Business Development is the discipline a firm utilizes to generate long-term business opportunities and growth. It should play an essential role in any organization regardless of its size. This discipline helps companies to either find new, attractive and potentially profitable markets or to improve existing market penetration; either through organic growth, mergers and acquisitions or strategic partnerships. Business Development combines market intelligence, strategic analysis, business-model design and implementation. A sound Business Development strategy includes optimizing internal policies and processes and establishes an infrastructure for expansion.
An ever-changing competitive environment requires constant engagement in identifying and exploiting new markets and opportunities. Globalization has removed many barriers to accessing new and distant markets, but has also made it easier for competitors to enter home markets. Market advantage, therefore, is won by the organizations that are the most nimble and proactive in recognizing and seizing strategic market opportunities.
