Business Development
Business Development, German business development, often mistakenly business, refers to the targeted measures for the further development of an economic organization. The accounting policies applied in business development techniques include, inter alia, the assessment of marketing opportunities and sales markets, the financial analysis of customers and competitors, the initiation of future business and repeat business as well as the writing of business plans and designing concrete business models.
Concrete business development activities usually begin with the evaluation of an innovative or not yet developed by the Organization Business Unit. In the course of the evaluation information can be consulted in the areas of product management, marketing, sales and customer support. Depending on the overall picture possibly new business designs can then be developed.
In the economic daily Business Development is usually no specific action, but rather a continuous process, which in the first place it, the pressure of competition withstand.
As a discipline business development can not be reduced to a few standard methods can be applied equally in all situations. Successful business development is usually based on an interdisciplinary approach. Creativity and the willingness to challenge existing ways of thinking into question and to face new and unforeseen challenges are an essential feature of this activity. The customer perspective in business development goes beyond the mere distribution of thought. An essential role in the development of business designs play in addition to the creative activity often also financial planning, legal aspects and advertising concept.
Many small and medium-sized enterprises do not have structures and processes for business development, but rather to put the care of existing customer contacts. In larger, especially technology-oriented companies business development although it is perceived, but often limited to cultivating strategic partnerships and alliances. In such situations, the parties usually benefit from the expertise, technology or intellectual property of the partner in order to expand their own products, services and market reach, without having to build their own internal resources for this purpose.