Meaning of Business Development: Business development means different things to different peoples. In brief, business development is about bringing, doing or developing new things that the organization didn’t do before. Also it means increasing sales, identifying new markets, trends, products or services and expanding the company’s long term business success, expansion or scope etc.
If we elaborately speaking, business development is meant the process of sales, marketing and development strategies for an business organization or a company. Every business needs to focus rigid attention on the creation of marketing and business growth and expansion. The specialist area of business development encompasses a number of techniques and responsibilities which intend at attracting new clients and at penetrating it existing markets. Alternatively, Business development is a word for “Sales”. Moreover, when a sales candidate has the term “Business Development” on their curriculum vitae, potential employers may differentiate them to be a “Hunter” rater than a “Farmer”. Business development can incorporate Accounts, Finance, Operations, HR, IT , BPI etc and all other departments respectively within an organization depending on the services or products, as much as it can involve developing existing business. Else business development covers a wide range of strategies and responsibilities with the specific objective of winning the hearts and minds of new customers and punches the business into existing markets. These strategies may cover a wide range such as seeking for possible marketing opportunities, intelligence gathering on competitors, clients, support business policies with regard to sales techniques, and recommend to management the business model design to strengthen those strategies. For example, in Bangladesh within last 5 years the brand of “WALTON” from "RB Group of Companies Ltd." in TV, Refrigerator, Fridge, Bike etc electronics market it won the local as well as foreign markets consumers hearts and minds chronologically.
The business development role is a mix of marketing and sales activities the enable an business organization to make an effective approach and unique approach to the target companies, and markets you want to approach. The major role is an all encompassing role with the objective of assisting business organizations to “generate more business” in their target or desired business areas.
Finally, Business development is all about three things such as relationship, value and timing. From the aforementioned statement it becomes keenly noticeable that there is not one single meaning of business development, it may vary from business to business.
