Business development

Business development identifies and cultivates opportunities to grow an organization through new markets, customers, partnerships, or products. It combines strategic planning with relationship-building and commercial execution.

Market research: The systematic collection and analysis of information about markets, customers, and competitors. Research reveals unmet needs and market conditions that shape development priorities.
Market entry: The process of beginning to sell or operate in a new geographic or product market. Entering new markets is a direct route to expanding an organization's reach.
Business development representative: A sales professional who identifies and qualifies potential customers or partners. The role is one narrower, prospecting-focused part of broader business development.
Value proposition: A statement of the value an offering promises to deliver to a defined group of customers. A clear value proposition helps test whether a proposed opportunity addresses a real need.
Revenue growth: An increase in an organization's income from sales over time. Successful development efforts can create new sources of recurring or expanded revenue.
Lead generation: The process of identifying and attracting potential customers or business partners. It supplies prospective relationships for business development to qualify and cultivate.
Sales: The activity of persuading customers to purchase goods or services. Sales teams often convert business-development relationships into customer revenue.
Account management: The ongoing management of relationships and commercial activity with existing customers. Account management centers on current customers; business development often seeks new opportunities.
Competitive advantage: A condition that enables an organization to outperform its competitors. Distinctive strengths make a growth opportunity more defensible and attractive.
Network effect: A phenomenon in which a product or service becomes more valuable as more people use it. Some market-development strategies seek growth that strengthens an offering as participation expands.

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Land (verb: obtain)Related: These efforts often aim to land new clients, partnerships, or contracts.