BUSINESS DEVELOPMENT

Business Development

Business Development

Introduction

It is defined as the business that generates value and goodwill for its customers and shareholders. It explains the basic central functions of an organization that will be one of the core compentency of an organziation. The core compentency will make it to stand out in the crowd because of the infrastructures and the proficiency that a business needs to implement.

Discussion

The Business model is a demonstration of the methose that an organization adopt in order to purchase and put goods and services for sale such with an intention to earn money. Business models exhibits straightforwardness, accuracy that can be expressed in few words, For instance: Procter & Gamble changes its in-house research and development process to connect and develop a model, and to give benefits to its external stakeholder for new product development. Dell have adopted an accurate model, as dell believe that the most reliable way to reach to its customers is through a direct channel to build long term relationship with its customers (Michael, 2005).

EBay has an automated online auctioning business model that gives it an edge to have an innovative and will also matches the speed of buyers and sellers without any delay. It is also distinct that the business model performs as a tool for making money.

Many internal and external factors influences the development in the organization that changes over time. Therefore, a business firm along with their strategic decisions and choices to interlink with other business partners depends on a number of environmental factors. As the passage of time, a business goes through independent business development phases. However, the term development does not mean that there is just positive development taking place business also faces negative development phase in terms of liquidating the business (Rappa, 2001).

Business development according to an introduction phase has a key aim to establish a market and create primary demand for the products a business manufacters. The business promotes its offering to create awareness; usually, branding and product quality get stressed, but other relevant product features and benefits may also be used. Promotional methods are choosen carefully to maximize awareness. An example for this stage of development is of a business who just have initiated its operations and working at the initial phase of the business development for instance, a local grocery store open near your place.

The other stage a business centers in its development journey is the growth phase. In this phase of development, businesses tends to start in order to generate revenues and incline towards breakeven point and then tends to earn profits. Competitors get attracted to the similar products that are available in the market. At this stage, it is normal to add multiple versions or additional benefits/services to maintain differential advantage, for example, to increase quality, or add a premium version. However, business sees them in a better position, and the businesses usuallyu prefer to be in this phase of development. For example, the grocery store now opens two more stores with the help ...