|
| |
A business development strategy is a plan to grow your business in a new strategic direction. This is typically done to find new sources of revenue growth and/or manage competitive threats. The following are illustrative examples of business development strategy.
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.Developing a new business model or transitioning to a model that is a competitive threat.
Change to your operating model such as building your own factories when you previously outsourced manufacturing. Developing your base infrastructure. For example, extending a telecom network into a new region.FacilitiesDeveloping new facilities or locations such as an IT company that develops its own data centers.
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.ProductsDeveloping new products and services.
Customer experience such as a budget airline that develops customer lounges as a step towards becoming a full service airline.Identifying and developing new target markets. For example, a movie theatre that begins renting its facilities for private parties on slow nights.
Distribution is your ability to reach customers. For example, developing new regions or channels.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.
Developing new promotional capabilities such as a fast moving consumer goods company that sponsors a sports team.Developing new brands and brand extensions.Establishing the culture and management structures that are necessary to support aggressive experimentation and creative processes in areas such as product development.
Business Strategy
This is the complete list of articles we have written about business strategy.
If you enjoyed this page, please consider bookmarking Simplicable.
© 2010-2023 Simplicable. All Rights Reserved. Reproduction of materials found on this site, in any form, without explicit permission is prohibited.
View credits & copyrights or citation information for this page.
|
