Business development
The actions and procedures that are involved in business development are designed to create and put into action growth possibilities both inside and between companies. It might be considered a subfield of business, along with the subjects of commerce and organisational theory. The process of creating long-term value for a company via the cultivation of customers, markets, and connections is known as business development. Any action made by a company, regardless of its size or whether it is run for profit or not, that contributes in some manner to the "growth" of the company may be considered to be an example of business development. In addition, business development activities may either be carried out internally by a business development consultant or externally by a business development consultant. Planning Systems, which are established by governments to be of assistance to small enterprises, may be used to aid the creation of external business relationships. Establishing and maintaining a positive reputation has also been shown to be beneficial to the growth of businesses.
In actuality, the concept of "business development" as well as the role of "business developer" have both developed into a wide variety of usages and applications throughout time. Today, the applications of business development and the tasks of a business developer or marketer can be found across a wide range of industries and countries. These applications include everything from IT-programmers and specialised engineers to activities related to advanced marketing or key account management, as well as the development of sales and relations for current and prospective customers. Because of this, it has been challenging to identify the distinctive characteristics of the business development function and to determine whether or not these activities generate profits for the company.
Recent in-depth study on the topic has shed light on the fundamentals of an emerging business development function that plays a special part in the process of innovation management. The role of business development seems to be more thoroughly developed in the high-tech industry, particularly in the pharmaceutical and biotechnology sectors.
The business developer is responsible for the analytic preparation of possible growth prospects for the senior management or board of directors of the company, as well as the following support and monitoring of the execution of such opportunities. The business developer collaborates with and integrates the knowledge and feedback from the organization's specialist functions, such as research and development, production, marketing, and sales, during both the development phase and the implementation phase. This is done to ensure that the organisation is capable of successfully implementing the growth opportunity. The tools that the business developers use to meet the business development duties include the business model that answers the question "how do we earn money?" as well as the business plan, which provides an analytical backup and a roadmap for execution.