Business Development Online Course - QLS Level 5 Diploma

The course begins by encouraging candidates to carefully consider the business they work for, along with its purpose, its functions and its long-term objectives. Key business development terminology is also introduced, along with the importance of an effective organisational structure and the differences between business ownership and entrepreneurship.

Learners are then provided with a detailed breakdown of the effective business plan, incorporating key criteria such as marketing, budgeting, fee structures, resource allocation and procurement. Candidates also learn how to leverage the power, reach and influence of social media to their advantage, while building more confident networking skills.

Module 3 provides a fascinating introduction to product development, in which candidates learn how to identify, engage and appeal to a viable target market. The importance of defining and developing a value proposition is also discussed, along with the short-term and long-term costs incurred in the product development process.

The meaning and importance of product innovation are discussed at length in module 4, which also provides a detailed breakdown of the product lifecycle. The product development process is also dissected and discussed, along with helpful tips for generating new ideas, marketing strategy development, market testing and common reasons for product failures.

In the fifth module, candidates examine the objectives of pricing and the factors that must be considered when establishing a viable pricing structure. Factors affecting price determination are discussed, along with the consequences of an ineffective pricing structure, important legal considerations and the concept of ‘going rate’ pricing.

The extent to which simple branding and packaging can influence the performance and profitability of a product is examined in module 6. Candidates consider the various functions and objectives of packaging, key legal factors that can affect packaging decisions, how packaging influences wider branding efforts and the growing importance of eco-friendly packaging.

Module 7 introduces distribution channels as part of a wider sales and marketing strategy, outlining the pros and cons of several major channels of distribution. Candidates explore direct and indirect distribution channels, product and market considerations, the costs of distribution and key challenges in the effective/efficient distribution of products.

Concluding the course, module 8 guides candidates through the process of creating, implementing and optimising an effective marketing strategy. The value and importance of market research is also discussed, along with a breakdown of the marketing cycle, an introduction to market segmentation, the various stages of the sales cycle and more.