Published date: October 27, 2022. 20:19
As the product development process has become more complex, the role of business development has become more important. Business development is the process of identifying and developing new business opportunities. This can include new products, new markets, new services, or new ways of delivering products or services.
The business development process begins with identifying opportunities. This can be done through market research, competitive analysis, or customer feedback. Once an opportunity is identified, the business development team will work to develop a plan to pursue the opportunity. This plan will include a business case, which outlines the potential benefits of pursuing the opportunity.
Once the business case is approved, the business development team will work to secure the necessary resources to pursue the opportunity. This can include funding, partnerships, or other forms of support. Once the resources are in place, the team will work to execute the plan. This can involve launching a new product or service, entering a new market, or developing a new way of delivering products or services.
The business development process is an important part of product development. It helps to ensure that new products and services are developed in a way that meets the needs of the market and that they are able to be successfully launched.