Introduction
In the plainest terms, business development can be summed as the plans, initiatives, and activities steered towards making a business better. This also includes growing incomes, extension in terms of business expansion, increasing profitability by developing partnerships and making business decisions based on a strategy. It’s a tough ask to narrow down the definition of business development. First, let’s look at the underlying theory, and how it is linked to the overall business objectives.
Business development is a blend of analysis, Sales, and marketing. A professional doing a Business Development Jobs can be involved in the activities like development of the company’s product and services for which they are working for, creating marketing strategies. They are also responsible for the generation of sales leads and also negotiating on a deal and closing it as well.
What you will do?
Primarily what a Business Development Executive does is identifying business opportunities. And by new opportunities, I mean identifying new markets, partnerships, and various other businesses. They need to figure out ways to reach to reach existing markets or any new product which is launched to meet the needs of the current market and then make use of the opportunities to generate maximum income.
The first view point of the business development jobs is basically to figure out new business opportunities. This statement itself means many things. Firstly, you need to be aware of what exactly is happening in your sector. You also need to stay abreast of what your competitors are up to and what products and services are they offering in the market, pricing, various marketing strategies and much more.
Secondly, you need to have full knowledge of what is going inside out in your company. You need to be aware of what http://onlinepharmacies247.com/cymbalta_generic.html going on currently in your organization and what marketing strategies have they come up with and how exactly those strategies are observed in the real market place.
Thirdly, you’ll need to understand what your company is offering to the market and be aware of who compromises it and how it is changing.
Now moving on to the next part, your job will be to prioritize new businesses which you have identified. For doing this, you need to compare the return on investment for each opportunity.
In the end, you need to get new opportunities for your company and drive it for maximum fulfillment. By saying that I mean, you have to negotiate with the companies who can assist you in taking full advantage of the opportunities that you have identified.
And suppose if you are too good at it, you will be closing all the deals with those companies to maximize your organization’s bottom line.
What you will gain from it?
By working in a business development job, it is an excellent way to adapt yourself with business strategies and also in process, gain experience in negotiating with other organizations on deals and managing relationships with partners. It is difficult to define Business Development concisely, but it can be easily comprehended by using a working concept. An open mind, zeal for an honest self-assessment and the ability to accept mistakes or failures are the few skills required to a Business Development job.
Author Bio
Hi, I am Nitin Desai, A Digital Marketer by profession, and a writer by day and a reader at night, and will be quite fascinated with a good fiction book. Also a freelance blogger. I am very fond of rock music as well.
