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It is creating new business opportunities in the market by developing long term business relationships with your customers and your channels.
Business development comprises a number of tasks and processes generally aiming at developing and implementing growth opportunities between multiple organizations. 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.
The process of strengthening ties with existing clients as well as getting more customers in other sectors of the consumer market.
In short taking your business to new people..... new markets.
The art and associated acts of introducing new products into new markets. Mainly driving sales but on a sustainable basis by providing solutions rather than price incentives to clients.
Asking to define business development is like asking a chef to define the flavor of salt. Everyone has their own take: business development is sales, business development is partnerships, business development is ''hustling''.
In my opinion, if I have created long term value for my company from its own clients, customers, strategic partners and consumer markets, I have effectively achieved ''business development''.
From the point of view of Entrepreneur: All round growth of his business activities in a good economic environment.
For the individual or the society: It is the growth of economy in general and all industries in particular with income generation and employment creation compared to previous periods.
for the Govt. in particular: Growth Rate of GDP and industrial revolution as a result of infra structure development and Foreign Trade.
