What is the difference between Business Development and Marketing?

Answer 1

Business Development
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Business development encompasses a number of techniques designed to grow an economic enterprise. Such techniques include, but are not limited to, assessments of marketing opportunities and target markets, intelligence gathering on customers and competitors, generating leads for possible sales, followup sales activity, formal proposal writing and business model design. Business development involves evaluating a business and then realizing its full potential, using such tools as marketing, sales, information management and customer service. For a sound company able to withstand competitors, business development never stops but is an ongoing process.

Successful business development often requires a multi-disciplinary approach beyond just "a sale to a customer." A detailed strategy for growing the business in desirable ways is frequently necessary, which may involve financial, legal and advertising skills. Business development cannot be reduced to simple templates applicable to all or even most situations faced by real-world enterprises. Creativity in meeting new and unforeseen challenges is necessary to keep an enterprise on a path of sustainable growth.

Marketing
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Marketing, as suggested by the American Marketing Association, is "an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders".[1]

Another definition, perhaps simpler and more universal, is this: "Marketing is the ongoing process of moving people closer to making a decision to purchase, use, follow...or conform to someone else's products, services or values. Simply, if it doesn't facilitate a "sale" then it's not marketing."[2]

Philip Kotler in his earlier books defines as: "Marketing is human activity directed at satisfying needs and wants through exchange processes". Add to Kotler's and Norris' definitions, a response from the Chartered Institute of Marketing (CIM) [3]. The association's definition claims marketing to be the "management process of anticipating, identifying and satisfying customer requirements profitably". Thus, operative marketing involves the processes of market research, new product development, product life cycle management, pricing, channel management as well as promotion.

Another definition of Marketing, is the art of selling products.

Answer 2

This is very good question regarding business devlopment.If you think about the business devlopment,it should be think as marketing function. Yes, there are some soft sales skills (qualification, negotiation, etc.) that are necessary to become a good business development professional, but at the end of the day, it's a marketing function.
Marketing and Business development are frequently used interchangeably, especially by law firms that utilize both to grow their businesses. Marketing and business development cover similar ground and ultimately contribute to growing your law firm’s business, each has different strengths and each department should have distinct responsibilities.

Answer 3

The role of the Business Development executive is to tie-up with shops, beauty parlors, departmental stores etc.(basicaly a new business avanue) to ensure that the product is sold through them. Apart from this he will have to make such tie ups accros the city, then the state and then the country, depending on the expansion plans. He could appoint special distributors for his products etc.

The Sales Executive functions as a Client Serving Executive. Once the BD Exe has made the tie-ups, it is the sales manager who has to do the follows with the store owners regarding quantity required, he has to push them to place more quantity orders and ensure that payments are being received in time.

Answer 4

employer progression: normally that's coming up relationships, with revenues implications, that fall exterior of the service or product that the employer normally sells. merchandising and marketing: Determines what the top use shopper desires and needs are and develops the product/service to serve the needs of a specifc purpose audience. revenues: in charge for using revenues from the top person. BD and revenues are closest in skill set, even with the undeniable fact that, I evaluate BD extra strategic and having an prolonged lead time to close.

Answer 5

Generally speaking, no different, both bring in business to the company.

Some prefer 1 term over another.

For myself, I prefer to use marketing, when sales people are in action.

As for business development, I use this term when I employing other strategies in winning the business beside marketing.

Answer 6

Business development- you convince your boss
marketing- you convince your client

Answer 7

Never thought too much about that

Answer 8

thanks for the replies, much appreciated