Business Development What Is It

Business development is the creation of long term value for an organization from customers markets and relationships.

Business development what is it. Business development can be taken to mean any activity by either a. Business developers would always seek to build long term relationships. Pollack 2012 pollack s definition does describe business development in a simple way.

Business development is the creation of long term value for an organization from customers markets and relationships. Although this formal definition is straightforward it lacks the ability to paint a clear picture of what function a business development team serves within an organization. Any function that will create a long term value to the business is actually a business development function.

Generally speaking business development is an umbrella term that covers a large number of business activities like new product development channel sales exploring a new business like strategic marketing mergers and acquisitions partnership development etc. Business development encompasses a wide scope of ideas activities and initiatives that a business owner and management implement with the goal of making the business better. Business development is the identification of long term methods to increase value through the development of relationships markets and customers.

The core responsibility of a business developer is growing a business. It is a subset of the fields of business commerce and organizational theory business development is the creation of long term value for an organization from customers markets and relationships. There is elegance in simplicity but perhaps this definition leaves you.