Market development

Market development is a growth strategy that identifies and develops new market segments for current products. A development strategy targets non-buying customers in currently targeted segments. It also targets new customers in new segments.

A 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.

Market development strategies:
Conduct market research:
The first step in developing a market development strategy is to conduct market research to identify potential new markets. This involves analyzing market trends, customer needs, competition, and other factors that can impact the success of the expansion. Here are the general steps to conduct market research:
Define your research objectives: Identify what you want to learn from your research. What questions do you want to answer? What do you hope to achieve
Determine your target market: Determine who your potential customers are, what their needs are, and what motivates them to make purchasing decisions.
Choose your research methods: Select the appropriate research methods based on your research objectives and target market. Various research methods include surveys, interviews, focus groups, and observation.
Develop your research instrument: Design your survey or interview questions to gather the necessary information to meet your research objectives. Ensure that the questions are clear, unbiased, and specific.
Collect your data: Implement your research plan by collecting data through surveys, interviews, or other methods.
Analyze your data: Once you have collected it, organize and analyze it to identify trends, patterns, and insights.
Draw conclusions and make recommendations: Use your data analysis to draw conclusions and make recommendations for your business strategy.
Monitor your findings: Monitor your research findings to track changes in your target market or customer needs..