Market development strategy examples
Pakistan State Oil(PSO) developing new market by exporting oil to Afghanistan.
Chinese products developed new market for their product worldwide.
Developing or modifying new products and offering to the existing market is called product development strategy. This strategy takes time and money for developing a new product. Marketing Manager must conduct a detailed survey whether it is feasible to introduce new product in the current market.
Product Development Figure
Product development strategy examples
Google developed a new browser Chrome for the existing Internet user.
McDonalds is always within the fast-food industry, but frequently markets new burgers.
Diversification Strategy is the development of new products in the new market. Diversification strategy is adopted by the company if the current market is saturated due to which revenues and profits are lower. At the corporate level, it is generally and its also very interesting entering a promising business outside of the scope of the existing business unit.
Diversification Strategy Figure
Diversification strategy examples
Virgin Media moved from music producing to travels and mobile phones
Walt Disney moved from producing animated movies to theme parks and vacation properties
Canon diversified from a camera-making company into producing whole new range of office equipment.
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