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Business Development comes under business studies. It takes into account various areas such as business management, commerce, and organizational theory. Many sub-disciplines are included in this discipline in such a manner that multiple fields such as IT, Engineering, Marketing, Sales, have various task related to business management. A business developer has a job to formulate a growth plan and then execute the same idea. When the development phase is taking place, then the developer has to collaborate with various departments including production, Research & Development, and marketing. Business Development executives must possess all the necessary skills in business management areas such as Finance, Marketing, Sales, Strategic Management, Change Management, Mergers and Acquisitions and Legal. Let us throw light in each of these areas separately to understand the working of each area in contributing in the field of business development.
Finance is the next stage of accounting to formulate plans in order to manage the overall financial resources for the maximum utilization of funds. Finance studies the relationship of allocating the Assets, Liabilities, and Capital of a company, individual or government to bring financial soundness in the concern. Business development is a critical area of business management that explains the financial state of a company which helps the concern in formulating strategies to maximize the business while reducing costs. Corporate, personal, and Public are mainly three key areas of finance.
Marketing is one of the strongest pillars of overall business management. Marketing is mainly communicating the value of a product to the targeted customers for maximizing the overall profits of a company. Four aspects are included in the whole process of marketing namely; price, promotion, product and place. This is called the 4Ps of the marketing mix. Any strategy related to business development has to incorporate these 4Ps of the marketing mix.
Strategic Management helps in formulating and implementing strategy oriented plans undertaken by the company’s top management on behalf of the shareholders and board of directors based on critical analysis of the overall business environment. In the current scenario, the focus of overall strategic management has shifted from production to marketing. Planning and execution based on strategy are for the overall development of the business.
Mergers and Acquisitions is an essential part of the overall strategic planning. A merger means when two or more companies come together while on the other hand acquisition refers to taking over of once organization by the other. Often mergers and acquisitions are called collectively due to its distinct stages such as:
Legal talks about the overall legal elements of the whole business structure. Legal sets the framework about the different kinds of legal aspects of conducting a particular business. There are various laws, and most of these laws are commercial in nature.
A business offers various proposals related to acquire or capture other business units, departments, brands, etc. This process is widespread among multiple business units. The study of proposals for the capturing or acquiring of new business units comes under capture management or Proposal management.
Business Developer must have knowledge in all of these business areas. The business developer then makes use of his knowledge concerning to all these areas to formulate effective business development policies. All aspects related to a company such as financial status, competitive advantage, capital disbursements must be known to the business developer. Business Development has now become an independent business field over the years. Many business units nowadays provide solutions related to business development based on pre conducted research.
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One of the most exciting business strategies is the ‘Business Pipeline Strategy.’ Business Pipeline strategy talks about the flow of the targeted clients which is the potential customer base of the organization. Each strategist of business development provides each client in the pipeline along with a plan of business development that contains Targeted Sales Figures, Causes for wins and Losses, Sales Channels which are top performing along with their figures and overall sales figure.
For developing a concrete business plan, one should have all the specialized skills and knowledge acquired from business schools and institutions. Students often feel difficulty while doing these assignments as they lack proper skills and experience for drafting a well-structured business development plan.
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Our team of experienced professionals, tutors and professors have vast experience in the field of business development to deliver exceptional quality assignment help at reasonable rates. Our writers have the experience to work in tight deadlines and possess necessary skills and knowledge to craft supreme quality business development assignment solutions. We cover areas such as business, finance, marketing, accounting, statistics, etc. Further, we have a separate department of editing and proofreading in which our experts edit and proofread your assignment before delivering it to you.