In the world of business, business development is a complicated science. The definition of business development entails making sustainable value for an organization considering the stakeholders, like customers, government and suppliers. The value should be focused on the customers, relationships and markets. Business development entails knowledge about three forces that can affect its long-term sustainability: customers, relationships with other organizations and market forces. In an organization, business development is everything related to discovering their interactions and balancing them to create long-term growth opportunities.
A business developer undertakes the act of developing a business. He should have the required skills to carry out his duties as expected. The business developer should work towards enhancing the organization's profits and attracting new customers. He should also be able to manage the existing customers, so it is essential to have a cordial relationship with all the stakeholders. We hope that the definition of business development discussed above was clear enough to make you understand. If you are asked to write the definition of business development in an assignment, contact our business development experts for a detailed discussion.