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can you please clarify why are we talking about a business development strategy,and new business.
dont you need an established business to develop a business development strategy?
dont we need a business startup strategy?
A strategic business plan is a step-by-step guide.
1- Write down the business vision.2 - a statement that includes the purpose, goals and values of the business.
3- a brief, two- to three-sentence description of the business, including what type of business it is and how you plan to meet the needs of your target market by offering the products or services of your business.
4- List the critical success factors the business must meet to achieve its vision and mission.
5- Compile the business strategies. The strategies of the business are which actions need to be taken and who in the business is responsible for completing the action.
6- Prioritize the timeline. A business plan typically covers a one-year period.
A strategic plan should not be confused with a business plan. The former is likely to be a (very) short document whereas a business plan is usually a much more substantial and detailed document.
A strategic plan can provide the foundation and frame work for a business plan.
To establish a new business, as said by Dr. M. Porter, you have two generic strategies. Lowest cost or differentiation. You either target to be the lowest cost producer of the product/service OR produce a product/service that is differntiated than the ones produced by competitotrs.
It depends on type of business to be pursue and many other factors, like location, competitors, pricing, market size, etc...
In order to give a precise answer more accurate input is needed.
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