This is one of the many strategies used in business and is a method of getting more people to become interested in a product. The product generally will be not changed but it will instead be advertised to a whole new market.
People will become attracted to a product due to marketing schemes and it's a great way for a company to increase their market share with one particular product. Non-buying customers, basically, are targeted in currently targeted segments. The strategy also targets new customers found in new segments. This is, of course, related to the work published by Russ Winer.
In order to use this strategy successfully, a marketing manager or leader within a business or organization is required to consider a number of things before they go about implementing the market development strategy. The leaders or marketing managers will have to consider whether this will be profitable, and they will also need to consider whether this will require the introduction of modified products or even new products.
Often, products that don't have to be changed will be pushed through market development, though some businesses will choose to modify products and buy new parts - this is clearly an unnecessary expense for businesses.
On another note, they must also consider whether the customer and channel are understood and thoroughly researched, before anything goes ahead.
The different considerations that are mentioned above are used and stuck to by the marketing managers and leaders within a business. Beyond this, marketing managers and leaders use four different groups in order to provide more focus to the market segment decision. They use existing customers, non-buying in current segments, the new segments and of course competitor customers.
People will become attracted to a product due to marketing schemes and it's a great way for a company to increase their market share with one particular product. Non-buying customers, basically, are targeted in currently targeted segments. The strategy also targets new customers found in new segments. This is, of course, related to the work published by Russ Winer.
In order to use this strategy successfully, a marketing manager or leader within a business or organization is required to consider a number of things before they go about implementing the market development strategy. The leaders or marketing managers will have to consider whether this will be profitable, and they will also need to consider whether this will require the introduction of modified products or even new products.
Often, products that don't have to be changed will be pushed through market development, though some businesses will choose to modify products and buy new parts - this is clearly an unnecessary expense for businesses.
On another note, they must also consider whether the customer and channel are understood and thoroughly researched, before anything goes ahead.
The different considerations that are mentioned above are used and stuck to by the marketing managers and leaders within a business. Beyond this, marketing managers and leaders use four different groups in order to provide more focus to the market segment decision. They use existing customers, non-buying in current segments, the new segments and of course competitor customers.