What is Business Development?
In the simplest terms, business development can be summarized as the ideas, initiatives and activities aimed towards making a business better. This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions. But it's challenging to boil down the definition of business development. First, let's look at the underlying concept, and how it connects to the overall business objectives.
The activity of pursuing strategic opportunities for a particular business or organization, for example by cultivating partnerships or other commercial relationships, or identifying new markets for its products or services.Source: http://www.investopedia.com/articles/personal-finance/090815/basics-business-development.asp#ixzz4esAGtoo9