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Business development is a combination of strategic analysis, marketing and sales. Business development professionals can be involved in everything from the development of their employer's products and services, to the creation of marketing strategies, to the generation of sales leads, to negotiating and closing deals.

In the field of Commerce, the specialist area of Business Development comprises a number of techniques and responsibilities which aim at gaining new customers and at penetrating existing markets. Techniques used include:

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  • Assessment of marketing opportunities and target markets
  • Intelligence gathering on customers and competitors
  • Generating leads for possible sales
  • Advising on, drafting and enforcing sales policies and processes
  • Follow-up sales activity
  • Formal proposal or presentation management and writing
  • Pitch and presentation rehearsals
  • Business model design
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Business Development involves evaluating a business and then realizing its full potential, using such tools as:
  • Marketing
  • Information management (sometimes conflated with knowledge management)
  • Customer service

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Important topics in Business Development