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Today, the applications of business development and the business developer or marketer tasks across industries and countries, cover everything from IT-programmers, specialized engineers, advanced marketing or key account management activities, and sales and relations development for current and prospective customers.
Business development is to be thought of as a marketing tactic.
The objectives include branding, expansion in markets, new user acquisition, and awareness.
Recent systematic research on the subject has outlined the contours of an emerging business development function with a unique role in the innovation management process.
The business development function seems to be more matured in high-tech, and especially the pharma and biotech, industries.
To be successful in business development the partnership must be built on strong relationships.
Business Development is affected by external factors.Business development can be taken to mean any activity by either a small or large organization, non-profit or for-profit enterprise which serves the purpose of ‘developing’ the business in some way.In addition, business development activities can be done internally or externally by a business development consultant.The business developer is concerned with the analytical preparation of potential growth opportunities for the senior management or board of directors as well as the subsequent support and monitoring of its implementation.Both in the development phase and the implementation phase, the business developer collaborates and integrates the knowledge and feedback from the organization’s specialist functions, for example, research and development, production, marketing, and sales to assure that the organization is capable of implementing the growth opportunity successfully.However, the main function of business development is to utilize partners in selling to the right customers.Creating opportunities for value to be ongoing in the long-term is very important.In the limited scholarly work available on the subject, business development is conceptualized as or related to discrete projects, specific modes of growth, and organizational units, activities, and practices.Sorensen integrates these different perspectives with insights from chairmen and managing directors, senior business developers, and venture capitalists from successful high-tech firms worldwide, which is adopted in the Palgrave Encyclopedia of Strategic Management: ″Business development is defined as the tasks and processes concerning the analytical preparation of potential growth opportunities, and the support and monitoring of the implementation of growth opportunities, but does not include decisions on strategy and implementation of growth opportunities.″ In practice, the term business development and its actor, the business developer, have evolved into many usages and applications.There is a section of Business that is dedicated to facilitating ethical business development in developing countries.In the early 2000s, Business Ethics was dedicated to helping the Businesses in need that are in these countries.