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Jump to navigation Jump to search Business development entails tasks and processes to develop and implement growth opportunities within and between organizations. In the limited scholarly work available on the subject, business development is conceptualized as or related to discrete projects, specific modes of growth, and organizational units, activities, and practices. Business development is defined as the tasks and processes concerning the analytical preparation of potential growth opportunities, and the support and monitoring of the implementation of growth opportunities, but does not include decisions on strategy and implementation of growth opportunities. In practice, the term business development and its actor, the business developer, have evolved into many usages and applications. Today, the applications of business development and the business developer or marketer tasks across industries and countries, cover everything from IT-programmers, specialized engineers, advanced marketing or key account management activities, and sales and relations development for current and prospective customers. Recent systematic research on the subject has outlined the contours of an emerging business development function with a unique role in the innovation management process. The business development function seems to be more matured in high-tech, and especially the pharma and biotech, industries.
The business developer is concerned with the analytical preparation of potential growth opportunities for the senior management or board of directors as well as the subsequent support and monitoring of its implementation. The «pipeline» refers to the flow of potential clients which a company has started developing. Business development staff assigned to each potential client in the pipeline a percent chance of success, with projected sales-volumes attached. For larger and well-established companies, especially in technology-related industries, the term «business development» often refers to setting up and managing strategic relationships and alliances with other, third-party companies. Business development is to be thought of as a marketing tactic. The objectives include branding, expansion in markets, new user acquisition, and awareness.
However, the main function of business development is to utilize partners in selling to the right customers. Creating opportunities for value to be ongoing business the long-term is very important. To be successful in business development the partnership must be built on strong relationships. Venture capital financing of techno-entrepreneurial start-ups: drivers and barriers for investments in research-based spin-offs in the Dutch medical life sciences industry». Business development capabilities in information technology SMEs in a regional consultant: Plan exploratory study.
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Business Development Capability: Insights from the Biotechnology Industry. Please forward this error screen to sharedip-192186200136. There are no Videos in your queue. There are no Articles in your queue. There are no Podcasts in your queue.
Opinions expressed by Entrepreneur contributors are their own. Q: I’ve managed to partially write a business plan, but I lack some crucial elements. I would like someone who doesn’t charge high fees. When push comes to shove, you will be the one running the business.
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