Is ‘Business development’ the creation of long-term value for an organization from customers, markets, and relationships?

AGREED WITH SAGAR,,, NICE PRESENTATION,,,, APPRECIATED

Agreed. 

In my opinion business development is a business function focused on strategy, creating strategic partnerships and long-term relationships with suppliers and customers. The business development function within a business can be thought of as a jack-of-all-trades position focused on strategic deal-making with an eye toward increasing sales and expanding the company’s long-term business success or scope.

That is indeed Business Development. It is building long-term strategic relationships with customers (from both Marketing and Sales perspectives) 

In my opinion, a business is either production of goods for sell or render a service. In both, customer has to be contacted and has to be retain which results in prospering relationship. Market is another related factor for the business since customers lies in the market.  Business development is not creation of long term value instead of that I would like to say it is building strategy and tactics to prosper already established business. In which a person has to think about the new market, retain his old customer and lookout of new customers, review about the product improvement and presentation of the product. Even it include sometimes foresee the issue which can come across in future.

Good Day!!!

Off course it is..............

Yes. By all means.