Questions Business and Entrepreneurship

What is the difference between business development and marketing?

Airtract

Cecilia H. Phelp

Failure is not fatal

Most people have this notion that all these terms are similar. However, all these terms are unique and have their importance and play different roles in the success of the business.

Let us now discuss the difference between business development in details.

  • Business development: 
    Business development comprises of all the different kinds of activities aimed at increasing the profit drive of the company and help the company to expand its business and services farther into the market.  

    As rightfully mentioned that “ Business Development is the creation of a long term value for an organization from customers, markets and relationships. All these factors mentioned collectively contribute to the business growth and how they interact is generally a part of the business development plans.  Now let us discuss the different elements of business development in details:
  1. Long Term value: 
    Long term value can refer to a wide array of things such as money, fame, access or anything which the company requires for its growth. Business Development focuses on creating opportunities which are on a long term basis rather than just short terms profits. 

  2. Customers: 
    The ones who are responsible for making or breaking a company. They are the ones who possess the control over the business as they are the ones who pay for the services and products offered by the company.

  3. Markets: 
    To target the audience, the company needs to focus on the market requirements as customers are found in specific markets.

  4. Relationships: 
    The secret to long term profit for any business is the strong bond of faith and reliability between the company and the audience.

  • Marketing:  
    Marketing, on the other hand, can be described as the combination of all the processes aimed at creating awareness among the audience about the services offered by the company. Marketing is a way of establishing a strong bond between your company and the audience. Marketing helps a business to grow by contributing to achieving the proper sales target. Marketing focuses on interaction with the audience to generate leads for the business.  There is a vast number of marketing techniques such as:

  1. Advertisements.

  2. Cold calling.

  3. Free Sample distribution.

  4. Online Marketing using various social media platforms.

  5. Public relations.

    Read more:  What is strategic business development?

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