What is Market Development?

A growth strategy that uses new segments for existing products. Non-buying target customers. Competitors’ customers. New customers in new segments. Market development means creating new purchase opportunities, which expands your customer base to include members of your target market, who are not buying due to your positioning and/or buyers from other segments, who could benefit from the product, if they felt included […]

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What is Market Penetration?

An attempt to increase market share, either at the expense of competitors or by creating new purchase opportunities for existing customers. Ansoff Matrix Market penetration is the lowest risk quadrant in the Ansoff Growth Matrix, because it targets existing customers and other people like them. These customers generally cost less to persuade than prospects in a new target market, […]

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What is Product Development?

Designing products and services which most of your target customers should buy. Recommended: What is Iterative Design? Product Development Increases Product – market fit. Many large companies either have Research and Development departments or hire an external firm, to make certain that they achieve optimal product-market fit. Insights are generated by data mined from every area of the company and parts of […]

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