In a market development strategy, what is the focus of the business?

In a market development strategy, the primary focus is on finding new customers for existing services. This approach seeks to increase the customer base by targeting different market segments or geographic areas where the organization’s products or services have not yet been utilized. By identifying potential customer groups or markets, the business can expand its reach and generate additional sales without the need to create new offerings.

This strategy emphasizes understanding customer needs within untapped markets and effectively marketing existing services to satisfy those needs. The goal is to increase market share and revenue by introducing current offerings to new audiences rather than investing in developing new products or reducing costs. This clear focus on market expansion enables the business to leverage existing capabilities while exploring new opportunities for growth.