market development essay

Market Development Essays

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Market Development Strategy

Publication Date :

05 Apr, 2023

Blog Author :

Aswathi Jayachandran

Edited by :

Reviewed by :

Dheeraj Vaidya, CFA, FRM

Table Of Contents

What is market development strategy.

A market development strategy is a strategic growth plan created t by businesses to introduce their products to the untapped segments in the market. It may involve expanding their present reach, using their current products in new ways, developing new marketing and distribution channels, or all of the above.

Establishing a market development strategy can assist companies in determining potential areas for expansion. It helps to increase the range of goods and services the business provides by investigating a new target market. It helps build a broader image and increases popularity, thus building a brand.

Market Development Strategy Explained

How to implement it, advantages and disadvantages, frequently asked questions (faqs), recommended articles.

• Market development strategy is taking existing products and locating and targeting new market segments.
• It is one of the four primary growth strategies that a corporation can employ. The others are diversification, market penetration, and product development.
• The strategy aids a company's planned and structured expansion and client acquisition. Increased leads, sales, and revenue can be increased by reaching new audiences. However, dependence on a specific audience is risky since the business will collapse if it declines.
• However, it involves several disadvantages, such as increased risk and expense.

Market development strategy is taking existing products and locating new markets by opening previously closed market segments. Companies are constantly seeking innovative ways to attract clients and boost sales. The market development strategy is one of the four primary growth strategies a corporation can employ, the other three being diversification, market penetration , and product development.

Market development is a strategic move made by a corporation to grow the current market rather than searching for a new market. The business seeks new customers to market the product to various consumer groups to boost sales. It involves the creation of new marketing and distribution channels and the penetration of new geographic markets. Business development may refer to capturing new markets, which may involve introducing new products to garner attention.

The development strategy's success depends on its ability to compare its current performance with the future performance it hopes to achieve. Devising a plan to get there is the primary step toward it. Geography, consumer base, and products are the main focuses of the strategy. They assist organizations and businesses in strategically approaching potential clients. Expanding consumer base opens a lot of new potential for increased earnings , sales, and leads. However, thorough market research is necessary for the new market to be valuable.

Market development is usually a two-step process that helps tap the market's new segments (subgroups of larger groups). The first step is to do a segmentation analysis and segregate markets that show potential and are worth pursuing. Next, companies use existing products and services to attract new customers.

The primary goal is to increase sales by entering untapped markets. The segmentation could be based on demographics (age groups), geography, income levels, customer interests, preferences, lifestyle, etc. The company then chooses which segment to enter based on profitability and outlines an entry strategy. Promotional strategies may be through audio, visual, or social media to reach the desired audience.

The second stage would be pricing. Pricing is crucial in product placement ; it can make or break a company's entry into a market. Companies can either price appropriately or modify the existing product by adding different features to justify price increases. Competitive pricing strategies, on the other hand, such as penetration pricing, can be used to gain market share by lowering prices below competitor prices.

Check out these examples to get a better idea:

Suppose Mr. Wolf's clothing company focuses on winter wear and caters to adults. They have various types of winter clothing made of different materials and are making a good profit . However, Wolf wants to increase sales of his winter wear and decides to manufacture the same for babies. Since he is expanding his market strategy to a different demographic segment than his usual target demographic , it belongs to a new market development strategy.

Facebook was an online directory that connected individuals through collegiate social networks (launched in 2004). Using it, people could find peers at school, discover who is in their classes, look up friends' friends, and visualize the local network. Due to expanding broadband access and increased internet usage, it gradually started expanding.

The popularity of  Facebook  increased with a more diversified population, which meant that entire families could be part of the social network. Facebook began as a network exclusive to Harvard students, then progressively opened to other colleges, high schools, and businesses, all while requiring verified email addresses. This and its simple and neat public architecture helped it gain a reputation as a "safe environment" for networking.

The strategy here was to open the service to different categories of people. It started with only Harvard students and expanded to other colleges, schools, and age groups.

The advantages of a market development strategy are as follows:

• Improves product quality:  Businesses look at how the product can be improved to acquire new users. This may involve the addition of new features.
• Current users get upsold: Upselling is a sales strategy that pushes them to spend more money. By offering customers an improved or more expensive version of the product, they were initially planning to buy.
• Helps develop new products:  Companies may need to launch new products to attract a specific market segment. Therefore, a market development strategy focuses on gathering their attention and caters to their needs.
• Increases revenue margins:  Market development strategy focuses on creating new revenue . Increased consumer base and subsequent sales increase profit.
• Helps to reduce unit production costs: When goods are produced in mass, the cost per production unit becomes lower. So, naturally, this also leads to more profit.

Disadvantages

The disadvantages of the market development strategy are as follows:

• Requires capital investment: Usually, expansion involves financial investment. The entire exercise is useless if the investment in the new section doesn't yield the intended results.   Those resources could have been used to implement alternative plans. 
• It is expensive: Market development is expensive, and the main obstacle businesses must overcome is their desire to engage in it. Therefore, a significant financial commitment is needed to maintain the project. 
• Is risky: The company is testing new areas and market segments and is often trying out new ideas. These ideas have no guarantee that they work. There is always a chance of something going wrong.

A new market development strategy involves the following steps: - Researching opportunities. - Setting growth goals. - Creating marketing plans. - Testing the market by entering and analyzing results.

Development strategy is important because it aids in a company's planned and structured expansion and client acquisition. Increased leads, sales, and revenue can be increased by reaching new audiences. However, dependence on a specific audience is risky since the business will collapse if it declines.

The market development strategy checklist includes three key items. They are a plan for talent acquisition and local guidance, local market information or knowledge on the competitive landscape, and sales and marketing structures.

Geographic expansion, pricing, and distribution are the three types of market development strategies.

This article has been a guide to what is Market Development Strategy. We explain its examples, advantages, disadvantages, and how to implement it. You may also find some useful articles here -

• Vertical Market
• Market Entry Strategy
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43 Market Development Strategy : Definition, Strategy Examples, and More

📍 top-5 examples of market development, 🤩 market development: 101 guide, 🔎 what are the stages of market development.

• 📊 Examples of Market Development Strategy

📝 Market Development Strategy Research Paper Examples

💡 essay ideas on market development strategy.

Are you interested in what market development is? Our article will explain how to apply a strategy to expand a business. Also, we’ll talk about powerful strategies for companies looking to expand and increase revenues. Moreover, we will outline key techniques and share examples of successful initiatives. Keep reading, and you’ll learn a lot of valuable information about market development.

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Companies and businesses are always searching for the best methods of acquiring new clients , growing sales, and raising their revenues, which are crucial for measuring success. Market development focuses on selling a company’s existing products to new markets. Therefore, a market development strategy is a model used to identify and develop new opportunities to help them sell products or services in new markets. It’s crucial because it allows companies to reach more potential clients. The company’s market development strategy depends on the organization’s goals and core objectives and can be either slow or aggressive.

Market Development vs Market Penetration

Market penetration is the growing sales concept of a company’s products in its existing markets. Therefore, the organization’s brand is already known to the targeted market and has client relationships. That means the market penetration strategy is less risky than entering entirely new markets.

The main difference between market development and market penetration is the used models. According to Ansoff Matrix , market penetration involves streamlining distribution processes, lowering prices, and acquiring competitors. However, market development entails catering to new customer segments, entering domestic markets, and going offshore.

Every successful organization requires the right strategy. Therefore, we should have the right market development strategy to help the company reach and win new markets. Check out the following six steps for market development.

• Determine the targeted audience.
• Comprehensively analyze the market.
• Survey the existing customers.
• Set Goals Look at the areas where the enterprise targets to grow by introducing new markets. These could include sales, employees, products, customers, profit, and geographical location. After that, we’ll go further and define a goal for each.
• Distribute Resources Determine the resources needed to reach the targeted growth goals. Although they can vary from industry to industry, they mainly include staff, equipment, software, initial funding, and marketing materials.
• Create a Plan Work with the marketers’ team to plot the launch of new products or introduce the current ones to the targeted clients. It’s crucial in growing awareness about organizations and increasing demand. 
• Launch After completing research and planning, we’ll launch the product. Also, we should remember to communicate progressively with the team about the aims, progress, and need for change over time. It can increase the chances of success.
• Examine the Results At this stage, we should track progress and review results to know if the strategy works correctly. Therefore, we’ll collect data immediately to identify the areas that require improvement.

📊 Examples of Market Development Strategy 

Now that we’ve looked at the stages of market development, it’s time to check some of the best examples. Take a closer look at every instance of market development to see how well it can fit in your enterprise.

Geographical Expansion.

Geographical expansion is an excellent way of reaching new audiences for the products. If the business is in South Korea, the company should consider contacting neighboring markets, such as Japan, China, and Singapore. Start by conducting comprehensive research for the new market to determine if expanding to these new markets makes economic sense.

Upselling to Current Clients.

If our current customer base is likely to benefit from the new products, it’s possible to use the relationship to introduce the latest solutions. To use this strategy, we’ll make sure that the product getting introduced offers a lot of value. It could be related to existing products, such as a new car rack for the enterprise’s already-sell models.

Attracting Non-Users.

In addition to upselling to existing clients, we should consider targeting completely new users. Companies achieve this through some methods, such as cold outreach , free trials, and advertising.

In conclusion, market development is an effective strategy for businesses to expand their reach, increase revenue, and gain a competitive advantage . Companies can tap into untapped opportunities and expand their customer base by exploring new markets for existing products or services. We hope that our article has shown you how it works. However, if you are looking for more examples of strategies, you can read more below.

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Marketing Strategies Development Essay

Demographic profiles are fundamental in modern-day target marketing. There have been significant changes in consumer tastes and preferences across the five basic demographics. These trends call for new marketing strategies to be employed by companies to deal with the drastic changes in consumer preferences.

When a company needs to develop a new brand, it has to consider demographic trends for easy penetration of the brand into the market. When demographic trends are considered, the brand development process becomes relatively easy. This consideration is also very important in sustaining the brand in the market for a long period.

The five basic demographics to be considered in marketing strategies include gender, age, race, income and finally tribe or ethnicity (Shackman, 2011). This paper will discuss various ways through which a company applies different marketing strategies for different consumer groups.

Organizations that observe demographic changes have an opportunity to make pro-active marketing strategies that will be sustainable in case of any shift. Different consumer groups require different marketing strategies (Centre for Business Planning, 2011). When doing target marketing, the company should be sensitive enough to consider the different needs of different consumer groups (Allen, 2011).

Although mass marketing may be advantageous in terms of cost, marketing through segments ensures customer satisfaction and high income for the company (Tatum, 2011). While using the age demographic, it is easy to reach the youth through the internet than the aged people. Young people access the internet most of the time hence a company marketing a product for the youth segment will reap highly if they employ electronic marketing (Ward, 2011).

The middle-aged segment can easily be lured by newspapers and magazine advertisements than the internet. When marketing women products, it is convenient to use television adverts because research has shown that women spend a lot of hours watching television compared to men. According to the law of nature, opposites always attract. Women get attracted to adverts performed by men, and the reverse is also true (Entrepreneur Media, 2011).

Billboards work well when marketing for men because they are always regarded as visual beings. Radio advertisements work well for women because they normally respond well by hearing than seeing. One on one marketing is recommended for old people because of their interest in modern electronic marketing and the media is always low (Friedman, 2009).

Roadshow marketing is appropriate for young people because they are always outgoing and are attracted to the fun in the road shows. Men are always interested in sports more than women, and sporting venues are always appropriate for marketing men products (Mercer, 1996).

During football matches on the television, the most advertised products are for men because the marketers are always aware of the perfect opportunity to get their attention (Paley, 2006). Demographic trends should always be considered when designing marketing strategies. The success of brand development and sustainability will entirely depend on the ability of the company to study demographic trends.

Target marketing ensures customer satisfaction across all the demographics of age, gender, ethnicity, level of income and race. Market segments commonly referred to as consumer groups have unique tastes and interests and therefore appropriate marketing strategies have to be put in place relevant to each consumer group.

Rural markets little access to electronic materials and technologies hence the most appropriate strategy is to use door to door marketing to entice them (Shackmam, 2011). The income demographic segment needs well-planned strategies to reach the target group. Low-income earners have little access to electronic marketing, and hence relatively accessible marketing tools should be used.

Those with high salaries can access newspaper and magazine advertisements whereas the poor can be reached through road shows and the use of billboards (Paley, 2006). People with disabilities should also be considered when developing marketing strategies. The blind can be reached by audio advertisements which are very convenient to them.

Those who are unable to hear can be reached through visual advertisements (Paley, 2006). When marketing for people with special needs, care should be taken to ensure every consumer is reached. Target marketing offers satisfaction to all the customers in various segments. Through market research, the company is always in a position to understand the various needs of each consumer group for proper production adjustments to be made according to the special needs of a segment (Friedman, 2009).

Financial analysts argue that target marketing is very costly and time-consuming because of all the research that has to be done (Friedman, 2009). In conclusion, the world of business is very competitive, and organizations need to improve their policies and business strategies. One area that needs attention is the marketing department.

Many companies are shifting to target marketing because of its benefits in terms of customer satisfaction and increased profits for the company. Different consumer groups have got different tastes and preferences and hence require special attention. Companies that are smart enough are investing substantial resources in market research and target marketing to ensure their brands remain sustainable in the market.

When developing new brands, aggressive marketing needs to be done to penetrate the market (Shackman, 2011). The demographic trend of age, income, race, gender, and ethnicity have to be considered when a company is developing new brands. Research has shown that target marketing is the most preferred marketing strategy by consumers. Everyone needs recognition, and when the consumers receive that attention, they will buy the products and services of that particular company that recognizes them (Shackman, 2011).

Major marketing segments have sub-segments which have to be considered when designing any marketing strategy. It is always very challenging to market to different consumer groups in different ways but looking at the benefits involved; the effort is worth it. An effective and competitive marketing strategy gives consumer priority. Market segmentation is very important in brand development and its sustainability in the market.

Allen, C., 2011. What is strategic marketing planning? Web.

Centre for Business Planning., 2011. Marketing plan . Web.

Entrepreneur Media., 2011. Target market . Web.

Friedman, S., 2009. The complete idiot’s guide to target marketing . New York: Alpha Books.

Mercer, D., 1996. Marketing . Oxford: Wiley-Blackwell.

Paley, N., 2006. The manager’s guide to competitive marketing strategies . London: Thorogood Publishing.

Shackman, G. et al., 2011. Brief review of the world’s basic demographic trends . Web.

Tatum, M., 2011. What is market segmentation? Web.

Ward, S., 2011. Target marketing . Web.

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Home — Essay Samples — Business — Marketing Management — Product vs. Market Development in Marketing Management

Product Vs. Market Development in Marketing Management

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Market Development. Strategy management: planning for domestic & global competition

Name of the business Nicole Sweet Treats. Please see the power point for the type of business. One page paper No introduction and No conclusion on Market development. Please answer this question How do we plan to market our product to customers in the marketing area? My book for this class is Pearce, J., & Robinson, R. (2015). Strategy management: planning for domestic & global competition. New York: McGraw Hill.