market development strategy on the various options available, when it is viable and suitable to adopt the strategy.

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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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.

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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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