Shamim Hossain Rubel

Market Development Strategy Is An Essential element Of Business Strategy

Market development is a development strategy that refers to the generation of new market segments and targets existing buyers in target markets. The strategies are designed for competitive advantage. It also aims at increasing the reach of marketed offerings in target markets. It also aims at reducing market size and at maintaining existing customer loyalty in the market segment. A market development strategy aims at expanding the reach of marketed offerings in target markets. This depends on various factors such as the competitive threat, product specification and competition.