Business Development Essay Example | Topics and Well Written Essays - 2000 words

Business Development - Essay Example By learning these very basic steps, running our own business and developing it can be both exciting and rewarding. It is our ability in developing and implementing strategies effectively that will avert stressful and unpredictable situations in business. â€Å"It is a truth that the sandwich business is a rapidly growing segment of the fast-food industry as demonstrated by the growth of various brands across the globe. (Emerald MangementXtra). Hence, there is opportunity to every player in the market, and scope for improvement. The decision to develop products and services can mark the beginning of an extremely difficult process for many businesses. In fact, new product development is often considered to be the cornerstone for building any successful business. Without it, businesses tend to stagnate, and then eventually decline. This is particularly true for small scale businesses. It is a proven fact that products and services you are offering will serve as the catalyst that drives your business to higher levels of success. Business development should never be a long and costly endeavor. Objectives of any enterprise is to establish its unique presence in the related business activity, sustain, develop and surge ahead, by being dynamic and growth oriented, through planning. Planning is the backbone of any business venture –be it a small sandwich shop or a multi national organization. A step by step plan is the core requirement for developmental process, along with proper resource and budget allocation. This step is detrimental to the organization to sustain and develop further in the market. A SWOT (Strength, Weakness, Opportunity and Threat) analysis need to be carried out to identify our established strengths related to the products/services offered by the establishment, our competitive edge, existing and target customers, their expectation, sales and marketing strategies, pricing, an effective marketing plan,