Market development
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A market development strategy targets non-buying customers in currently targeted segments. It also targets new customers in new segments. (Winer)
Market development strategy entails expanding the potential market through new users or new uses. New users can be defined as: new geographic segments, new demographic segments, new institutional segments or new psychographic segments. Another way is to expand sales through new uses for the product.
A marketing manager has to think about the following questions before implementing a market development strategy: Is it profitable? Will it require the introduction of new or modified products? Is the customer and channel well enough researched and understood?
The marketing manager uses these four groups to give more focus to the market segment decision: existing customers, competitor customers, non-buying in current segments, new segments.
Education
Market development is often studied as part of a business or marketing course at any level of education in most developed countries. It can be covered as a sub section of a number of marketing theories, or as a stand alone marketing approach.[1] It has also been known to be studied online via E-learning.[2]
See also
References
- ^ "Market Development Process". Business Balls. Retrieved 23 April 2013.
- ^ "Creating a Need for your Product". ALISON E-Learning. Retrieved 23 April 2013.