One of the big challenges faced in the design of Balanced Scorecard-based performance management systems is deciding what activities and outcomes to monitor. By providing a simple visual representation of the strategic objectives to be focused on, along with additional visual cues in the form of the perspectives and causal arrows, the strategy map has been found useful in enabling discussion within a management team about what objectives to choose, and subsequently to support discussion of the actual performance achieved. Kaplan and David P. Norton  proposed a simple design method for choosing the content of the Balanced Scorecard based on answers to four generic questions about the strategy to be pursued by the organization.
What Is Business Development? This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions.
Business Development Across Departments Business development activities extend across different departments, including sales, marketing, project management, product management and vendor management.
Networking, negotiations, partnershipsand cost-savings efforts are also involved. All these different departments and activities are driven by and aligned to the business development goals. Sales personnel focus on a particular market or a particular set of client soften for a targeted revenue number.
With such set goals, the sales department targets the customer base in the new market with their sales strategies. Business development initiatives may allocate an estimated marketing budget. Higher budgets allow aggressive marketing strategies like cold callingpersonal visits, road shows, and free sample distribution.
Strategic Initiatives or Partnerships: To enter a new market, will it be worth going solo by clearing all required formalities, or will it be more sensible to strategically partner with local firms already operating in the region?
Assisted by legal and finance teams, the business development team weighs all the pros and cons of the available options, and selects the one that best serves the business. Will the latter option require an additional facility in the base country?
Such decisions are finalized by the business development team based on their cost- and time-related assessments. Regulatory standards and market requirements vary across countries. A medicine of a certain composition may be allowed in India but not in the U.
These requirements drive the work of product management and manufacturing departments, as decided by the business strategy. Cost consideration, legal approvals and regulatory adherence are all assessed as a part of a business development plan.
Will the new business need external vendors?
For example, will shipping of product need a dedicated courier service? Or will the firm partner with any established retail chain for retail sales? What are the costs associated with these engagements?New product development can play a variety of roles in defining corporate strategy to gain competitive advantage.
This variability makes the process of new product development subject to the emerging organizational issues of the day.
Palms and Bonds business development business plan strategy and implementation summary. Palms and Bonds is a Botswanan company providing high-level expertise in local business development, market identification and development, channel development, distribution strategies, and marketing/5(40).
Turning a small business into a big one is never easy. The statistics are grim. Product Development. A classic strategy, it involves developing new products to sell to your existing customers. The most critical proposal work you do might be done after submitting the proposal. You must develop discussion and pricing strategies the reinforce your strengths and eliminate or mitigate your weaknesses.
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This Small Business Plan Sample will help you write your business plan in the correct manner. You will get to see what a business plan really looks like.
And also see how it can help you.