Market Development - Explained
What is Market Development?
Written by J. Mance Gordon
Updated at April 17th, 2024
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What is Market Development?
Market development concerns taking our existing products and we look for new markets to serve. This can be done in the following ways:
- new geographic markets,
- new demographic segments,
- new institutional segment,
- new psychographic segments. Another way is to expand sales through new uses for the product.
- Entering markets where customers find new ways to use the products.
In either event, you are introducing existing products to customers who did not previously purchase the product but are now exposed to the product.
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