A variety of strategic planning tools described in the section below may be completed as part of strategic planning activities. What is considered "value" to the customer or constituency?
What Is Business Development? This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions.
Business Development Across Departments Business development activities extend across different departments, including sales, marketing, project management, product management and vendor management. Networking, negotiations, partnershipsand cost-savings efforts are also involved.
All these different departments and activities are driven by and aligned to the business development goals. Sales personnel focus on a particular market or a particular set of client soften for a targeted revenue number.
|Business Objectives of a Development Department | kaja-net.com||The statistics are grim. An even more microscopic group, just 0.|
With such set goals, the sales department targets the customer base in the new market with their sales strategies. Business development initiatives may allocate an estimated marketing budget. Higher budgets allow aggressive marketing strategies like cold callingpersonal visits, road shows, and free sample distribution.
Strategic Initiatives or Partnerships: To enter a new market, will it be worth going solo by clearing all required formalities, or will it be more sensible to strategically partner with local firms already operating in the region?
Assisted by legal and finance teams, the business development team weighs all the pros and cons of the available options, and selects the one that best serves the business. Will the latter option require an additional facility in the base country?
Such decisions are finalized by the business development team based on their cost- and time-related assessments.
Regulatory standards and market requirements vary across countries. A medicine of a certain composition may be allowed in India but not in the U. These requirements drive the work of product management and manufacturing departments, as decided by the business strategy.
Cost consideration, legal approvals and regulatory adherence are all assessed as a part of a business development plan. Will the new business need external vendors? For example, will shipping of product need a dedicated courier service?
Or will the firm partner with any established retail chain for retail sales? What are the costs associated with these engagements? The business development team works through these questions.
Negotiations, Networking and Lobbying: A few business initiatives may need expertise in soft skills. For example, lobbying is legal in some locales, and may become necessary for penetrating the market. Other soft skills like networking and negotiating may be needed with different third-parties such as vendors, agencies, government authorities, and regulators.
All such initiatives are part of business development.The fundamental success of a strategy depends on three critical factors: a firm’s alignment with the external environment, a realistic internal view of its core competencies and sustainable competitive advantages, and careful implementation and monitoring.
This article discusses the role of finance in strategic planning, decision making, formulation, implementation, and monitoring. Palms and Bonds business development business plan executive summary.
Palms and Bonds is a Botswanan company providing high-level expertise in local business development, market identification and development, channel development, distribution strategies, and marketing/5(40).
The least risky growth strategy for any business is to simply sell more of its current product to its current customers—a strategy perfected by large consumer goods companies, says McFarland. The corporate-strategy function summarizes the results, adds appropriate corporate targets, and shares them with the organization in the form of a strategy memo, which serves as the basis for more detailed strategic planning at the division and business-unit levels.
Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy. For further information on business planning issues, refer to other papers in this series which cover business ideas, business strategies, financial planning, cashflow forecasting and business planning.