What is Marketing?
- Product - Usually in intangible and tangible form, these attributes include functions, characteristics, uses, and benefits that can be used or exchanged. A product can be a service, idea, or commodity.
- Price - This is the monetary value attached to a product or service. The price of a product should include all costs involved, including marketing, production, and distribution.
- Location - This is where the product or service is distributed to consumers. It shows how well a given product covers a specific market. Market coverage is based on the method by which the company intends to distribute its products. This can be done through online platforms, brick-and-mortar stores, or both.
- Promotions - These are tactics used to entice potential consumers to make a purchase. Examples of promotional methods include a promotion, sponsorship, and public relations.
- Create effective ways for consumers to interact with brands
- Help build and maintain the company's reputation
- Build relationships between consumers and businesses
- Provide insights about a product or service
- Boost product sales to increase revenue
What is business development?
- Partnerships and Strategic Moves – Businesses looking to enter new markets can gain an easier way through partnerships with other companies. Business development teams can weigh the benefits and risks of each available option.
- Product Stewardship - Product requirements may vary by consumer and even by geographic location. Business developers will come in handy in identifying cost-effective and legal ways to make products acceptable in other markets.
- Networking, Negotiations, and Lobbying - This May require commercial developers to negotiate commercial with government agencies, regulators, and other third parties.
- Set cost-cutting measures - Business developers may need to conduct an internal assessment to identify some cost-saving initiatives in the business.
Similarities Between Marketing and Business Development
- Both are designed to generate and nurture leads
Difference Between Marketing and Business Development
- definition: Marketing refers to the series of activities carried out by a business entity to create interest and awareness and to facilitate the sale of products and services to potential consumers. Business development, on the other hand, is about creating long-term value for a business through ideas, activities, and initiatives in relationships, customers, and markets.
- focus: Marketing focuses on matching consumers with a brand's service or product. Business development, on the other hand, focuses on creating long-term value for the business by qualifying leads and converting them into customers.
Marketing and business development: how to redefine them
Marketing is the science and art of exploring, creating, and delivering value to meet the profit needs of target markets. Marketing identifies unmet needs and desires. It defines, measures, and quantifies the size and profit potential of identified markets. It identifies the market segments the company can best serve, and designs and promotes appropriate products and services...