Creating a Business Development Plan
18 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is one of the challenges of business development mentioned in the text?

  • Inventory management (correct)
  • Avoiding continuous market research
  • Decreasing the workforce
  • Maintaining a static market

    • How can an organisation stay relevant in the market according to the text?

  • By carrying out continuous market research and product innovations (correct)
  • By having a fixed inventory management system
  • By not innovating their products
  • By avoiding market research

    • Why is overstocking a problem for businesses, as mentioned in the text?

  • It negatively affects cash flow (correct)
  • It avoids loss of customers
  • It increases cash flow
  • It leads to high customer satisfaction

    • What happens to inventory needs as a business grows, according to the text?

    <p>Inventory needs increase</p> Signup and view all the answers

    Why is it important for businesses to have a Just-in-time inventory management system?

    <p>To avoid negative cash flow from overstocking</p> Signup and view all the answers

    What is a consequence of not meeting customer demands, according to the text?

    <p>Loss of customers to competitors</p> Signup and view all the answers

    Why is providing excellent customer service important for any business?

    <p>It influences customer loyalty and business growth.</p> Signup and view all the answers

    What aspect of a business is significantly influenced by customer service?

    <p>Business growth</p> Signup and view all the answers

    How can providing excellent customer service impact old and new clients?

    <p>It fosters customer loyalty and satisfaction.</p> Signup and view all the answers

    What is the role of customer service in relation to business development?

    <p>It is crucial for successful business development by fostering loyalty.</p> Signup and view all the answers

    How does excellent customer service contribute to business success?

    <p>By ensuring customer loyalty and influencing business growth.</p> Signup and view all the answers

    In what way does customer service impact the business's marketing plan?

    <p>By fostering loyalty and satisfaction which are crucial for the marketing plan.</p> Signup and view all the answers

    What is the purpose of a business strategy?

    <p>To guide the decision-making process and gain a competitive advantage</p> Signup and view all the answers

    Which of the following is not an example of a common business strategy?

    <p>Reduce innovation in products</p> Signup and view all the answers

    What is a key component of business development strategies?

    <p>Embracing digital technology</p> Signup and view all the answers

    What skills should a business developer possess?

    <p>Good communication, marketing, and sales skills</p> Signup and view all the answers

    Which of the following is a challenge faced in business development?

    <p>Using outdated systems</p> Signup and view all the answers

    How does a business strategy help a company compete in the market?

    <p>By explaining how to compete and achieve objectives</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser