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Hub AI
Business development AI simulator
(@Business development_simulator)
Hub AI
Business development AI simulator
(@Business development_simulator)
Business development
Business development entails tasks and processes to develop and implement growth opportunities within and between business organizations. It is a subset of the fields of business, commerce and organizational theory. Business development is the creation of long-term value for an organization from customers, markets, and relationships. Business development can be taken to mean any activity by either a small or large organization, non-profit or for-profit enterprise which serves the purpose of 'developing' the business in some way. In addition, business development activities can be done internally or externally by a business development consultant. External business development can be facilitated through planning systems, which are put in place by governments to help small businesses. In addition, reputation building has also proven to help facilitate business development.
In the limited scholarly work available on the subject, business development is conceptualized as or related to discrete projects, specific modes of growth, and organizational units, activities, and practices. Sorensen integrates these different perspectives with insights from chairmen and managing directors, senior business developers, and venture capitalists from successful high-tech firms worldwide, which is adopted in the Palgrave Encyclopedia of Strategic Management:
″Business development is defined as the tasks and processes concerning the analytical preparation of potential growth opportunities, and the support and monitoring of the implementation of growth opportunities, but does not include decisions on strategy and implementation of growth opportunities.″
In practice, the term business development and the role of the business developer have evolved to encompass a wide range of applications. Today, the responsibilities associated with business development vary across industries and countries, often including tasks performed by IT programmers, specialized engineers, advanced marketers, key account managers, and professionals involved in sales and relationship management with current and prospective customers. As a result, it has become challenging to clearly define the unique characteristics of the business development function and to determine whether these activities directly contribute to profitability.
Recent systematic research on the subject has outlined that the contours of an emerging business development function with a unique role in the innovation management process. The business development function seems to be more utterly matured in high-tech, and especially the pharma and biotech industries.
The business developer is concerned with the analytical preparation of potential growth opportunities for the senior management or board of directors as well as the subsequent support and monitoring of its implementation. Both in the development phase and the implementation phase, the business developer collaborates and integrates the knowledge and feedback from the organization's specialist functions, for example, research and development, production, marketing, and sales to assure that the organization is capable of implementing the growth opportunity successfully. The business developers' tools to address the business development tasks are the business model answering "how do we make money" and its analytical backup and roadmap for implementation, the business plan.
Business development professionals frequently have had earlier experience in sales, financial services, investment banking or management consulting, and delivery; although some find their route to this area by climbing the corporate ladder in functions such as operations management. Skill sets and experience for business-development specialists usually consist of a mixture of the following (depending on the business requirements):
The "pipeline" refers to the flow of potential clients that a company has started developing. Business development staff assign to each potential client in the pipeline a percent chance of success, with projected sales volumes attached. Planners can use the weighted average of all the potential clients in the pipeline to project staffing to manage the new activity when finalized. Enterprises usually support pipelines with some kind of customer relationship management tool or database, either web-based solution or an in-house system. Sometimes business development specialists manage and analyze the data to produce sales management information. Such management of information could include:
Business development
Business development entails tasks and processes to develop and implement growth opportunities within and between business organizations. It is a subset of the fields of business, commerce and organizational theory. Business development is the creation of long-term value for an organization from customers, markets, and relationships. Business development can be taken to mean any activity by either a small or large organization, non-profit or for-profit enterprise which serves the purpose of 'developing' the business in some way. In addition, business development activities can be done internally or externally by a business development consultant. External business development can be facilitated through planning systems, which are put in place by governments to help small businesses. In addition, reputation building has also proven to help facilitate business development.
In the limited scholarly work available on the subject, business development is conceptualized as or related to discrete projects, specific modes of growth, and organizational units, activities, and practices. Sorensen integrates these different perspectives with insights from chairmen and managing directors, senior business developers, and venture capitalists from successful high-tech firms worldwide, which is adopted in the Palgrave Encyclopedia of Strategic Management:
″Business development is defined as the tasks and processes concerning the analytical preparation of potential growth opportunities, and the support and monitoring of the implementation of growth opportunities, but does not include decisions on strategy and implementation of growth opportunities.″
In practice, the term business development and the role of the business developer have evolved to encompass a wide range of applications. Today, the responsibilities associated with business development vary across industries and countries, often including tasks performed by IT programmers, specialized engineers, advanced marketers, key account managers, and professionals involved in sales and relationship management with current and prospective customers. As a result, it has become challenging to clearly define the unique characteristics of the business development function and to determine whether these activities directly contribute to profitability.
Recent systematic research on the subject has outlined that the contours of an emerging business development function with a unique role in the innovation management process. The business development function seems to be more utterly matured in high-tech, and especially the pharma and biotech industries.
The business developer is concerned with the analytical preparation of potential growth opportunities for the senior management or board of directors as well as the subsequent support and monitoring of its implementation. Both in the development phase and the implementation phase, the business developer collaborates and integrates the knowledge and feedback from the organization's specialist functions, for example, research and development, production, marketing, and sales to assure that the organization is capable of implementing the growth opportunity successfully. The business developers' tools to address the business development tasks are the business model answering "how do we make money" and its analytical backup and roadmap for implementation, the business plan.
Business development professionals frequently have had earlier experience in sales, financial services, investment banking or management consulting, and delivery; although some find their route to this area by climbing the corporate ladder in functions such as operations management. Skill sets and experience for business-development specialists usually consist of a mixture of the following (depending on the business requirements):
The "pipeline" refers to the flow of potential clients that a company has started developing. Business development staff assign to each potential client in the pipeline a percent chance of success, with projected sales volumes attached. Planners can use the weighted average of all the potential clients in the pipeline to project staffing to manage the new activity when finalized. Enterprises usually support pipelines with some kind of customer relationship management tool or database, either web-based solution or an in-house system. Sometimes business development specialists manage and analyze the data to produce sales management information. Such management of information could include: