Market Development refers to the organizational strategy for growth by developing the existing market instead of looking to enter a new market. In Market Development the market is exploited to find new buyers for existing products and services. Market Development & The Ansoff Matrix In the Ansoff Matrix, the second market growth strategy is Market Development. It is used to capture new markets with existing products or developing the existing products for new markets Market Development Strategies - Dealing with new customer segment Take help of free trials, discounts, and advertising while dealing with non-users. - Increased sales through new ways of using a product Be innovative and find out new uses for your product as it will help to expand into new markets. Interview customers and survey to find about some creative ways to promote the products to the customers - Growing into a new domestic market or regional expansion If the product started with a small target audience then regional expansion is the next big step. - Global expansion Conduct in-depth research to understand the feasibility of expanding into a foreign market Market Development Advantages 1. Increase in customer base 2. Greater sales 3. Increase in revenues 4. Gaining competitive advantage 5. Helps to become the leader of a market 6. Organizational growth 7. Economies of scale Market Development Example 1. Tesla 2. Walmart 3. Amazon enters Sweden 4. IKEA opened its 2nd store in India in December 2020 5. Netflix Stream Fest This video is on Market Development and it has the following sub-topics. Time Stamps 0:00 Introduction 00:20 What is Market Development? 00:47 Market Development & The Ansoff Matrix 01:45 Market Development Strategies 02:32 Market Development Advantages 02:48 Market Development Example 02:51 Market Development Example – Tesla 03:11 Market Development Example – Walmart 03:42 Example - Amazon enters Sweden 03:47 Example – IKEA opened its 2nd store in India in December 2020 03:52 Example – Netflix Stream Fest This video