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What’s the difference between business development and sales? Understanding the ideal customer: In addition to having an understanding of your company’s products and services, business development representatives need to have a high-level understanding of their ideal customer, what market segments they operate in, and who is in your company’s current customer base.
During this phase, the business require infusion of additional capital to buy capital equipment to increase production (for manufacturing businesses), to establish additional service network (for service providers) or procure more goods for trade (for trading businesses).
A particular interest will be taken into how business development activities differ across company sizes and growth stages, from early-stage startups to fully-grown companies, and the various institutions that can support companies on their paths to growth.
Even if these things come naturally in the development of the service, development strategy Maker is to ensure the best use of company funds, management and improve the functioning of various departments, and resolve legal problems that may arise to continue to grow.
Depending on your company’s business model, the business development role sometimes gets lumped in with the rest of salespeople’s activities, but it should be its own distinct role with its own job description ( example job description for a business developer ). Part of the confusion comes from the fact that business development is a general term that has other meanings outside of the sales department.