29^th European Biotechnology Congress

Business Development

<p style="&quot;text-align:" justify;"=""> Business Development referred as the activity of pursuing strategic opportunities for a particular business or organization, for example by cultivating partnerships or other commercial relationships, or identifying new markets for its products or services. Business development activities extend across different departments, including sales, marketing, project management, product management and vendor management. Networking, negotiations, partnerships, and cost-savings efforts are also involved. All these different departments and activities are driven by and aligned to the business development goals.
In the simplest terms, business development can be summarized as the ideas, initiatives and activities aimed towards making a business better. This includes increasing revenues, growth in terms of business expansion, and increasing profitability by building strategic partnerships, and making strategic business decisions. Business development activities extend across different departments, including sales, marketing, project management, product management and vendor management. Networking, negotiations, partnerships, and cost-savings efforts are also involved. All these different departments and activities are driven by and aligned to the business development goals. Since business development involves high-level decision making, the business developer should remain informed about current state of the business in terms of SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats). The current state of overall industry sector and growth projections, Competitor developments, Primary sources of sales/revenues of current business and dependencies, the customer profile, New and unexplored market opportunities, New domains/products/sectors eligible for business expansion, which may complement the existing business, the long-term view, especially with regards to the initiatives being proposed, the cost areas, and the possible options of cost-savings.