A hierarchical structure is inevitable for the corporate organizations, so as to ensure that all the operations are being carried out in an efficient manner. A hierarchy helps in a better coordination and communication between the different levels of the organization. In most of the corporate organizations, there exists a business development department, which aims at creating more and more growth opportunities for the business. In this particular article, let’s take a look at the business development hierarchy prevalent in the organization.
Chief Business Development Officer
A CBDO is a rank, almost similar to the chief executive officer of any company. The chief is the head of the business development department and serves the following job roles:
- Initiates various business plans, in order to enhance the overall growth of the organization.
- Develop and maintain effective working relationships with the prospective clients, existing customers and various business partners.
- Develop effective marketing strategies to increase the sales of the organization.
- Communicate with the board of directors and reports them about the emerging financial and business issues within the organization.
The business development hierarchy is divided into various specialized areas, which are discussed below:
Research and Development: The ‘Research and Development’ section accounts for developing ideas and principles for developing new products and services. Research is necessary for finding out the flaws in the business policies and development is necessary to modify the faulty systems and to recover from the existing situation. Primarily, it is very helpful in the business renovation.
Production: The ‘Production’ department deals with developing the specific products and services based on the ideas and concepts developed by the research and development team. The effective production process, thereby leads to the increase in the sale of the products.
Sales and Marketing: The ‘Sales and Marketing’ department deals with developing various attractive marketing schemes, so that the product can reach the consumers in a fast and effective manner. Strategic planning is also a related field of the sales and marketing department, which aims at developing different sales proposals for the products of the company.
A business development manager is another integral part of the business development hierarchy, whose main aim is to expand the business prospects of the company by ensuring that the products are reaching the customers at the earliest. The major job roles of a business development manager are:
- Investing the economic conditions of the business at regular intervals of time and reporting them to the chief business development officer.
- Setting various short term and long term goals for the business and preparing plans to meet them within the deadlines.
- Investigating the financial security aspects of the business organizations.