Market development is the effort to expand a business' potential market to new custumers and to open new markets and market segments. Engaging in a market development process takes research and specialized analysis. Market research is the gathering of information about markets or customers, and marketing analysis is a systematic investigation of a potential market. All are important components of planning for a company's growth and should be performed when starting a new business, expanding, or launching a new product.
Though the different ways to engage in market development are too numerous to list here, three common approaches are either to expand the market by acquiring new users, offer new products or services or by developing and defining new uses for current offerings.
The process of developing new markets will include establishing targets and goals and keeping your team informed and on track. To be effective the target market must be defined and thoroughly researched, with the marketing research data analyzed so that the agreed upon strategies can be implemented. Find information on marketing strategies, documents and resources that you will need to guide you step-by-step through market research and market development.