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What Is Business Development?

Business development refers to processes and activities to promote and grow new growth opportunities in and among organizations. It is actually a subset of these fields of commercial, business and organizational management theory. The basic premise of this theory is that firms grow by identifying and taking advantage of new opportunities offered by their environment. These opportunities may come from internal or external sources. Whatever the source of development is, it is important for firms to apply the same theories and concepts when developing new opportunities to make sure they do not lose what they have gained before.

To apply what is business development theory in reality, it is essential for firms to identify opportunities to create long-term value. Opportunities can come from internal or external sources. Internal sources include those the firm has created or generated internally. They include the expertise of employees, the market position of a company or the industry itself. Examples of such internal sources of value include technology, talent, innovation, creativity, research and development, and so on.

External sources of what is business development include government programs, financial programs and assistance programs, technological advances, and so on. These can also come from external competitive threats, external factors like change in consumer preferences, and so on. One important concept that is crucial for a firm to understand when formulating what is business development strategy is that the process of innovation and creation of new innovations is dependent on what is happening in the external environment. Therefore, if an organization’s competitors are creating innovations which could reduce the company’s competitive advantage or render its product obsolete, the company should be able to respond with a new innovation in order to maintain its competitive advantage or prevent what is happening to it from happening.

What is business development does not entirely describe what is actually being done by the company at all. In fact, what is business development strategy is to ensure that what is happening in the company creates growth opportunities for the future. Growth opportunities are the outcome of what is being done in the company and what the company is trying to achieve in the present period. Growth opportunities are the result of what is being learned by the company about its processes, its competition, and so on. These are the result of what is business development strategy.

Marketing is what is business development activities associated with a particular firm. Marketing is a set of activities aimed at identifying profitable work for a firm and determining the demand in the market for it. It encompasses research, the analysis of what is currently selling, the setting up of selling mechanisms, and the utilization of available selling channels in order to generate the maximum return on investment. It also encompasses what is business development activities related to identifying profitable work and setting up the most appropriate selling mechanism for it. All these marketing activities will be part of what is business development strategies.

Brand awareness is the other side of what is business development strategies. Brand awareness is about establishing a positive image of a company and creating a customer base that is aware of what is being offered by the company. There are a lot of strategies used for creating brand awareness. One of the popular ones is the relationship building. Relationship building is the process of developing lasting and meaningful relationships with consumers, employees, and other businesses and organizations that have something in common with your line of business.

Smart goals or strategies are the other aspect of what is business development activities associated with smart goals. Smart goals are the means or the methods to realizing your business development goals. Smart goals are the ways to align your company’s growth and development strategy with what is needed in the current economic environment. The use of smart goals is to create long-term sustainability. It also involves the use of strategic alliances with other companies in the industry.

Leads are the last component that is included in what is business development departments. Leads refer to those individuals or companies that can be potentially interested in becoming your consumers, clients, or partners. These leads can also be referred to as potential revenue goals.

What Is Business Development?

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