Business Development

Are you a business development manager? Looking for a higher role in business development, then you must go through these question and answers that can help you to prepare for higher roles.

Q.1 What is the purpose of gap analysis?
The main aim of gap analysis is to control several aspects of a project with data. This is important because it assists in finding any shortcomings to overcome.
Q.2 What do you know about SWOT analysis?
SWOT analysis is a planning methodology used for helping a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition.
Q.3 What does the market index measure?
A market index basically measures the value of a portfolio of holdings with certain market features. Each index possesses it's own methodology that is calculated and maintained by the index provider.
Q.4 What is key account management?
Well, key account management is the process of going after, winning, and keeping key accounts. This consists of identification of key accounts, winning their businesses over, and making and sustaining a mutually beneficial relationship with them.
Q.5 What does CRM stand for?
CRM stands for Customer relationship management. This is a method of managing all the company's relationships and interactions with customers and potential customers.
Q.6 Mention the various types of CRM.
Different types of CRM are: Strategic CRM Collaborative CRM Analytical CRM Operational CRM
Q.7 As a business development manager, how would you sell unpopular ideas to people?
In order to become a good business development manager one must focus only on the positive aspects of any idea, and then explain how it will benefit someone. Indeed there could be ideas that might be unpopular, but their outcomes are often welcomed once people understand with clarity what is being proposed. The key motivation of a BDM should be hitting targets and achieving goals.
Q.8 How important it is to keep in touch with existing customers?
Indeed the prospective customers is a shining twinkle in the eye of a business development manager - but so are current and returning customers. This business development interview questions points towards the focus at the customers.
Q.9 What do you mean by business development?
Business development refers to the initiatives, ideas, and activities that help in making a business better. This consists of increasing revenues, business expansion, increasing profitability by building strategic partnerships and making strategic business decisions as well.
Q.10 How do you think your background has prepared you for sales?
This is one of the best business development interview questions that helps to uncover the candidate’s prior experience in the field of development and sales. In which case it becomes important for you to describe your past roles that have led to this profile. Describe specific skills that makes you a more skilled and prepared for the profile.

You must briefly talk about your current employer. Describe some of your most significant accomplishments. You must speak about a few of your key strengths as they relate to the job for which you are applying and how they can benefit from your strengths. Also discuss how you see yourself fitting into a position at their company.
Q.11 What are business drivers?
Business drivers are the key activities behind driving the operational and financial results of a business. Some common instances of business drivers are salespeople, website traffic, number of stores, units of production, number and price of products sold, etc.
Q.12 What are some words or phrases that resonate with the target customer?
Clearly sales is all about word choice and phrasing, so whether your organization uses a sales script or not, it is always good to check if a candidate naturally gravitates to emotionally-charged words that will strike a chord with buyers.
Q.13 Mention the characteristics of management principles.
Universal application General guidelines Contingent Flexibility Evolutionary Based on cause and effect relationship Behavioral in nature
Q.14 How do you identify leads and then decide the leads to pursue?
There are clearly some leads which can obviously be ruled out immediately. On other hand rest of the leads take a bit more investigation. But remember do not waste time chasing down shiny opportunities, which may give a red flag in the end that would not work out. It is preferred to use more persuasive approach and thereby filter out those leads which confirms to be potential candidate.
Q.15 What are the features of management?
The features of management are: Pervasive Group activity Continuous process Multidimensional Composite process Intangible Dynamic function
Q.16 As a BDM how would you utilize the various departments in an organization to encourage success?
One of the most important BDM interview question which truly identifies the company-wide perception. It has been observed that often sales teams forgets that each department props up the whole. As a good business development manager you are required to answer this question with the interpretation of group strategy. The primary objective is to ask the question that forces a candidate to think about their wider role of managing the relationships that the company cultivated. This includes clients, partners, and their team.
Q.17 What does a mission statement refer to?
A mission statement is a brief elucidation of an organization's reason for existence. Hence, it describes the purpose and overall intention of the organization.
Q.18 Define management.
Management is basically the administration of a company, whether it is a business, a government body or a non-profit organization.
Q.19 What are the types of e-commerce?
The three main types of e-commerce are: business-to-business (like Shopify), business-to-consumer (like Amazon), and consumer-to-consumer (like eBay).
Q.20 What is reserve analysis?
Well, reserve analysis is among the most common techniques used to determine the budget of a project. During reserve analysis, a project is analyzed from a cost overrun point of view, and buffers are placed in the relevant place. Hence, these buffers are known as contingency and management reserves.
Q.21 Give some examples of e-business.
E-business take place on two major platforms namely online storefronts and online marketplaces. Some examples of online marketplaces are Amazon, eBay, Etsy, and Upwork.
Q.22 Mention the types of growth strategies?
The four basic growth strategies for business expansion are market penetration, market expansion, product development and diversification.
Q.23 Mention the categories of e-commerce.
The two most popular types of e-Commerce in the world are B2B and B2C. They are the traditional transaction types that most of the people think of when they hear the word e-Commerce.
Q.24 Explain quarterly forecasting.
Quarterly forecasting is the analysis of expenses and revenue that is predicted to be produced or incurred in the future.
Q.25 Explain Big data and its characteristics.
Big Data is basically a huge amount of data that exceeds the processing capacity of conventional database systems and needs a special parallel processing mechanism. The characteristics of Big Data are volume, velocity, variety, value and veracity.
Q.26 What is regression analysis?
Regression analysis includes the identification of the relationship between a dependent variable and one or more independent variables.
Q.27 Define forecasting.
Forecasting is a method that uses historical data as inputs for making informed estimates that are predictive in finding the direction of future trends.
Q.28 Mention the types of forecasting models?
The three basic types of forecasting models are: time series analysis and projection, qualitative techniques, and causal models.
Q.29 What are the basic management styles?
Coaching management style Democratic management style Visionary management style Laissez-Faire management style
Q.30 Name the types of competitions?
The three types of competition are direct, indirect, and replacement competitors.
Q.31 What are the parts of a mission statement?
A commercial mission statement generally constitutes three essential components: Key market Contribution Distinction
Q.32 What do you mean by direct competition?
Direct competition is the situation where two or more businesses provide same products or services and hence, the businesses compete for the same potential market.
Q.33 What do you understand by indirect competition?
Indirect competition is the competition between companies which produce slightly different products but ultimately target the same customers.
Q.34 How is marketing research helpful?
Marketing research is helpful not only in learning what the customers want, but also how successful the business is at reaching and connecting with them. Thus, it helps in identifying the problems and opportunities, refining systems, and evaluating the marketing strategy.
Q.35 What are the types of marketing research?
The common types of market research methods include surveys, focus groups, interviews and customer observation.
Q.36 What are the steps of marketing research?
1.First of all, locating and defining issues or problems 2.Then, designing the research project 3.Collecting data 4.Interpreting research data 5.Lastly, reporting research findings
Q.37 Mention the types of marketing.
Social media marketing Search engine optimization Affiliate marketing Influencer marketing Content marketing Email marketing Paid advertising
Q.38 Mention the types of market research.
The major market research types are: Exploratory research Descriptive research Causal research
Q.39 What do MMM stand for?
MMM stands for Market Mix Modeling. This is a method that helps in quantifying the impact of various marketing inputs on sales or market share.
Q.40 What is the purpose of marketing models?
Marketing models are usually created for the purpose of making assumptions about what they are representing. Moreover, they typically comprise of variables that describe the relationships of interest.
Q.41 What are the 4Ps of marketing mix?
The 4Ps of the marketing mix are Product, Place, Price and Promotion.
Q.42 What does demand forecasting refer to?
Demand forecasting finds its use to predict independent demand from sales orders and dependent demand at any decoupling point for the orders of customers. Further, the enhanced demand forecast reduction rules offer an ideal solution for mass customization.
Q.43 What do you mean by operations strategy?
Operations strategy is basically the entire pattern of decisions that shape the long-term capabilities of any type of operations and their contribution to the overall strategy.
Q.44 What are the basic types of companies?
The basic types of companies are: Private Companies One Person Company Public Companies
Q.45 Define KPI.
KPI stands for Key Performance Indicators. These are measurable values that demonstrate the effectiveness of a company in achieving key business objectives.
Q.46 Name some key performance indicators.
The most common KPIs are: Revenue per client. Revenue growth Profit margin Customer satisfaction
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