Association of Proposal Management Professionals described the business development process in three stages. The first stage is the pre-bid phase, the second is the bid phase, and the third is the post-bid phase.
Small and medium scale companies usually do not lay down procedures on business development. But instead, they are relying on the existing contacts. In addition to this, people in this kind of company often assume that for the reason that they have people in high positions; the problems on business development can be solved. This thinking results to significant ramifications or new sales on the pipeline.
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