Development Of New Market Development Essay

Development Of New Market Development Essay

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Market Development
The company focuses on exploring new markets in the state as well in other nations, hence, extending the market for their products. To achieve this, the administration is planning on carrying out various promotions across the globe. Moreover, various sales offices are being opened in varied parts of the globe. These will facilitate the company’s efforts to reach more customers. Nonetheless, in its plan, the company focuses on opening up a new production branch in other continents. That will increase the devices that the company manufacturers, hence, more sales. Development of new market will enable the company to reach into the markets where its competitors have not accessed since most of them are only based in the America.
Product Development
To favorably compete in the market, the company intends to carry out a constant technological modification of its products. The reason for the modification is the growing demands for better accessories and also the advance in technology. Technological development has outdated various products that were produced in the past, hence, their modification is necessary so that they can fit in the current technology (Mun, 2010). Moreover, product development is suited to outdo competitors who are constantly coming up with new products. For instance, the phones that were produced in the last five years should be modified to accommodate the current technology.
Innovation
Innovation is a strategy that involves of new devices based on research and study and also experimentation. Britsam Company is engaging its engineers and other experts in an extensive research and study so as to come up with new products on the market. Moreover, various experiments are carried out on the existing d...


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...lationships with other businesses in the production, distribution and selling of the electric appliances (Murray, 2011). That will enable the companies involved in various aspects such as pricing of their goods.
There are three business strategies that an organization may employ in its business operation. These strategies are; low-cost, speed-based and differentiation strategies. The implementation of each of the three strategies depends on the nature of the business as well as the expected results. As discussed below the three business strategies are different in many aspects. Firstly, the low-cost strategy involves the low pricing of the company’s products so as increase their demand and also increase the market share of the company (Sachdev, 2004). It is most applicable where the company involved has economies of scale, hence an advantage over the other companies.

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