Business development
the activity of pursuing strategic opportunities for a particular business or organization, for example by cultivating partnerships or other commercial relationships, or identifying new markets for its products or services.
goals of business development
- obtain new customers
- continue to meet the needs of existing customers
- coordinate offerings in different stages of the life cycle
Business development specialist
identifies new leads for expansion
develops new ways to grow the company
(market reach, analyzing business processes, forecasting, maintaining client relationships)
primary duties of a business development specialist
- generate maximum new profitable sales
- focus on business growth through new customers and new business
- managing existing account base and growing opportunities with current customers
- manage time and territory
requirements of a business development spciealist
- Understanding of key business drivers
- awareness of cost and assists in controlling costs
- ability to work entrepreneurial and independently
- goal oriented, results driver, customer focused, high energy
types of forecast
strategic forecast
marketing planning forecast
marketing operation forecasts (MOF)
sales forecasts
MOF
most widely used and least formalized
Provides the who what were when and how much information about current and future business
ex:
When will customer buy the noted volume?
when will customers purchases peak? When will customers consider new technology?
sales forecast
- *shorter range than MOFs,**
- input to logistical functions, resource planning, etc.
- Usually derived from analysis of historical data
rolling averages
forecasts for the next period is a weighted average of a present number of prior periods
econometric models
forecasts are based on relationships derived through statistical analysi
dephi approach
forecasts are from a panel of experts who are systematically polled
core business
how much will customers buy of what they are now already buying? what customers currently buy is part of the suppliers internal sales data. how the volume of customers purchases will vary, based on factors in their market, is info usually available from customers.
4 elements of MOF
- core business (existing products and markets)
- core churn (new products, existing markets)
- real new business (new products new markets)
- transitional business (existing products, new markets)
what factors cause markets to change?
technolgy, time horizons, barriers to entry or exit, elasticity of demand, forecast expenditure
missionary sellers:
a form of personal sales in which the salesperson provides information to an individual who will influence the purchase decision. This is an indirect sales technique; the goal is not to close a sale, but merely to get information into the hands of a key decision-maker.
“replacing old core business with new business”
core churn
