WrenMckeever590

The Taxonomy of Business Development

What exactly is business development? This is a frequently asked question with countless answers with there being people calling themselves business development professionals. What unifies the discipline of management is just not so much these activities comprise it, because they are immensely diverse ranging across quite a few subfields. It is rather the target or objective: A single way or some other, business development is about implementing business growth opportunities.

Business development involves all tasks and processes concerning the two analytical preparation, monitoring and support of growth opportunities. Not surprisingly, growth can be performed in numerous ways. You can find a variety of activities, conceptualizations, methodologies, tools, frameworks, models, subfields, and buzzwords employed across industries and geographies when implementing growth opportunities for firms. Thus, it is challenging to write out what is with respect to business development.

This paper will discuss and distinguish key concepts of the latest business development to get a more comprehensive and translucent picture of this important yet ambiguous field. An individual interest will probably be taken into how more activities differ across company sizes and growth stages, from early-stage startups to fully-grown companies, as well as various institutions that will support companies on his or her paths to growth. Lastly, the price of business development services is discussed in the outlook during medium and small sized enterprises (SMEs).