This refers to the business and marketing strategy of selling existing products or services into new markets.
A market development strategy focuses on building on existing production capacity and offering those products or services into new markets; such as different geographical regions, sectors or industry niches. This strategy may provide competitive advantage through reduced time to market of new products and internal production efficiencies. It includes risks that the organisation may not have the information to fully understand the needs of the new market place and additional distribution channel costs.
Market development is a term normally found in strategic management and performance management.
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