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

Market Development
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A market development strategy can simply be interpreted as each and every effort made by an enterprise to acquire and stick to new customers for its goods and services. This mainly focuses on its attempts to expand its coverage or presence into new or unexplored markets (Kokemuller, N.).These markets are of two categories, those that are already occupied by competitors, and those that are unexplored. It is usually a process involving two steps. The first one is market research, which involves market segmentation and analysis. This helps the business in ascertaining what portions of the market that it should fully exploit.
The company is focused on fully utilizing any part of the market segment that it finds real opportunity through the analysis of the market's psychographic, geographic and demographic characteristics. The second aspect of the market development is the creation of a promotional plan or strategy to advance the agenda of the business as well as penetrate these new markets. Because the company is just beginning on this ambitious project, the primary mediums to be used in this plan are the magazines and posters. However, due the fact that there is the existence of competitors in the market, the business is also using the pricing strategy to penetrate.
This just involves setting the prices of our products lower than the market prices, so as to gain more clients due to the affordability of our products. In the end, the main aim is to grab a significant share of the market for the business. Market development is not an easy feat, it usually involves the utilization of a vast amount of...