Business Development Management Implementation at Westpac Report

This report provides an in-depth analysis of business development management, focusing on its implementation within the Westpac organization. The paper begins with an overview of Westpac, detailing its structure and services, and then delves into the practical aspects of business development. It explores the strategic planning required for business development, emphasizing the importance of customer-centric approaches and effective management. The report highlights key strategies such as setting organizational goals, fostering strong customer relationships, and leveraging technological advancements. It also discusses the challenges faced during business development, including financial constraints, maintaining company culture, and the importance of sales and marketing. The report concludes by summarizing the key takeaways, emphasizing the value of business development management in achieving organizational success and expanding networks for profit.

Business development management
Implementation of business development in the organization
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Table of Contents
Introduction.................................................................................................................................................2
Organisation overview.................................................................................................................................2
Implementation of business development....................................................................................................2
Conclusion...................................................................................................................................................4
References...................................................................................................................................................5
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Introduction
The purpose of the paper is to provide the understanding regarding the business development
management within the market. To effectively understand the entire activity the organisation
WESTPAC has been selected. The paper even discusses regarding the opportunities and the
challenges that are being faced while implementing the business development management
within the market.
Organisation overview
WESTPAC business organization is one of the oldest bank and company which aims to extend
help to customers, communities, and people to grow and prosper. Among the four major banking
organizations in Australia, it is one of them, which gives a wide range of banking and financial
services. It also involved itself in business and institutional banking and effluent management
services (Rahimi, Møller, & Hvam, 2016). This organization has five transparent and separated
divisions to face and interact with customers. Examples of such divisions are- consumer bank,
business bank, institutional bank, etc. There is the presence of other divisions to carry out a
different function. The treasury division is there to manage balance sheets including the risk
related to interest, financing, and others. The technical group is there to bestow professional
plans and proofs, basic structure and workings, and application development.
Implementation of business development
In the organisation Westpac the business has been developed by planning regarding the
development of suitable master debit card for the customers. In this process effective planning is
required for dealing with the condition of the customers and providing them suitable value that
lead to the development of business. Business management requires business managers who will
be guiding the organizations to work accordingly to reach their goal. Implementation in business
development requires the right business strategies or plan (Wirtz et al., 2016). More the worth
full approach would be, more the capital acquittal would result. The organization should hire a
right and knowledgeable person at the right time who can settle the dealings with clients with
high efficiency. The person should make and maintain good collaboration with the marketing
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and engineering teams. The manager will see and analyze whether the market assumptions are
right or not so that it can go in concurrence with the companies’ vision.
After collection of the data from various sources, the manager needs to develop a pattern in
which the things will go to meet its goal and consequently gift with success. To implement its
business, the organization needs to set its goals and values (Harrison, & Lock, 2017). Giving
importance to strategy, it is required to see whether the customer indulged with the employee is
genuine or not. The employee needs to provide more attention to the potential or more able
customers. It is essential to pay heed to the issues or problems said to buy the clients to
understand it properly. Proper listening can yield to give the right service in less time. The
employee should be trained in such a way that it can satisfy clients by providing excellent service
(Hwang, Zhu, & Tan, 2017). The client should be offered with innovative products or ideas
which should be best at its quality. Business implementation involves, developing growth plans,
managing and maintaining a relationship with customers, applying best of business knowledge's,
increasing customers, identifying organizational strengths, exploring business opportunities and
income streams and reporting on triumphs and spheres for improvisations.
As an aim to promote business it seeks to provide the best services to the customers and up bring
enduring and sweet customer relationships. It is needed to see that the leader is working in group
work with excellent efficiency to extend the desired services to the customers. It is required to
follow five strategies to fix or fulfill the goal of business implementation. This includes giving
excellent service, making the customers available with more comfortable technologies for easy
access. Also, the strategy also encompasses performing with discipline, meeting the targets and
enhancing the business with more victory (Garlapati, 2016). The company also gives importance
to values.This directly or indirectly helps them to gain a good reputation in the market. The
amount that is needed to imbibe is integrity, kindness, help, unity, and excellence. Sustainability
is also a significant branch of their strategy to make sustainable development in business.
To implement its business, the organization needs to set its goals and values. After this needs the
business targets of the organization to follow proper planning. Once the aim of the organization
is fixed then requires the appropriate allocation of duties amongst its departments with some
specific goals. The most important of all these is adequate management and monitoring of the
performance of the separated departments (Kans, & Ingwald, 2016). For business development,
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there needs to provide the best service, manage the business in a balanced way to earn good
productivity. There is also a need to maintain portfolio assets of high quality. The initiative has
been taken for the growth of smaller subsidiary enterprises. For the proper functioning of the
organization is also necessary to encourage and accommodate heterogeneity.
Many challenges are faced in the development of business. Success in business is not a simple
thing which is just aspired and achieved. Before the opportunism in business development there
come the challenges. The flow of liquid money is one of the reasons that the startup business
gets crashed (Lindholm, Laine, & Suomala, 2017). Owners have to make a continuous supply of
money to earn money during the growing phase of the company. But this notion cannot work and
leave one in an uncertain situation.
Therefore it needs to manage the cash carefully. At this moment there is a need to see and check
the business strategies to make good sales. Controlling the company culture is another problem
in business development. As the company grows, there is a need to extend the workforce in its
sphere. At this moment there comes the surveillance and controlling questions. More man in
working space can result in the slips of the company or organizational culture. For this, it needs
to hire proper officials (Arbaugh, Fornaciari, & Hwang, 2016). Getting the right personnel for
the company is also hard the most challenging is to make appropriate decisions. Adequate sales
and marketing are other problems associated with business growth. Sometimes marketing teams
fail to achieve good sales that have been anticipated. So it is the management which requires
taking necessary steps to fulfill the requirement.
Conclusion
It is concluded that the business development management is considered to be the most effective
and valuable process within the field. The paper also concludes that the business development is
to extend its networks to gain god recognition along with handsome profits. This activity can be
done both internally and externally by the business developing managers.
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References
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Kans, M., & Ingwald, A. (2016). Business model development towards service management
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