Various strategies can be adopted for market development:
- Geographical Expansion: Entering new domestic or international markets. This might involve setting up local offices, distribution centers, or e-commerce platforms. - Targeting New Customer Segments: Identifying and targeting new customer segments within existing markets, which might have been previously overlooked. - Product Adaptation: Modifying existing products to meet the specific needs and preferences of new market segments. - Strategic Alliances and Partnerships: Collaborating with local businesses or international firms to leverage their market knowledge and distribution networks.