10 Questions
What is the primary goal of business development?
To create long-term value for an organization
What is a key function of business development?
Network and relationship building
What is the primary objective of market research in business development?
To identify new opportunities
What is a critical step in the business development process?
Identification
What is the role of a business developer in an organization?
To identify new business opportunities
What is a common challenge faced by business developers?
All of the above
What is the goal of commercialization in business development?
To promote a product or service
What is the primary objective of contract negotiation in business development?
To secure the best possible deal
What is a key consideration in developing a business expansion strategy?
Market demand and competition
What is the role of a VP of Business Development in an organization?
To identify and pursue new business opportunities
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
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.
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