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LogoutThe firm seeks growth by targeting its existing products to new market segments or geographical regions. The development of new markets for the product may be a good strategy if the firm’s core competencies are related more to the specific product than the new segment.
Risk: Because the firm is expanding into a new market, a market development strategy typically has more risk than a market penetration strategy
In the simplest terms, market development is the creation of new marketing and sales opportunities for your company’s products or services. The idea is to find new markets for the company’s existing products or services so you can grow the company’s revenues and/or profitability. Traditional market development includes the expansion of your company’s market by the following ways:
- Entering new market segments.
- Converting non-customers into customers.
- Selling new products to existing customers.
Market development involves a number of integrated activities including preliminary market research for the targeted new markets to gain market intelligence, developing a marketing “pitch”to the new markets and finally using advanced techniques for promotion, publicity and advertising for reaching the new prospective customers in the new markets.