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Develop the right partnerships and connections to grow and expand your business.
In the field of commerce, the specialist area of business development comprises a number of techniques and responsibilities which aim at attracting new customers and at penetrating existing markets. Techniques used include:
* assessment of marketing opportunities and target markets
* intelligence gathering on customers and competitors
* generating leads for possible sales
* advising on, drafting and enforcing sales policies and processes
* follow-up sales activity
* formal proposal and presentation management and writing
* pitch and presentation rehearsals
* business model design
* account planning and performance monitoring
* proposition development and campaign development
Business development involves evaluating a business and then realizing its full potential, using such tools as:
* marketing
* information management (sometimes conflated with knowledge management)
* customer service
A sound organization aiming to withstand competitors never stops business development says Luis G. Batista, President of LMT Corporation, but engages in it as an ongoing process. However, business development is often related to growth although sometimes the optimal marketing strategy and objectives could be about downsizing the activity in an existing market or decreasing the sales volume of a selected line of products or services
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