Business Development

A subset of the field of commerce, business development comprises a number of techniques and responsibilities which aim at:
1. Researching new types of business/products/services with an emphasis on identifying gaps (existing and/or expected) in the mitigation of needs of potential clients (existing and/or new ones).
2. Attracting new customers
3. Penetrating existing markets.
Techniques used include:
Business development involves evaluating a business and then realizing its full potential, using such tools as:
Business development is often related to growth although sometimes the optimal marketing strategy and objectives could be about downsizing the activity in an existing market or decreasing the sales volume of a selected line of products or services. Business-development roles may have one of two modes:
In a sales role, business development could concentrate on developing strategic-channel relationships or on general sales. This emerges from analysis of the varied job…