Marketing development is all about identifying and developing new market segments for current products. It uses strategies to target non-buying customers in the current segment, as well as new customers from the new segment. Before any strategy is implemented, it has to be tested. This identifies whether it is profitable, customer friendly and whether the quality of the product requires some improvement.
Marketing Strategy Implementation
Marketing implementation is all about putting the strategies into action, and it requires a tactful plan that captures the needs of the market situation. The plan should also bring solutions to any gap identified in the market already. An innovative idea is all that is needed to make major developments in the market. Entrepreneurs always have to calculate the benefit an idea brings and also ensure the users are satisfied.
Importance Of Marketing Development
The most important aspect of marketing development is all about delivering value to a certain demographic. Once research is done on what customers prefer in the marketplace, solutions have to be found to cater for the needs of that gap. Satisfaction is the keyword. Once people are confident with a given product, the sales will increase and then the profit will follow.
Benefits Of Market Development
Marketing development is accompanied by lots of other wider benefits. It can result in increased revenue to the local government, the introduction of totally new products and the creation of job opportunities, Since people are incorporated in the idea to contribute and help on its improvement, it can even result in new entrepreneurial opportunities.