The Fortune 500 is a list of the most successful corporations in the US. Companies in this list usually do business development and marketing. They give marketing preeminence. A company can have the best product in the world but without effective marketing, there will be zero sales. All companies should always identify opportunities for growth and harness them. That is the real essence of business development.
Some of the most popular Fortune 500 companies are Wal-Mart, Apple, Berkshire Hathaway, Ford Motors, Microsoft, Google, General Electric, General Motors, Chrysler, and AT&T. The annual revenue of all Fortune 500 companies is more than 70% of the US GDP. These companies are very important to the US economy. They face numerous threats including technological change and disruption. That is why they prioritize business development.
There are more than 28 million small businesses in the US. These enterprises employ more than 56 million people. A small business is a business that has less than 500 employees. Most startups fail before the fifth year. That is why there is the need for business development and marketing. Even the most successful businesses still need to develop. There is no ceiling for success. There is always room for improvement.
It is a highly competitive world. Thus, competitors will easily overtake businesses that do not develop further.
Having a superior market position is not a permanent thing. If an entrepreneur becomes complacent, he can easily lose his market position. In business, there is no room for laziness. Businesses need to adapt to the latest trends.
Business development might involve adopting new technologies. The world of technology is constantly changing. An enterprise needs to have the latest business technologies. With superior technology, it will be easy to do business. For an enterprise to operate in an effective, efficient, and profitable manner, it needs to harness the power of the latest technologies.
In the modern world, a business development department is necessary for a company. This is not something that a company should outsource. A company should handle it in-house because it contributes directly to the bottom line.
An enterprise can do marketing in house or outsource. It all depends on the resources that a company has. Big corporations usually have in house marketing departments. Most small and medium sized businesses normally outsource marketing.
Online marketing is vital. That is because nowadays most people spend significant amounts of time online. Therefore, a business should have an online presence because most potential customers are online.
The Bottom-Line
Business development is no longer a luxury. It is a necessary activity. Often times, companies that are profitable are those that have superior marketing strategies.
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