business-development

Vocabulary Word

Definition

'Business-development' refers to tasks and processes that help an organization grow and increase its value. This encompasses actions such as customer relations, market research, and strategic planning.

Examples in Different Contexts

In innovation, 'business development' focuses on creating new products or services and improving existing ones. An innovation manager might note, 'Through business development, we've launched successful products that address unmet needs in the market.'

Practice Scenarios

Marketing

Scenario:

Our product is doing well domestically, but I think we have significant untapped potential overseas. It's time we considered exploring new markets.

Response:

I fully endorse this. I shall prepare a business-development plan focusing on expanding our market reach overseas.

Startup

Scenario:

I believe we have a game-changing product, if we can secure funding. We should reach out to more investors and sell them our vision.

Response:

Our recent business-development efforts have been successful, but we definitely need more investors for greater financial security.