Business development involves varying degrees of sales and strategy. In some companies, biz dev people may focus on getting new corporate sales accounts, while in others they may lead new product development. At larger companies such as Oracle, Cisco, or Microsoft, one of biz dev's many responsibilities may be to decide which smaller companies the company should acquire next to ensure that it retains its market strength in the future.
Working in business development is an excellent way to become adept at business strategy while gaining hands-on experience in negotiating deals and managing partner relationships. Business development jobs are also highly cross-functional, requiring close collaboration with various internal and partner-company teams such as sales, engineering, and marketing to ensure that a deal is consummated. With its focus on strategy, biz dev steers the direction of a company—the deals forged today determine what the rest of the company will be working on tomorrow.
Business development is a combination of strategic analysis, marketing, and sales. Business development (or "biz dev") professionals can be involved in everything from the development of their employers' products and services, to the creation of marketing strategies, to the generation of sales leads, to negotiating and closing deals.
The job of the business development professional is typically to identify new business opportunities—whether that means new markets, new partnerships with other businesses, new ways to reach existing markets, or new product or service offerings to better meet the needs of existing markets—and then to go out and exploit those opportunities to bring in more revenue.
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