Business development is one of those terms used by everybody, but nobody really knows what it means.
Business development (BD) is the creation of long-term value for an organization from customers, markets, and relationships. BD is a combination of strategic analysis, marketing, and sales.
Business Development – Enterprise development; the activity that increases, or is intended to increase, the profit, production, or service potential of an enterprise; investment of capital and time that causes, or is intended to cause, the growth and expansion of an enterprise; the process of moving a business towards the point where it can provide its services and products to the entire outside group that wants them; the promotional side of business networking; persuading, or intending to persuade, prospects that appear to have the potential become customers, clients, or buyers; the process of promotion to build and sustain working relationships that relate to the business purpose.
Source: www.findmehere.com/glossary/index.htm (18/03/2003)