MARKET DEVELOPMENT Meaning and
Definition
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Market development refers to a strategic business process involving the identification and creation of new market opportunities or expanding the existing markets for a product or service. It focuses on finding and appealing to new customers or target segments to stimulate sales growth and increase market share.
The process of market development involves various activities such as market research, identifying customer needs and preferences, conducting competitor analysis, and assessing market potential. It aims to determine the feasibility and viability of entering new markets or expanding existing ones. Market development strategies may include geographic expansion, product diversification, or targeting new customer segments.
Companies may employ several techniques to develop new markets, such as advertising, promotional campaigns, strategic alliances, partnerships, or acquisitions. These strategies help businesses penetrate new markets or introduce their products to an untapped customer base. Market development often involves adapting products or services to suit the needs of different markets while maintaining the core value proposition.
Successful market development can result in increased sales revenue, improved brand awareness, enhanced customer loyalty, and a stronger competitive position. It enables businesses to capitalize on emerging trends, exploit market gaps, and extend their reach beyond existing markets. However, it also requires careful planning, market analysis, and understanding of customer behaviors and preferences to ensure effective implementation.
Common Misspellings for MARKET DEVELOPMENT
- narket development
- karket development
- jarket development
- mzrket development
- msrket development
- mwrket development
- mqrket development
- maeket development
- madket development
- mafket development
- matket development
- ma5ket development
- ma4ket development
- marjet development
- marmet development
- marlet development
- maroet development
- mariet development
- markwt development
- markst development
Etymology of MARKET DEVELOPMENT
The etymology of the word "MARKET DEVELOPMENT" can be broken down as follows:
1. Market: The word "market" originated from the Latin word "mercatus", which means "trading" or "business transaction". It later evolved into "markat" in Old English and then became "market" in Middle English.
2. Development: The word "development" derived from the Latin word "developare", which means "unroll" or "unwrap". It later evolved into "desvelopment" in Middle French and then became "development" in English.
Overall, the term "market development" refers to the process of growth and expansion in a particular market or industry.
