Market Development Strategy

A Market Development Strategy involves expanding a company's reach by finding new customers or geographic areas for existing products or services. This could mean targeting a different age group, entering a new country, or promoting current offerings to a different demographic. The goal is to increase sales and market share without changing the product itself, leveraging existing strengths to discover new opportunities. Essentially, it’s about broadening the audience for what you already offer, helping the business grow and adapt in a competitive landscape.