What is Business Development

July 1, 2015

Chuck Fenske, Knoch Corporation

In order to execute a successful business development program, it is important to define what business development truly means and what steps are required to make it so. At its core, business development is the strategic manufacturing of revenue growth opportunities. While some use the term as a synonym for sales and others include mergers and acquisitions, business development actually involves a broader scope including corporate strategy, marketing, sales, and human resources. Each of these are prevalent throughout the following steps, which outline a successful business development process.

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