Business development involves processes and activities to develop and implement growth potential within and among various organizations. It is part of the larger fields of organizational theory, business and industry, management and business administration. It focuses on planning and developing new opportunities, concepts and methods for business improvement. Business development is often characterized as being more than the development of one or two business ventures. A successful enterprise may also be termed as a system in which multiple, interconnected, and interrelated enterprises interact in a continuous, iterative and non-utopian fashion. The process of business development can be categorized into five:
Business development activities are generally carried out to improve the value and performance of an enterprise. Business activities that are developed under this context include product launch plans, sales activities, strategic business plans, corporate restructuring, and marketing activities. In addition, some business development activities involve the enhancement of an enterprise’s competitiveness by identifying new ways to differentiate it from its competition. Examples of such activities include improving processes of innovation and design through strategic research and development, and reducing operational costs through better utilization of resources. Other business development activities may include the development of strategies for internal promotion, internal communications, and internal operations, and international expansion. In general, business development may include projects of various types that could be related to any of the five business disciplines listed above.
One of the common types of business development activities is that of the research and development activities. Such activities may range from basic research activities to complex ones such as those involving the development of new technologies or the application of such technologies in the development of an enterprise. It may also involve the implementation of new ideas and strategies in the production process. This may also involve new tools and techniques for the production process. This could also include the implementation of new processes and improved production processes. Business development activities can also be described as the application of existing and/or innovative practices, tools and techniques in order to achieve a specific purpose. They may also include the development of a new production process and the rethinking of the existing process.