Marketing or BD?

I often get asked the question of "What is the difference between Marketing and Business Development." These terms are not interchangeable and it is essential for management to understand the difference.  Marketing provides the strategy, structure, messaging and brand for the firm.  Business Development is the process of fostering key relationships to gain clients.

For most firms, Business Development is most successful once the Marketing is in place, but these functions need to work in harmony to generate an effective and collaborative business building function within your firm.