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Understanding the Basics of Business Development

Updated: Jun 24, 2021


Understanding the Basics of Business Development

Business improvement activities reach out across different departments, including sales, marketing, project management, product management, and etc. Networking, agreements, partnerships, and cost-cutting efforts are also included. All of these different sections and activities are run and followed by the business development goals.


For example, a business has an item or service which is useful in one area, like the United States. The business development group surveys further extension potential. After all due steadiness, exploration, and studies, it tracks down that the item or service can be extended to another region, like Canada.


Sales

Sales staff focus on a specific market or a particular (set of) client(s), usually for a targeted income number. In this case, business development assesses the Canadian markets and assumes that sales worth $1.0 billion can be accomplished in three years. With such set goals, the sales department targets the customer base in the new market with their sales tactics.


Marketing

Lower budgets tend to result in passive marketing strategies, such as limited online ads, print ads, social media ads, and billboards.


Marketing includes advertising and directed towards the successful sale of items to end clients. Marketing plays a parallel part in accomplishing sales targets. Business development actions may give an expected advertising financial strategy. Higher budgets permit aggressive marketing strategies like cold calling, individual visits, and free example distribution. Lower budgets will lead to yielding marketing strategies, such as limited online ads, print ads, social media ads, and billboards.



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