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John Spacey, December 13, 2015 updated on July 27, 2017
Business development is the process of growing a business in new strategic directions. This involves developing new sources of organic or inorganic growth. The following are common types of business development.
AcquisitionsAcquiring firms to grow revenue or acquire capabilities for growth.PartnersDeveloping strategic partnerships to expand sales or develop new products. For example, co-branding a product.InvestmentsInvesting in growth engines such as startups.
Developing a new brand or extending an existing brand.Innovation to develop products that represent a leap forward.Transformation programs designed to develop new business models. For example, a manufacturer with a business development program to move to a product-as-a-service model.
Developing new target markets for product and services.Developing new channels. For example, a German product brand that finds a Chinese distribution partner to sell products in China.Developing new target markets for sales. For example, a software firm that sells to small business owners that develops mid-sized firms as a new target market.|
| Type | | | Definition | The process of growing a business in new strategic directions. | | Related Concepts | |
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