Business development is one of the functions that every company, from inception to exit, performs at one time or another. Analyzing the background of products or services being offered in relation to current market trends. In the case of building and managing partnerships, the business development team is often called Alliances. In the field of production, they must possess superb public relation skills, understand sales work for developing plans, and marketing the products.
Strategic planners are the key people inside the management boardrooms who have a lot to say in terms of formulation of policies. When it comes to diversification through acquisition, one needs to ensure that the people at the managerial level are well-versed with the process that needs to be followed for the company to be acquired.
There are several areas where business development strategies can help your organization to grow and succeed. One of the basic requirements for business development is to evaluate the current business value as it is more related to the growth & maintenance of the business.
Find out more about different marketing jobs in the articles below. Franchising offers companies a chance to market and sell their brand and their business processes to other businesses in exchange for franchise charges and at times a share of the franchise proceeds.
Given the growth stage in which your company finds itself it can indeed be worthwhile considering employing business development services in one way or another. If you are a small company or a small department within a large company, the next phase of the business development team, beyond just you, could consist of one or two people, with technical personnel roped in as needed for subject matter expertise.