The idea of Business Development
Business development is a process that is linked to the progress of a business by making continuous efforts. These can also include taking different yet important steps for the development of the business. Finding new opportunities, new investors, and even going and looking for new places to open the business at.
To keep the business growing it is important to make sure to choose the right plan at the right time. For this purpose, the help of different growth strategies can also be taken.
The various growth strategies that are present in the area of business development contribute to the growth of the business and help in growing the business as well as increasing the profits simultaneously.
There are four main types of growth strategies that are majorly proposed and used to aid in the growth of the business.
The growth strategies
- Market Penetration
This is the strategy whose sole aim is to increase the sales of all your existing brands and services present in the existing market which can help you to increase your share. You can also attract customers to your competitions and see that they buy your products more than your competitors. This can be done by providing a significant decrease in your prices, increased distribution, or even by improving the quality. This is a strategy to be used in the current market base.
- Market development
This strategy aims to increase the sales of the existing products and services in the new unexplored markets of a region. Market development is also known as market expansion where an analysis of the new potential market is done along with the pros and cons that it offers. Then the market is divided into different customer segments and areas along with regions to have a better and clear idea of who should be the target of the expansion.
- Product development
Product development is the third most famous and commonly used business development strategy. In this strategy, there are new products that are launched to either the same customers or even new customers as well to increase their turnover.
New products can either be developed from scratch or can also be obtained from other companies and shred ownership can allow you to reap all its benefits as well.
Multiple strategies are present but it is not important that all the strategies are the best one suited for your business.
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