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Business development analysis is a broad term that encompasses a variety of activities that involve creating new strategies or solving problems. Essentially, there is no accurate or final answer for what this process involves in a business. A common definition for business development analysis, however, may be the introduction of new products or the development of strategic alliances, sales strategies, and merger or acquisition opportunities. Companies can also add or take away activities as needed. Larger organizations may have a single business development department.
Introducing new products to single or multiple markets often takes copious amounts of time, even for the most experienced company. In some cases, the start-to-finish process can take years depending on the time spent planning and working through new product ideas. Therefore, this activity often falls under the company’s analysis process. Owners and executives may even ask this department to come up with new ideas for products. Then, leaders decide which ones are the best options.
Strategic business alliances are activities where companies look to strengthen their activities through the use of other businesses. A common strategic alliance is the selection of a partner for producing a new product. This is especially common in the electronics industry, where one company uses the inputs of another for producing computers or other personal electronics. Other alliances may fall under the business development analysis department. Owners and executives once again task the department with finding and creating strategic alliances.
Sales strategies involve more than just attempting to sell products to consumers using slick techniques. These strategies typically involve some types of advertising or marketing campaigns to reach out to consumers. The business development analysis team may also look into new or different markets for selling goods or services. They may have recommendations or other ideas for owners and executives when implementing new sales strategies. A review of the effectiveness of sales strategies, however, may not fall under the business development analysis team’s job description.
Merger and acquisition opportunities may also be a part of the business development analysis process. These opportunities exist when the company is able to purchase another, increasing its operations. A merger may start with a strategic alliance and then move into a merger or acquisition. Negotiating these mergers may also fall under the analysis team’s responsibility as they have more information on the companies in the merger process.