Podcast
Questions and Answers
What is the primary goal of business development?
What is the primary goal of business development?
- To create long-term value for an organization (correct)
- To reduce costs and increase efficiency
- To increase market share
- To create a competitive advantage
What is a key function of business development?
What is a key function of business development?
- Human resource management
- Product development
- Financial analysis
- Network and relationship building (correct)
What is the primary objective of market research in business development?
What is the primary objective of market research in business development?
- To evaluate product pricing
- To develop marketing strategies
- To analyze competitor data
- To identify new opportunities (correct)
What is a critical step in the business development process?
What is a critical step in the business development process?
What is the role of a business developer in an organization?
What is the role of a business developer in an organization?
What is a common challenge faced by business developers?
What is a common challenge faced by business developers?
What is the goal of commercialization in business development?
What is the goal of commercialization in business development?
What is the primary objective of contract negotiation in business development?
What is the primary objective of contract negotiation in business development?
What is a key consideration in developing a business expansion strategy?
What is a key consideration in developing a business expansion strategy?
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?
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.
