What is market development in marketing strategy?

Market development in marketing strategy refers specifically to the approach of attracting new customers to existing products. This strategic initiative focuses on expanding the customer base by reaching out to new markets or segments that have not previously purchased the product. It involves identifying potential customer groups, understanding their needs, and creating marketing efforts tailored to make the existing products appealing to these new consumers.

For example, a company might target a demographic that has not engaged with their products before or enter new geographical areas where their products are not yet available. By doing so, the business aims to increase its sales volume and grow its market presence without changing the product itself.

The other options do not capture the essence of market development. Increasing product prices pertains to pricing strategies rather than expanding the market. Eliminating competitors focuses on competitive strategy rather than customer attraction or market expansion. Improving customer service alone does not directly relate to market development since it doesn't involve reaching out to new customer segments but instead focuses on enhancing the experience of current customers.