Planning for Success
Market development describes a specific business growth strategy through which your company enters into a new market with an existing product or service. Expanding your business into new markets can be risky, but it can also be profitable. As with any business decision, planning is critical to the success of your new venture.
Instructions
1. Write the company summary of your market development plan. Compile information about your company's current products or services. This information should include a description of each product or service, pricing information and packaging details as well as current marketing and sales strategies.
2. Write the competitors' summary of your market development plan. List your company's current competitors. Compile as much information as you can about your competitors' products or services. Look for the same information you gathered about your own company. This information will enable you to knowledgeably compare yourself and your competitors.
3. Write the market share description of your market development plan. Determine your company's current market share using the information you compile. Market share describes your company's percentage of sales within your industry as a whole or your industry in a given location. For example, a barbershop may hold 20 percent of the local market, with the market being the patrons of the various barbershops in town.
4. Write the market development portion of your market development plan. Determine which market or markets you want to develop. Compare your company to your company's competitors. What are your strengths and weaknesses? What are your competitors' strengths and weaknesses? Identify potential growth opportunities for your company.
5. Write the marketing strategy portion of your market development plan. Describe how you are going to integrate your company's product or service into a new market. Include pricing and packaging information. Describe all advertising, promotions, media relations and sales strategies.
6. Complete your market development plan with a time line and a budget for your market development venture. You may also want to look ahead and include sales and profit projections as well as an exit strategy.
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