Market development is a strategy developed by businesses to explore new market segments to offer existing products or services to boost sales. Market development is done in 2 steps. Marketers study market segments and shortlist the potential segment worth targeting.
The goal of market development is to target untapped market segments to offer products differently. A new way of existing products or services is identified which are then targeted to the new market segment. Good marketing strategy is required for successful market development.
Facebook is the best example of market development. It was started as a communication platform among college students but as the system grows, Facebook identified new market segments and users to expand.
If a company has $1 million to spend on a new
Is the establishment of wholly owned subsidiaries abroad an appropriate international market
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The questions in this exercise give you an appreciation for the complexity
Define strategic marketing planning, and identify the four basic options for
