Business Development Class Notes Flashcards

These flashcards cover key concepts and details from the Business Development lecture notes to aid in exam preparation.

What is business development?

Creating long-term value for the customers.

What differentiates B2B from B2C in terms of bargaining power?

B2B usually has higher bargaining power due to larger purchase quantities.

What are the three key ideas discussed in business development?

Innovation, AI, sustainability.

What does the BCG matrix represent?

Market share versus market growth.

Why do companies exist according to the lecture?

To fill needs that people won't or can't do.

How does business development create competitive advantage?

Through innovation, differentiation, and acquiring new customers.

What is meant by 'customer centricity'?

Putting customers' interests at the center of a firm's actions.

What is the relationship between sales and customer relationships?

Salespeople become relationship managers between their company and the customer.

What are soft skills identified as increasingly in demand in sales?

Interpersonal skills, consultation, and relationship management.

What is the importance of trust in business relationships?

Trust leads to exchange; without it, there is no transaction.

What does the APAC strategy stand for in handling objections?

Acknowledge, Probe, Answer, Confirm.

What's a key aspect of developing business intelligence?

Using CRM to feed information and enhance sales practices.

What are the two main types of objections in sales?

Honest and lame objections.

What does the SPIN method stand for?

Situation, Problem, Implication, Need-payoff.

What is the significance of follow-up in business development?

It reinforces the customer's choice and helps build relationships.

How can you identify explicit needs?

By asking direct questions and validating customer feedback.

What is a common mistake salespeople make regarding customer objections?

Taking objections personally or ignoring them instead of seeing them as opportunities.

What is the primary aim when negotiating with customers?

To create value greater than the sum of individual offers.

How should sales presentations be tailored?

They should be customized to the customer's revealed needs and interests.

What is the key to successful closing in sales?

Daring to ask for the order and confirming agreement.