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Business development assignment help
Business development assignment help
When you have an idea, it is easy to start a business but the real challenge comes in its development. Business development is the process and set of activities focused on building the business mainly in terms of sales and profit.
There is a lot of competition in the market which makes survival very difficult thus it is important for the businesses to form plans and strategies which will build customers and clients thereby increasing sales and service delivery. Starting a business is like buying a plot but the value is added when the construction of the business is done, business development is a construction of the business to add and increase its value
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Research and development are part of company activities that focus on gaining knowledge about the market to enhance the products, technology, and services. There are various strategies that research and development incorporate and connect like budget, cost-planning, and marketing.
Some of the benefits of research and development in business include the ease of bringing new product lines and increased productivity. Investors are more attracted to the businesses putting aggressive efforts in their R&D. In some cases small businesses are also bought by larger ones for their R&D.
Major Areas of Business Development
Marketing research allows the company to keep updated with the latest trends and activities to be able to make more effective decisions for the development of the business. Market research helps you in improving your brand, to know your customers better, to test the marketing efforts, to find new opportunities, etc.
Marketing is a group of activities done to promote a product and increase its sales where the needs of customers are identified, anticipated and then worked on for customer satisfaction. Marketing experts need to have sharp convincing and conversational skills to attract and most importantly convince customers to buy your product.
Strategic management is important for your business to be successful in the long term. The business strategy lays down the objectives that the company will be working towards, the resources allocation for the objectives, and ways to achieve those objectives effectively. Strategic management requires a deep understanding of internal and external factors that will determine the company's success.
As understandable by the title, project management is the careful planning and execution of any project of the business. Project management directs the efforts and work of teams towards company objectives for their timely execution. Before the development planning, a project description is formed with states the time, budget, scope, and quality. The optimization and resource allocation is managed based on the pre-defined objectives.