New Business Development - Definition & Meaning
What is New Business Development?
New Business Development refers to all those activities which comprise the identification, conceptualization and implementation of business opportunities.
Activities include new product or service design, preparation and erection of the complete business model (operations model and value chain), marketing of the product or service, management of Finance and all accompanying micro-economic, macroeconomic, intra-firm and inter-firm factors. Today, Business development is seen not only as provision of a product or service, but providing an entire offering to the customers.
Any business comprises of certain important ingredients like People, Technology, Operations, Culture and Customers, without which it cannot work smoothly. However, the initial phase is the most important in any Business, for most businesses fail in their start-up stage. Hence, it is imperative for any Entrepreneur to identify gaps in the market before starting the venture. This identification of gaps is a function of the firm’s perceived capabilities, latent wants and desires of the market, economic situations and vision of the firm. Moreover, the new business development process should be able not only to recognize change but also harness it in the form of opportunities.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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