Question

Discuss the three types of market development strategies and give examples of each.

Answer 1

Merket development is expanding the current market inorder to increase the revenue for the company. Different strategies are implemented inorder to achieve this like

1. Pricing: Some companies set pricesof the product at relatively lo cost when compared to the competitors or offer discounts so that th eproduct gets the required attention from the customers. For example airlines offer discounts to passengers si that they get the required market.

2. Distribution: Inorder to develop the market some companies tie up with more distributors and increase their markets They try to tie up with distributors famous in that field so that their product gets much attention ..For example a shoe company which is focussing on the upcoming tournament tries to tie up with the distributor of outfits for that tournament.

3.Promotions: Promotions are the most used strategy where the company tries to promote their product in various ways like advertising, through social media etc., This gives required attention to the product and it's market will be expanded. Any new product from a brand is repeatedly advertised and spread in socail media to increase it's market value.