Business knowledgement Flashcards
(27 cards)
What is business development?
Business development is the process of identifying and creating growth opportunities for an organization.
True or False: Business development only involves sales.
False
Fill in the blank: A key objective of business development is to increase ________ and market share.
revenue
What are the main components of business development?
Market research, relationship building, strategic partnerships, and sales management.
Which of the following is NOT a responsibility of a business development manager? (a) Networking, (b) Product development, (c) Closing sales
c) Closing sales
What is the role of market research in business development?
Market research helps identify potential opportunities and threats in the market.
True or False: Strategic partnerships can enhance business development efforts.
True
What is a common metric used to measure business development success?
Revenue growth
Fill in the blank: Business development often requires collaboration with ________ teams.
marketing and sales
What is the difference between business development and sales?
Business development focuses on creating opportunities, while sales focuses on closing deals.
Which skill is essential for a business development professional?
Strong communication skills
True or False: Networking is an important aspect of business development.
True
What does the term ‘value proposition’ refer to in business development?
The unique value a company offers to its customers.
Fill in the blank: A business development strategy should align with the company’s overall ________ strategy.
business
What is the purpose of a SWOT analysis in business development?
To evaluate strengths, weaknesses, opportunities, and threats.
Which of the following is a common challenge in business development? (a) Identifying leads, (b) Forecasting sales, (c) Maintaining relationships
a) Identifying leads
What is the significance of customer feedback in business development?
It provides insights for improving products and services.
True or False: Business development is only relevant to large corporations.
False
What is a business development funnel?
A model that outlines the stages of converting leads into customers.
Fill in the blank: A successful business development strategy often includes ________ marketing.
content
What is the importance of competitive analysis in business development?
It helps understand the competitive landscape and identify market opportunities.
Which term describes the process of identifying potential clients or partners?
Lead generation
True or False: Business development professionals should avoid taking risks.
False
What is the ultimate goal of business development?
To drive sustainable business growth.
