What is Market Development and how Fintalent can help you hire the best Market Development Consultants
Market development can be defined as a company’s intent or desire to enter into a geographic territory that it typically does not sell into currently. The company will take its product or service into an industry that is characterized by low penetration levels of that product or service, or to unserved sub-segments. For example, you might be introducing your product into a geographic territory where the company has little or no sales activity. It is important to note that market development is not just simply geographic but can be done to serve other markets as well. Market development can also be defined as; first time introduction of a product or brand to the market through an independent distributor (3rd party).
Fintalent, the hiring and collaboration platform for tier-1 Strategy and M&A consultants has a large pool of experienced and expert market development consultants available for hire. Fintalent;s invite only platform ensures only the best consultants are available for clients to hire as all consultants are further screened to ensure each one is suitably experienced and possess the requisite qualifications.
Two other definitions of Market Development are:
o Entering new markets without having a presence (Store / Factory / office building etc. added to your real estate)
o Entering new markets with an indirect distribution channel already in place (Independent distributors, agents, franchising organizations added to your brand).
Market Development is often viewed as one of the most important elements of developing a successful global enterprise, especially in US-based businesses.
A large company, whether it is Walmart or Wal-Mart Stores Inc., will not be able to re enter markets that they previously exited unless they have worked to create a strong distribution channel. As the market has matured, these companies no longer have direct sales relationships with their customers. Instead, they rely on the salespeople in their stores who work for independent companies.
Therefore, marketers need to be aware of not only what markets are available but also what channels exist in the market so that they may work to build out their channel system before attempting entry into the market.
Market Development is the process of increasing the capacity and opportunities for producers in a given market. This can be done by either looking at existing markets to increase the number of participants, or looking at new markets that participants could enter. Market development then, is a part of industry analysis that’s intended to improve conditions in an industry.
In business, market development refers to a subset of marketing strategies used by companies seeking to increase their sales volume and profitability through the creation and growth of demand for their products or services.
Market development activities typically take place before or during periods when company revenues are flat or declining (i.e., recessionary periods).
Market development is sometimes referred to as market penetration. The primary difference between market development and market penetration involves the length of time necessary to achieve success. Market development can take place over years or decades, whereas market penetration is usually achieved within a shorter period of time. This approach is designed to cultivate new customers by offering existing customers significant discounts, rebates, or other incentives to purchase products in larger numbers than they had done previously.
Businesses conduct market development for many reasons. For example, companies may choose to enter new markets in order to diversify their customer base or access new customers with distinctive needs and wants that are not currently being met by established companies in the industry. Doing so may lead to greater revenues, improved market share, and product innovation.
The process of market development may be accomplished in one or more stages. For instance, a company could choose to focus initially on identifying new markets in which to operate. Once the new markets have been defined, the company can then move on to define customer needs for each of these markets. Finally, the company will have an opportunity to explore materials for manufacture or distribution that can be produced in order to meet customer needs through a particular market. This approach is known as “market research” or “market analysis”. These are speculative activities that are designed to identify the key factors that are needed in order for market development activities to be successful.
The primary difference between market development and market penetration is duration. Market development can take place over a very long period of time, while market penetration may be accomplished within a shorter period of time. This approach is designed to cultivate new customers by offering existing customers significant discounts, rebates, or other incentives to purchase products in larger numbers than they had done previously.
Companies pursuing market penetration strategies usually engage in activities that are focused on building up current customers by offering them new incentives or improved service levels. For example, companies might decide to improve their existing product lines by emphasizing the value of existing products rather than the features of new ones.
Why you need Fintalent’s Market Development Consultants
In today’s competitive world, it is not enough to sell a product. It has become increasingly important to achieve a strategic “market development” goal. There are the three main ways to achieve this:
o Expand your existing market share in an existing geography
o Enter new markets without having a presence
o Enter new markets with an indirect distribution channel already in place.
Fintalent’s pool of experienced and qualified market development consultants can help firms and hiring managers achieve their goals by bringing in their years of experience across various industries.
