Market Development: Strategies to Grow Your Business

The video discusses market development as a strategy for business growth when domestic markets are saturated. It suggests exploring new markets by finding different customers or geographic areas and repositioning products for new uses to attract new buyers.

What is the primary goal of market development?

• To find new markets for existing products

• To create new products for existing markets

• To reduce production costs

• To improve customer service

Which of the following is a method to attract new customers within the same country?

• Improving product quality

• Lowering the product price

• Creating new uses for the product

• Increasing advertising budget

How can a company find new markets within the same country?

• By reducing the product's price

• By finding different customers who haven't bought the product

• By increasing the product's features

• By developing a new product line

What is geographic expansion in the context of market development?

• Improving product quality for existing customers

• Reducing costs in current markets

• Entering new geographic areas with existing products

• Selling new products in existing markets

What is the ultimate aim of market development strategies?

• To improve employee productivity

• To enhance customer satisfaction

• To grow the business by reaching new customers

• To increase the number of products