Business expansion
Introduction
In business sciences, business development or business development, also known as business development, is the multidisciplinary management of the definition of products and services, aimed at strengthening their commercialization.[1] This rather academic definition therefore focuses on the organic growth&action=edit&redlink=1 "Organic growth (business) (not yet written)") of the company, improving services and products in existing markets. In the business world, however, business development is aimed at achieving new markets for existing services or products through the development of resources for both organic and inorganic growth.[2] It can be defined as the strategic union of market (or competition "Competition (economy)"), customer "Customer (economy)") and sales, the three fundamental variables of every business,[3] either for the establishment of the main activity and market (in the case of emerging companies) or for its growth and expansion. Business development aims to define a future marketing strategy, identify new opportunities, create needs and design an alliance strategy.[1][3] To carry out its tasks, business development makes use of tools such as market research, among others.
Etymology
Business development as a concept is more common in languages such as English "English (language)") (Business Development) and German (Geschäftsentwicklung, although the term English is more often used), where it is a discipline widely taken into account by many companies, known by its English acronym BizDev.
The position of Business Development Director, or Business Developer Manager (BDM), has emerged in the last decade as an essential position in the business team. In Spanish, it is often confused with the position of commercial director, especially in direct translations of positions published by foreign companies.[4].
Differences with marketing and sales
Business development is different from marketing and sales (although of course closely linked to both) since its nature lies in the identification and execution of new business areas, such as new markets, new distribution channels or new products.[5].