2. What is a Business?
• An organization or economic system where goods
and services are exchanged for one another or for
money.
• Every business requires some form of investment
and enough customers to whom its output can be
sold on a consistent basis in order to make a
profit.
• owned, not-for-profit or state-owned.
3. What is Business Development?
Business development comprises a number of
tasks and processes generally aiming at
developing and implementing growth
opportunities within and between
organizations. It is a subset of the fields of
business, commerce and organizational theory.
Business development is the creation of long-
term value for an organization from customers,
markets, and relationships.
4. Professionals need the following
skills as mentioned below:
i. Finance
ii. Marketing
iii. Mergers and acquisitions
iv. Legal
v. Strategic management
vi. Proposal Management or capture management
vii. Sales experience
5. 1. Finance
According to Wikipedia, “Finance is a field that
deals with the study of investments. It includes
the dynamics of assets and liabilities over time
under conditions of different degrees of
uncertainty and risk. Finance can also be defined
as the science of money management. Finance
aims to price assets based on their risk level and
their expected rate of return. Finance can be
broken into three different sub-categories: public
finance, corporate finance and personal finance.”
6. 2. Marketing
Marketing is a term used to bridge the gap
between company and the audience that directs
at increasing public awareness of a particular
product or service. It induces behavioral towards
a particular merchandise of the responsive
audience. The American Marketing Association
defined Marketing as "the activity, set of
institutions, and processes for creating,
communicating, delivering, and exchanging
offerings that have value for customers, clients,
partners, and society at large."
7. 3. Mergers and acquisitions
Mergers and Acquisition is the area of
finance, specifically corporate finance.
Management and strategy dealing with
purchasing and joining with other companies.
In a merger, two organizations join forces to
become a new business, usually with a new
name. Because the companies involved are
typically of similar size and stature, the term
"merger of equals" is sometimes used.
8. In an acquisition on the other side, a business
buys a second or a smaller organization which
can be absorbed into the parent organization
or a subsidiary.
A company under consideration by another
organization for a merger or acquisition is
sometimes referred to as the target.
9. 4. Legal
According to the Business Dictionary,
“Allowable or enforceable by being in
conformity with the law of the land and the
public policy; not condemned as illegal.”
10. 5. Strategic Management
Strategic management basically includes
repetitive planning, monitoring, analysis and
assessment of all that is very important for a
company to meet its goals and objectives.
11. 6. Sales experience
It is the experience you gain with the help of
selling the goods or services of a particular
brand or organization.
12. Every business requires some form of
investment and enough customers to whom
its output can be sold on a consistent basis in
order to make a profit.
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