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Few times in history have more ambiguous words been spoken. Ask ten “VPs of Business Development” or similarly business card-ed folks what is business development, and you’re like to get just as many answers.
business development for me is understanding every business segment and department within the company,analyze its performance,and perform required enhancements and change without disturbing the daily running operation while carefully adding value,implementing change,and alligning the performance of this segmented department with the whole corporate body of departments,adding overall value as we progress a head.
we usually employ kaizen,TQM,and benchmark our improvements with compititors and industry standards.we aim always to exceed industry standards with focus on customer solutions and needs.
Business Development role consists of developing company's reputation , branding, product value by means of marketing and Sales its a broader role than of Sales and Marketing.
Opportunities are leads and openings which any sales /marketing/business development person gets to Introduce his/her company to new company which includes company profile, capabailities, products /services offered and case studies how they have done in past and who are their customers.
Partnerships are done between two companies or between two individual depending on situation manily like minded companies join hands to capture opportunites and tap markets for- e.g a Software company in UAE wants to expand business in India being a silicon valley then they will surely look for partnering with local firm which knowledge in market or develop similar software packages so both benefits with such partnerships.
There are other ways of develping a business through mergers, aquisition of smaller company, buying equity or shares of the company , stake holding etc
Every company looks for long term business relationships with suppliers, customers (thats is indirectly markets) because they know the value of finding customer its not so easy task so retaining a customer through relationship and making a supplier happy is very crucial aspect for any business to sustain long in market conditions where there is stiff competition and companies try to outsmart each other
Business development is nothing but adding more clientele to the business which directly involves in increasing sales. It is a process of identifying and exploring new opportunities available in that segment and exploring avenues.
For example if a company is doing X volume the whole idea of business development is making X+1.
Partnership is agreement between two parties to strengthen the business relations, and also exploring their potentials in increasing volume & business.
Opportunity is nothing but potential / resources available for developing business t take it to next level.
Customers are the live update and cverage of markets nobody can give the exact feedback or report of the markets as a layman can give. A company's bonding with customer is must which later bears the best fruits of relationships
The issue of the development of the business is divided into two parts the issue of the development of goods and the issue of the development of the services provided and the intervention of the development of the product until it is capable of being traded among the people , such as raising the quality to put the data and clear easy to read by the consumer and observer ... then qualified labor and crew monitoring in terms of productivity, quality and price and the needs of the domestic and international market .
Partnerships; is a positive for the company in order to play one of the other partnerships the same field of work or in the capital and the total lifting of it that supports the survival and more access to the world ... through investment .
Finally, it can refer to the company's relationships or say relations moral person with customers and market power within the space presence , publicity and brand , business name , place of residence and their affiliates so that they are obliged to find a market and consumer ...
Tricky:-) I WOULD SAY EXPANSION/EXTENSION IN ALL THE RELATED SECTIONS OF THE COMPANY IS CALLED AS A DEVELOPMENT.be it increase in branches,stepping into multiple business,increase in employees,increase in assets.liabilities,profit making,creditors,debtors,suppliers,more sales,more partnerships,more opportunities,more goodwill,getting deep rooted in markets all the stuff gets develops making good profits all the time.
"simply getting added is called business development."
