43 Market Development Strategy : Definition, Strategy Examples, and More

Are you interested in what market development is? Our article will explain how to apply a strategy to expand a business. Also, we’ll talk about powerful strategies for companies looking to expand and increase revenues. Moreover, we will outline key techniques and share examples of successful initiatives. Keep reading, and you’ll learn a lot of valuable information about market development.

📍 Top-5 Examples of Market Development

1. AT&T Company Analysis
2. Nissan Company’s International Marketing Strategies
3. Apple Company’s Market Share Decrease in 2015
4. KeepCup Company's Marketing Campaign Plan
5. Saudi Arabian Oil Production and Market Share

🤩 Market Development: 101 Guide

Companies and businesses are always searching for the best methods of acquiring new clients, growing sales, and raising their revenues, which are crucial for measuring success. Market development focuses on selling a company’s existing products to new markets. Therefore, a market development strategy is a model used to identify and develop new opportunities to help them sell products or services in new markets. It’s crucial because it allows companies to reach more potential clients. The company’s market development strategy depends on the organization’s goals and core objectives and can be either slow or aggressive.

Market Development vs Market Penetration

Market penetration is the growing sales concept of a company’s products in its existing markets. Therefore, the organization’s brand is already known to the targeted market and has client relationships. That means the market penetration strategy is less risky than entering entirely new markets.

The main difference between market development and market penetration is the used models. According to Ansoff Matrix, market penetration involves streamlining distribution processes, lowering prices, and acquiring competitors. However, market development entails catering to new customer segments, entering domestic markets, and going offshore.

🔎 What Are the Stages of Market Development?

Every successful organization requires the right strategy. Therefore, we should have the right market development strategy to help the company reach and win new markets. Check out the following six steps for market development.

1. Research Development Opportunities:
   This step is essential and should start way before getting into new markets. So, identify the available opportunities and put every effort into product development to ensure a company can address customers’ needs. Here is what we need to do:
   • Determine the targeted audience.
   • Comprehensively analyze the market.
   • Survey the existing customers.
2. Set Goals
   Look at the areas where the enterprise targets to grow by introducing new markets. These could include sales, employees, products, customers, profit, and geographical location. After that, we’ll go further and define a goal for each.
3. Distribute Resources
   Determine the resources needed to reach the targeted growth goals. Although they can vary from industry to industry, they mainly include staff, equipment, software, initial funding, and marketing materials.
4. Create a Plan
   Work with the marketers’ team to plot the launch of new products or introduce the current ones to the targeted clients. It’s crucial in growing awareness about organizations and increasing demand. 
5. Launch
   After completing research and planning, we’ll launch the product. Also, we should remember to communicate progressively with the team about the aims, progress, and need for change over time. It can increase the chances of success.
6. Examine the Results
   At this stage, we should track progress and review results to know if the strategy works correctly. Therefore, we’ll collect data immediately to identify the areas that require improvement.

📊 Examples of Market Development Strategy 

Now that we’ve looked at the stages of market development, it’s time to check some of the best examples. Take a closer look at every instance of market development to see how well it can fit in your enterprise.

Geographical Expansion.

Geographical expansion is an excellent way of reaching new audiences for the products. If the business is in South Korea, the company should consider contacting neighboring markets, such as Japan, China, and Singapore. Start by conducting comprehensive research for the new market to determine if expanding to these new markets makes economic sense.

Upselling to Current Clients.

If our current customer base is likely to benefit from the new products, it’s possible to use the relationship to introduce the latest solutions. To use this strategy, we’ll make sure that the product getting introduced offers a lot of value. It could be related to existing products, such as a new car rack for the enterprise’s already-sell models.

Attracting Non-Users.

In addition to upselling to existing clients, we should consider targeting completely new users. Companies achieve this through some methods, such as cold outreach, free trials, and advertising.

In conclusion, market development is an effective strategy for businesses to expand their reach, increase revenue, and gain a competitive advantage. Companies can tap into untapped opportunities and expand their customer base by exploring new markets for existing products or services. We hope that our article has shown you how it works. However, if you are looking for more examples of strategies, you can read more below.

📝 Market Development Strategy Research Paper Examples

1. The Efficient Market Hypothesis' Concept
   Business essay sample: The concept of the Efficient Market Hypothesis is simple. The available information encrypted in share prices reflects the current situation completely.
2. Bank Market Dynamics and the Interest Rate Risk Management
   Business essay sample: This paper evaluates the present issues surrounding interest rate risk by investigating its sources and causes, the effect on financial institutions, and other related questions.
3. Natural Resources and Economic Development Nexus
   Business essay sample: Countries that have natural resources are perceived to also have better bargaining power on the global platform.
4. The Case of the Adidas and Nike Sneakers Market
   Business essay sample: This study will identify consumer perception barriers of green purchasing behavior and examines the effect of these barriers towards CSR practices.
5. Hennes & Mauritz Company's Market Environment
   Business essay sample: The H&M company targets customers who are interested in the fashion apparel. The company specializes in the cheap chic and fast fashion products for women, men, and children.
6. Etisalat Company's Description and Market Analysis
   Business essay sample: Etisalat is a leading telecommunications operator of the United Arab Emirates and one of the largest and most influential corporations in the Gulf Cooperation Council.
7. The Use of Market Research in Business
   Business essay sample: Marketing research acts as a foundation for marketing as a whole. For that reason, marketing research is the basis of all the business efforts aimed at satisfying market needs and business goals.
8. Adult Soft Drinks Market in the UK
   Business essay sample: The soft drinks market in the UK has been growing fast over the past years. Beverage companies are moving away from alcoholic drinks to curve niche in soft drinks markets.
9. Development of Marketing Strategy
   Business essay sample: The aim of marketing concept should not be only satisfying customers but also achieving its own goals and objectives. It goals and objectives can be higher profit, increase market share and growth.
10. South Korean Economic Development and Its Factors
    Business essay sample: This paper will discuss South Korea’s emergence as a developing economy following impressive economic reforms.
11. Global Market Segmentation Analysis
    Business essay sample: Market segmentation is the process of dividing a large market into subsets of customers with common characteristics or common needs.
12. Economic Development and Population: Malthus and Ricardo' Views
    Business essay sample: Malthus was concerned about the impacts of the supply of basic goods on population growth. Ricardo's interest was the balance between value and distribution of resources.
13. Comparison of Market Reforms in China and Russia
    Business essay sample: Chinese reforms success and Russia’s reform failure, was crucially due to each opting to a different approach to the market economy.
14. Global and Local Market Place in a Changing World
    Business essay sample: The World Trade Organization is one of the most powerful institutions. This international organization establishes the rules of trade between nations, handles trade and enforces the GATT agreements.
15. Procter and Gamble Company: Strategic Business Analysis
    Business essay sample: This paper provides information about Procter and Gamble Company, engaged in the production of various consumer goods; provides company's SWOT-analysis and management features.
16. International Debt Crisis and Development Economics
    Business essay sample: The international debt crisis refers to the inability of developing nations to repay sovereign debts borrowed from international market, development institutions and sovereign governments.
17. Automobiles Markets Problems Over the Last Two Years
    Business essay sample: The automobile industry today has been flooded with very many car products that exhibit a high degree of homogeneity in functionality and performance.
18. AutoMakers, Inc.: Business Plan
    Business essay sample: The presented business plan is the comprehensive account on the newly launched car making company titled the AutoMakers, Inc.
19. ‘Ansoff Matrix’ Application in Enterprises
    Business essay sample: This matrix is used by marketers who have objectives for growth. And it offers strategic choices to achieve growth objectives for a company.
20. Bagheera Company: Market Conditions for the Successful Development
    Business essay sample: Bagheera is a new start-up company and all market conditions are important for her, which will allow it to achieve success, observing organizational positions.

💡 Essay Ideas on Market Development Strategy

1. Tourism and Economy in the Middle East
   Business essay sample: The purpose of this report is to assess the effect of tourism on the economy in the concerned Arab countries, such as the United Arab Emirates, Jordan, and Egypt.
2. Dell Inc.'s Marketing Strategy and Plan
   Business essay sample: Amidst much competition in computer products, Dell has tried its own marketing mix and continues to employ various techniques to counter this competition.
3. Zara Company: Market Strategy
   Business essay sample: The paper aims at examining Zara’s market strategy by conducting a SWOT analysis and developing possible growth strategies concerning its market penetration and market development.
4. Experienced Leader in Modern Organization’s Development
   Business essay sample: This paper shows that the role of an experienced leader may be crucial in modern organizations’ development, while the poor-developed leadership may adversely affect the company.
5. Multidivisional Structure in Cirque du Soleil
   Business essay sample: The idea of multidivisional structures attracts much attention among large organizations, and the case of Cirque du Soleil shows evident pros and cons of this solution.
6. Y Combinator and 500 Global as Business Accelerators
   Business essay sample: Y Combinator and 500 Global are business accelerators, and their performance analysis is essential to the understanding of how to promote an idea in the market.
7. The Walt Disney Company's Marketing Transformations
   Business essay sample: Disney's expansion into foreign markets has become more complex than before. To keep the high revenues and a good public image, the organization must adapt its approaches.
8. Human Resource Management: Duke's Team-Based Approach
   Business essay sample: Rosenblum was forced to think about environmental learning after realizing that the offices of the doctors could be transformed into a collaborative effort involving technology.
9. Discussion of the Evolution of Management
   Business essay sample: Processes, especially global ones, tend to be structured naturally, while humanity recognized the necessity to coordinate activities that conceived the concept of management.
10. Accounting Framework in the US: History and Present
    Business essay sample: The US accounting framework developed over a period of time is greatly influenced by periods like the great depression and accounting scandals.
11. Mondelēz International Inc.: The Move of Oreo From Chicago to Mexico
    Business essay sample: Mondelēz International Inc. is a large international company that focuses on the manufacturing, distribution, and sale of snack food and beverage products.
12. Entrepreneurship and Development of Green Businesses
    Business essay sample: A startup which would recycle used prosthetics can help prevent the abandonment of such devices and their negative effects on nature.
13. Developing an Understanding of Cultural Differences in Business Companies
    Business essay sample: We will in this document present to you the business idea that we have developed after analysis of our different cultures
14. The Intentional Change Theory in Higher Education
    Business essay sample: The current paper attempts to critically analyze the intentional change theory (ICT), and apply its primary concepts in the context of higher education.
15. Fishcare Company Rationalize the R&D Work and the Cross-Functional
    Business essay sample: For a long period, fish has been viewed as food. It is a rich source of protein. However, due to innovative minds, people came to realize that fish could also be a pet.
16. Emaar Properties' Industry Opportunities and Threats
    Business essay sample: Emaar Properties is one of the leading real estate developers in the Middle East. Since 1997, it has developed and grown rapidly and is already represented in multiple markets.
17. Video Game Development Industry's Challenges
    Business essay sample: The overarching problem of the cancel culture impacting the various information spheres and industries connected to them influences the developers of video games.
18. The Southwest Airlines Company's Business Model
    Business essay sample: The Southwest Airlines company’s business model is built on utmost effective operations, low and fair pricing to clients, and creative logistic solutions.