What is business development?


Quick Answer

Business development involves the combination of sales, marketing and strategic analysis to attain long-term value for the business from clients, customers and markets. Typically, it entails building stronger relationships that help to generate new opportunities.

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Full Answer

Many people tend to perceive that business development is all about making profits, which is quite wrong. It involves generating opportunities that will ensure long-term value to the business. Understand customers' needs and meeting them efficiently is part of the development. A business also needs to know its markets and identify opportunities to reach potential customers. Building strong relationships with customers, clients, suppliers and partners is critical to long-term development.

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