Development Of New Market Development Essay

Development Of New Market Development Essay

Length: 1259 words (3.6 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

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 Technological development has outdated various products that were produced in the past, hence, their modification is necessary so that they can fit in the current technology (Mun, 2010).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 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...

... middle of paper ...

...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.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Nordstrom : A Market Segment, Targeting, Managing The Crm, And Identifying New Product Development Opportunities

- Milestone Three consists of the following: identifying your market segment, targeting that segment, managing the CRM, and identifying new product development opportunities 1. Divide your target market into segments. Address how the markets will be segmented and how the CRM will allow you to retain your segmented markets. Nordstrom segments are broken down into preference segments. There are three segments that Nordstrom has containing the following: homogeneous, diffused, and clustered. Homogeneous is a market with no natural segments....   [tags: Marketing, Mobile phone, New product development]

Better Essays
982 words (2.8 pages)

Emerging And New Market Opportunities Essay

- emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure, emerging trends and analysing the internal & external competitive market environments. To evaluate customer satisfaction previous researches provide strong relationship between customer satisfaction and product quality, product features and value for money....   [tags: Marketing, New product development]

Better Essays
1713 words (4.9 pages)

Marketing Techniques Are Used For Market Products Essay

- Intro: In this unit I will be analysing the different marketing techniques that are used in businesses, in this case Tesco and Uber, and I will be also researching how these companies use the market to their advantage and try beating competitors. Ansoff’s Product Matrix: This consists of four sections which include Market Penetration, Product Development, Market Development and Diversification. As you can see on the table there are 4 potential outcomes when using the Ansoff’s Matrix which include ‘Existing Product’ and ‘Existing Markets’, which are not risky at all, or there is the option of joining a ‘New Market’ and creating a ‘New Product’, which are high risk high reward methods usually...   [tags: Marketing, New product development]

Better Essays
1012 words (2.9 pages)

The Challenges Of New Products And Services Development Essay

- Nowadays, innovation and new product development (NPD) could be considered as an effective strategy for organisations to gain high competitive advantages over its competitor. This strategy has supported companies to satisfy customer requirements individually. Nevertheless, it could also create the challenges as well as the risks which could support or hinder the achievement of companies (Bolumole et al., 2014). This paper will discuss on the challenges of new products and services development. It would also illustrate the challenges and risks associated with developing new products and services....   [tags: Innovation, New product development, Revenue]

Better Essays
1000 words (2.9 pages)

Market Analysis : The Market Essay

- Market penetration is where the company is the market leader and has the most share of the market. They do this by pushing their existing products into the existing markets. Product development is where they develop new products or modify existing products and put them into existing markets for example, coca cola has coca cola cherry, life, diet and zero. Market development is where they put existing products into new markets in the hope that they will sell, this could be in markets abroad or just different regions....   [tags: Marketing, Markets, Coca-Cola, Market penetration]

Better Essays
732 words (2.1 pages)

Customer Satisfaction And Product Development Essay

- New product development is the process of introducing a diverse product in the existing, emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure, emerging trends and analysing the internal & external competitive market environments....   [tags: Marketing, New product development]

Better Essays
1953 words (5.6 pages)

Analysis of the Electronic Cigarettes Market Essay

- Introduction This report explores E-cigarettes. First, it introduces E-cigarettes, their market information, and their special characteristics. Second, the report will state their market structure, market competitions and government regulations. Then, the report will explain why E-cigarettes should be normal goods and how the suppliers could increase demand. Next, the report will analyse the development of this market, its opportunities for new entry and whether it is sensible to open a new business....   [tags: E-cigarette Market Analysis]

Better Essays
2318 words (6.6 pages)

Essay about Strong Economy and Its Effect on Financial Market

- Following the trend of economy, it is important to investors to understand that strong economy creates strong stock market. To elaborate further, as stock prices are increased by current and future expectations of earnings, thus without a strong economy it would be difficult for the companies to increase and sustain their earnings (Kong 2013). The economy development is usually calculated using the gross domestic product of a countries. On the other hand, a change is the stock price can also cause a major impact to the consumers and investors directly....   [tags: stock market, capital markets]

Better Essays
902 words (2.6 pages)

Hong Kong: Bond Market Development Essay

- 1. Evaluate the latest development of bond market in Hong Kong The Hong Kong dollar debt market grew steadily despite the volatility in global bond markets. Firstly, Hong Kong is quite a liberal debt market. According to CbondS, International investors are free to invest in debt instruments issued in Hong Kong. There are no restrictions on foreign borrowers tapping the domestic debt market to finance their business. The bond market in Hong Kong has for some time been a significant market place for issuers and investors, in both domestic and foreign currencies....   [tags: liberal debt market, investments]

Better Essays
1551 words (4.4 pages)

A Free Market’s Development Essay

- The twentieth century ran by a mainly Keynesian system with a modern mix economy, but now its time for a change. A free market would lead to more establishments of new businesses. In addition, a free market would allow individuals to be compensated based on skills, education and experience. Lastly, the free market economic system would lower the unemployment rate. The development of a complete free market system will lead to the growth of the gross domestic product. The development of a complete free market would strengthen the GDP as the country has a growth in the amount of new businesses established....   [tags: Keynesian System, Gross Domestic Product]

Better Essays
1370 words (3.9 pages)