IS BUSINESS DEVELOPMENT ANYWAY?
Business Development is a interdiscipline aimed at continuously creation of economical and social value for an organization from a market perspective i.e. its customers, markets, sectors, suppliers, partners and other commercial relationships.
Business Development is a subset of the fields of economics, commerce and organizational theory, converged on the sweet spot of growth opportunities at business level (“how to compete?”).
Originally Business Development developed and realized value adding business transactions through improvements and refinements in product or service offerings (Marketing perspective). During the first years of the 21st century, Business Development fused more and more with Innovation to – what we call – New Business Development: Business transitions through value creation (renewals and innovations) in product or service offerings as well as innovation management (Innovation perspective).
In today’s highly volatile, uncertain and complex markets, the meaning and purpose of company’s existence has become paramount for remaining competitive. Business Development in the 21ste century has been evolved to – what we call – Business Development Management (BDM). BDM concentrating on transforming the way the business functions; putting in place new structures, systems, procedures and product or service offerings as well as where improvements are made to what already exists (Change Management perspective).
Business Development evolved over the past 30 years from integrating knowledge and methods from the different traditional disciplines to a more complete, balanced, comprehensive and connected approach around Organizational Development (Origin), Innovation (Organization) and Marketing (Operations).
Source: Your Heart, Head and Hands in one: The scope of Biz Dev activities [J.R. Schütt – 2012]