Creating a Business Development Plan

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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?

Inventory needs increase (C) Signup and view all the answers

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

To avoid negative cash flow from overstocking (A) Signup and view all the answers

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

Loss of customers to competitors (C) Signup and view all the answers

Why is providing excellent customer service important for any business?

It influences customer loyalty and business growth. (D) Signup and view all the answers

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

Business growth (A) Signup and view all the answers

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

It fosters customer loyalty and satisfaction. (D) Signup and view all the answers

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

It is crucial for successful business development by fostering loyalty. (B) Signup and view all the answers

How does excellent customer service contribute to business success?

By ensuring customer loyalty and influencing business growth. (A) Signup and view all the answers

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

By fostering loyalty and satisfaction which are crucial for the marketing plan. (B) Signup and view all the answers

What is the purpose of a business strategy?

To guide the decision-making process and gain a competitive advantage (A) Signup and view all the answers

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

Reduce innovation in products (C) Signup and view all the answers

What is a key component of business development strategies?

Embracing digital technology (C) Signup and view all the answers

What skills should a business developer possess?

Good communication, marketing, and sales skills (C) Signup and view all the answers

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

Using outdated systems (C) Signup and view all the answers

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

By explaining how to compete and achieve objectives (D) Signup and view all the answers