2. Market development
is a growth strategy that
involves selling your
existing products or
services to a new group of
customers.
3. Factors To Consider For Market
Development Strategy:
You should consider the following specific points while making a market
development strategy:
1.Is the target segment ready for your product? Do they need it?
2.Is there any segment that you might have ignored?
3.Is the company (or the concerned teams) prepared to undergo the
market development process and implement the strategies?
4.What is the ROI? Is it profitable at the moment to explore the untapped
markets?
4. Importance Of Market
Development Strategy:
The market development plan is essential for the
growth of the business.
It’s not safe to depend on a niche customer base
because it is a total downfall if that slips.
Market development strategy divides and reduces
disaster possibilities in many ways.
Market development strategy drives the market
development process in a structured way involving risk
management and in-depth market research.
5. Common Market Development
Strategies:
Geographic expansion
One way to develop your market is to expand it
geographically to gain new leads and opportunities.
Research and then reach out to those areas where
your product or service has not registered its
presence.
6. Pricing
Introduce offers and discounts to attract more
customers, specifically those who are not existing users
or clients.
Distribution
Create innovative distribution channels to reach out
the customers.
Attracting competitors’ customers
They are delivering the same product as you are.
to attract their customers to the side, you must provide
a better user experience, discounts or lower rates, and
better marketing.
7. Branding
Another way to develop your market is
to introduce a new brand for a specific target
market.
Product development
Tailor an existing product or introduce a new
one for a new market.
8. What Are the Examples of Market
Development Strategy?
Through geographical expansion
The market development strategy is popular among market
players. It involves entering the market by increasing the
number of outlets where one’s product is sold.
By upselling to existing users
Upselling is the market development strategy of offering
additional benefits to existing customers without increasing
the price.
9. By attracting new users
The market development strategy of attracting new users is
popular among market players.
It involves gaining market share by increasing the number of
people who use a product and assuming that existing
customers remain loyal.
By attracting the competitors’ users
The market development strategy of attracting the competitors’
customers is popular among market players. It involves gaining
market share by attracting market users who currently buy
products from competitors.
10. Through the expansion of the target market
The market development strategy of targeting
customers in new geographical areas or with
different needs/wants is popular among market
players.
11.
12. Research
Market research is the backbone of development
strategy. It’s vital to undergo continuous research to
sustain in the competitive market.
Establish growth goals
Companies must ensure that their development
strategy achieves market expansion growth goals.
13. Allocation of resources
Market players must carefully distribute
resources as per development strategy.
Marketing plan development
Market players must create a strategy according
market needs.
14. Product launch
Market players must continually
development strategies and products.
Result analysis
Market players must analyze how
market development strategy has proven and
accordingly modify plans.
15. GROUP 2
LEADER: TERADA, ARTHUR JOHN B.
MEMBERS:
NAMIA, JOHNLORD BUSACO, VICTORIA
HERNANDEZ, JOHN EDWARD FRANCISCO, JAMERY
VELASCO, CARLOS PUNA, CHARLOTTE
BUMANLAG, RODELIZA REYTAS, EANA
DELA CRUZ, PRECIOUS MAE FORTE, SHARIE
