To remain competitive and secure in the new economy, it is imperative that companies communicate to their employees the critical importance of proactive branding, marketing and business development. The last thing you want to do is invest unwisely and in an untimely manner in additional staff or equipment that is either underutilised or never used so timing these investment can be crucial and there may be some inevitable upfront investments as well as further staged investments in-line with growth plans.
The characteristics of successful business people include; courage and audacity, persistence, resolve, determination, building relationships with others, thinking team and believing that they are not alone in the world, curiosity, always learning, “street smarts” (seeing the angles), being responsible and being responsive.
From the birth of firms through incubators and seed accelerators, to boosting growth for small and medium firms by means of second stage business accelerators, to advising corporate giants through management consulting firms, business development constitute an important element any phase of the company life cycle.
Today, the applications of business development and the business developer or marketer tasks across industries and countries, cover everything from IT-programmers, specialized engineers, advanced marketing or key account management activities, and sales and relations development for current and prospective customers.
The key difference between marketing and business development is that marketing is the activity , set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large whereas business development is the process of pursuing strategic opportunities by developing new products, entering into new markets and forming business partnerships with other companies.