market development strategy on the various options available, when it is viable and suitable to adopt the strategy.
market development strategy on the various options available, when it is viable and suitable to adopt the strategy.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Question
Advise an organisation that is planning to adopt a market development strategy on the various options available, when it is viable and suitable to adopt the strategy.
Expert Solution
Step 1
Market development strategy is the strategy adopted by the organization in order to extend its business operations to a market in which it hasn't serviced yet. The market development strategy is considered to be a growth strategy through which an organization expands its business operations.
The market development strategy requires the management to conduct intense market research so that it can extend its business operations in that specific market. It also includes expanding the business operations towards a new market segment.
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