What is Market Development?
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All right so a key way that marketers
can look to
to grow their business and to increase
is what's called market development. So a
lot of times we sell a product and it
goes very well in our domestic market
but we reach kind of a max out point you
we've sold to all the customers that are
going to buy that product
in our market. Well what do we do now?
The next thing to do would be market
development. So we take our existing
products or our same
products and we look for new markets to
There are different ways we can do this
and by the way this can be within the
because we could just find different
customers that haven't been buying the
that would be considered a new market.
But a key way we can draw those new
customers is we can come up with new
uses for our product
you know we can explain to people that
hey this product will also
do these other things and that may give
new customers a reason to buy.
But another way we can go into new
markets is geographic expansion so we
go into new geographic areas and sell
our same product
that's another key form of market
Either way the goal is to take our
and sell it to customers that haven't
been buying it before
and by doing that we can grow our