Podcast
Questions and Answers
What is the primary goal of business development?
What is the primary goal of business development?
What is a key function of business development?
What is a key function of business development?
What is the primary objective of market research in business development?
What is the primary objective of market research in business development?
What is a critical step in the business development process?
What is a critical step in the business development process?
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What is the role of a business developer in an organization?
What is the role of a business developer in an organization?
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What is a common challenge faced by business developers?
What is a common challenge faced by business developers?
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What is the goal of commercialization in business development?
What is the goal of commercialization in business development?
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What is the primary objective of contract negotiation in business development?
What is the primary objective of contract negotiation in business development?
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What is a key consideration in developing a business expansion strategy?
What is a key consideration in developing a business expansion strategy?
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What is the role of a VP of Business Development in an organization?
What is the role of a VP of Business Development in an organization?
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Study Notes
Market Motives
- Seizing market opportunities in foreign countries due to geography, free-zones, and cheap labor
- Increasing sales and revenue
- Reducing cost of production
Strategic Motives
- Being the first mover
Global Business Development and Sales
- Multinational Corporations (MNC) or (MNE) or (TNC) such as Apple, Walmart, Coca Cola, IBM, VW, Sony, Nissan
- Entrepreneurs and Small Businesses, including born global firms and technology-based firms (e-commerce)
Business Development
- Definition: no single/unique definition, encompasses a wide scope of ideas, activities, and initiatives
- Includes objectives such as sales growth, business expansion, strategic partnerships, and increased profitability
- Impacts every department within a company
- Integral part of corporate growth strategy
International Sales
- Selling in a global market
Business Development Functions
- Research on new opportunities
- Promotion and commercialization of products and services
- Network/relationship building
Business Development Process
- Identification: research and screening of information, networking
- Evaluation: data confidentiality (NDA), due diligence, analysis, and selection
- Negotiation: convincing, terms and conditions
Business Development Positioning
- Implicit: no official recognition, carried out by management without a deliberate, planned effort
- Established: recognized within the company, no official label or task description
- Institutionalized: established as an organization with delegated functions to a BD specialist
Business Development Jobs
- Vice President, Director, Owner/President, BD manager, BD representative, BD executive
Business Development Challenges
- Vary with company type and size, including personnel, financial, distribution, regulations, globalization, competition, manufacturing, and supply chain challenges
Business Developer Functions
- Prospecting: identifying new business opportunities
- Cultivation and finalization: maintaining relationships with existing clients
- Education and marketing
- Organizational management and data analytics
Business Development Qualifications
- Researching business or economic trends and recommending viable new growth strategies
- Exploring opportunities to submit requests for proposals (RFPs)
- Creating strategic alliances among similar but non-competing businesses
- Organizing community outreach initiatives
- Training, coaching, or mentoring company employees
- Writing regular blogs for the company website or posting news to social media platforms
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Description
This quiz covers the different motives behind international business expansion, including market, economic, and strategic motives. It also touches on multinational corporations and their role in global business development.
