Talent
In some cases, there are few people who have valuable expertise in an emerging field. As such, attracting talent is often key to developing a new technology. In some cases, large firms take over small ones for their talent as opposed to their business assets.Business Model
Developing a new business model or transitioning to a model that is a competitive threat.Operating Model
Change to your operating model such as building your own factories when you previously outsourced manufacturing.Infrastructure
Developing your base infrastructure. For example, extending a telecom network into a new region.Facilities
Developing new facilities or locations such as an IT company that develops its own data centers.Capabilities
Business capabilities that represent a competitive advantage. For example, a mutual fund company that develops an algorithm that estimates inherent risk to reduce risk to their assets under management.Products
Developing new products and services.Customer Experience
Customer experience such as a budget airline that develops customer lounges as a step towards becoming a full service airline.Target Market
Identifying and developing new target markets. For example, a movie theatre that begins renting its facilities for private parties on slow nights.Distribution
Distribution is your ability to reach customers. For example, developing new regions or channels.Sales
The term business development is heavily associated with sales efforts to identify and develop new sources of opportunities. For example, a software sales team that currently sells to large firms begins to target mid-sized firms.Promotion
Developing new promotional capabilities such as a fast moving consumer goods company that sponsors a sports team.Branding
Developing new brands and brand extensions.Innovation
Establishing the culture and management structures that are necessary to support aggressive experimentation and creative processes in areas such as product development.| Overview: Business Development Strategy | ||
Type | ||
Definition | A plan to grow your business in a new strategic direction. | |
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