three keys of business development
Sales, marketing, and project management are considered key to business development.
Sales is the most important aspect in the transition and success of the product or service offered to the client. Sales is characterized as a source of returns to the project, which can be used to grow and develop it gradually during a relatively small period of time. Sales representatives need to respond promptly to clients’ requests.
A sales representative will usually focus on a specific market or client in order to gain a percentage of a client’s sales, whereas a business development team studies and evaluates new markets and reaches new goals in order to increase the client’s revenue. The team achieves this through certain strategies to improve the performance of the product or work in general. Sales representatives thus work on reaching a wider client base in collaboration with the business development team based on the market research prepared.
Marketing is the art of inventing new unprecedented values for the client or consumer to help him achieve more value and monetary returns based on market and product research.
Marketing and promotion build for the product through a simple marketing strategy presented by the business development team, client visits and calls, and any other communication methods used for marketing.
Project management is the process of organizing and managing a project’s resources, both materialistic and human, effectively and efficiently, to guarantee the success of the project and the achievement of its goals within the specified time frame and cost. This may be organized as follows:
1- Founding phase
2- Planning phase
3- Execution phase
4- Quality and evaluation phase