Market development

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  • Marketing Strategies - Market Development
    • involves a business targeting its existing product range at potential consumers in a new market
    • the product remains the same, but it is marketed to someone else
    • new markets could be overseas or possibly a different segment within a domestic market
    • it is classified as medium risk because the product or products are unchanged and the business managers are presumably familiar with their strengths and weaknesses
    • it also avoids the need foir developing new products which is costly and time consuming
    • products ,might not be accepted in the market or need expensive modifications


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