What Is Market Development?

Market development means that the company sells existing products to new markets in order to continuously expand the market and increase sales. It is a development strategy that is adopted when the existing products cannot penetrate further in the original market, and is generally applicable to the mature and late stages of the product. There are two main types of market development: one is to develop new target markets and provide services to new customer groups; the other is to expand market areas, that is, from one regional market to another, such as from urban markets to rural Market, from domestic market to foreign market. ^[1]

Market Development

Market development means that the company sells existing products to new markets in order to continuously expand the market and increase sales. It is a development strategy that is adopted when the existing products cannot penetrate further in the original market, and is generally applicable to the mature and late stages of the product. There are two main types of market development: one is to develop new target markets and provide services to new customer groups; the other is to expand market areas, that is, from one regional market to another, such as from urban markets to rural Market, from domestic market to foreign market. ^[1]

Chinese name

Market Development

Foreign name

Market Development

Application means

Demographic markets, geographic markets, etc.

Purpose

Developing new segmented markets

Development Process

I. Learn about the basic situation of the target market through maps, yearbooks, statistical releases, websites, related books, etc .: population, economy, current status of the apparel industry, status and trends of business district

2. Planning routes and itineraries

3. Look for opportunities to meet locals (preferably middle-aged women, civil servants, and businessmen) during the journey to understand the basics of the destination again

4. Arrive at the destination, observe the building, transportation, municipal construction level, service industry level, human body shape, etc., and basically determine the city market type, consumption trend, market capacity and potential

Fifth, find the main business district for adult wear to observe the maturity of the format, and then find the main business district for men's wear for the first round of inspection. Without identifying the identity, carefully observe the products displayed in the store, health, and business, and initially determine its business status. Stay 10 -15 minutes. Inspection objectives:

1. Good shops: location, area, business items are not just men's clothing

2. Good customers: image, brand

Six, comprehensively review the situation learned above, lock the target, determine the cut-in strategy

7. The second round enters the implementation of the expansion plan

1. For good shops: Grasp the approaching opportunities, and take the initiative to point out the weaknesses of the other party's operations, derive brand concepts, and stimulate their interest

2. For good customers: go straight to the point, indicating that your identity greatly praises its operation. If possible, use a low attitude to indicate its more accurate business status, so that the other party will pay enough attention

8. Use your notebook to make on-site records and the boss signs

Nine, follow up again after returning to the company to determine the intention