Business Development: Process & Methods

Instructor: Sean Kennedy

Sean has 8 years experience as a supervisor and has an MBA with a concentration in marketing.

Business development helps an owner launch a product. In this lesson, we will discuss idea creation, determining feasibility making decisions, and implementing and launching a product.

Idea Creation

Have you ever wondered how a product gets created? Maybe you think you could be good at inventing the next big craze? Business development involves creating ideas for a product and follows the process right up until it's launched.

The first part of business development is idea creation. When creating ideas for business, it is helpful to have a group of people come together to help generate ideas. Brainstorming allows them to bounce ideas off each other. The company should concentrate on creating a new product through meeting an unmet demand or improving a product that is already created.

When you want to create an idea, it is essential to make sure it aligns with the brand purpose. For instance, if you are a wine-maker it would not make sense to throw around ideas for a new type of sneaker. Company's have to stick with the knitting which means to stick with what you know.

Determine Feasibility

Although you may have created a good idea, it is essential to determine the feasibility of the product. Feasibility is determining if a project is doable and worth going forward with. Determining feasibility helps the company save time and money from investing in a product that can not be made or won't make enough cash flow to make it worth producing.

It is also important to determine if it will have long-term feasibility in the market it is operating in. Doing market research helps the company learn valuable information about the market the product will be operating in. It is important to find out if the product is original, and if not, how you can make it different. You want to create unique product that will be exciting to customers!

Say Jeff wants to create a watch without a band that simply gets clipped on the cuff of your shirt. Jeff decides to go ahead and have 1000 manufactured. He decides to have the product tested by a focus group. The focus group tells him they have seen this product before, and it's design is not appealing. Jeff spent all of this money on creating a product but did not determine feasibility or do enough market research, and has now wasted money on an unsuccessful product.

Make A Decision

When making a business decision, you should put feelings aside and do what is best for your brand. Imagine you just kept an employee around that was not being productive because you felt bad. This would not be an effective way to run your business.

Making a decision may be difficult after learning all the information from your feasibility analysis. If you do pursue an idea, it is important to make sure everyone who is involved in creating the product is ready to work hard so the product can get sold to the public. As the business developer, there could be some tough decisions along the way, but the end goal is to have a successful product that can be launched.

Imagine you have a beauty care line called Liz's Beauty Line and are about to introduce a new product but some of the similar products from other companies have not been very successful. While it is important to take this information into consideration, as a business owner you have the opportunity to brand your product differently than other companies. Liz decides to go on with her beauty care line and can make minor tweaks to the advertising that has made it a success.

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