The role of BUSINESS DEVELOPMENT is to find new strategic opportunities for the company and start the company on the path to execute. Business Development identifies and executes NEW areas of business – new markets, new distribution channels, new products – typically through the use of partnerships between another company and an internal department at your company. Business development comprises a number of tasks and processes generally aiming at developing and implementing growth opportunities within and between organizations. It is a subset of the fields of business, commerce and organizational theory. It is not uncommon for business developers to have a combination of strategy, marketing & sales, finance, legal, and operations background. In business development, here’s the flavors one has run into:
Partnership development
Strategic market development and sales
Strategic marketing
Mergers, acquisitions, and financing
New business line exploration
Channel sales
New product development