Business development refers to the activities and processes that are undertaken by a company to identify and pursue new business opportunities.
Business development can involve both external and internal activities. External activities may involve developing relationships with customers, partners, and other stakeholders, as well as identifying new markets and opportunities for the company. Internal activities may involve improving processes and systems, developing new products or services, and building the capabilities of the organization. These activities can include market research, identifying potential customers or partners, building relationships, and developing strategies to gain a competitive advantage.
Business development can be a broad term that encompasses a variety of functions, such as sales, marketing, and strategy. It is often the responsibility of a business development team or manager to identify and pursue new business opportunities that will help the company grow and succeed.