If you want to enter a new market, is it better to go it alone and complete all the necessary paperwork, or is it wiser to build a strategic alliance or collaboration with local businesses already active in the area? With the aid of the legal and financial departments, the business development team examines all of the advantages and disadvantages of the potential choices and decides on the one that will benefit the company the most.
Business and project planning
Does the business development call for a new facility in the target market, or will all the goods be produced in the home country before being imported? Does the latter option call for a second facility in the base nation? Based on their time and cost evaluations, the business development team makes these selections. The project management/implementation team then works to achieve the intended result.
Different nations have different market requirements and regulatory regulations. For instance, a drug with a specific composition can be acceptable in India but not in the UK. Is a modified or full new product version necessary for the new market?
According to the chosen business strategy, these requirements direct the efforts of the product management and manufacturing departments. A business development plan evaluates the cost factor, legal approvals, and regulatory compliance.
Will the new company require outside vendors? For instance, will a specialized courier service be required for product shipping? Will the business collaborate with any well-known retail chains to make retail sales? What are the prices involved with these contracts? The business development team investigates these queries.
Networking, negotiating and lobbying
A few corporate efforts could require soft skill knowledge. For instance, lobbying, which may be important for entering the market, is permitted in some places. With various third parties, including vendors, agencies, government authorities, and regulators, additional soft skills, such as networking and bargaining, may be required. Such projects are all a component of corporate development.