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Sujai Adithya
Business Development and Banking & Financial Services Expert
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How is business development related to marketing, product management and vendor management?

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Sujai Adithya
Business Development and Banking & Financial Services Expert
  • Marketing: Marketing involves promotion and advertising aimed towards the successful sale of products to end-customers. Marketing plays a complementary role in achieving sales targets. Business development initiatives may allocate an estimated marketing budget. Higher budgets allow aggressive marketing strategies like cold calling, personal visits, road shows, and free sample distribution. Lower budgets tend to result in passive marketing strategies, such as limited online, print and social media ads and billboards.
  • Product Management: Regulatory standards and market requirements vary across countries. A medicine of a certain composition may be allowed in India but not in the U.K., for example. Does the new market require a customized - or altogether new - version of the product? 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.
  • Vendor Management: Will the new business need external vendors? For example, will shipping of a product need a dedicated courier service? Will the firm partner with any established retail chain for retail sales? What are the costs associated with these engagements? The business development team works through these questions.

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