SELF-DIAGNOSTICS > Market Development
Market development allows a company to offer its products or services to a new clientele, or offer new products or services to its existing clientele. For managers, there could be several reasons to set up this project, i.e. to increase market share, optimize production equipment, increase revenues, market diversification, or simply a change in direction. In all cases the development plan must be well defined.
- Did you set up a strategic plan to develop and penetrate the market?
- Did you evaluate your financial requirements for the project?
- Did you define your target market?
- Were marketing studies conducted?
- Were tests done?
- Are your products adapted to the targeted markets?
- Have you identified and evaluated your competitors?
- Does your product have a competitive advantage in the targeted market?
- Are your prices competitive?
- Is the quality of your product comparable?
- What type of guarantee do you offer?
- How will you handle service abroad after sales?
- What distribution channels will you use? (partnerships, distributors, branches)
- Do you participate in trade fairs and exhibitions?
- Can your production meet the demand?
- Are you able to deal with a price war?
- Do you have alternative solutions?
If you wish to increase your market share or develop new ones, Customs & Logistic 101 can help you. Contact us to plan a free consultation at your convenience.