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Market Development.
It is the development of a new market for existing
prodcts and services. This can be in the form of
exporting or tapping an unexplored segment of the
market.
Product Development.
It is the development of new products to existing markets.
It requires some form of creativity or ingenuity to develop new
products.
Market Penetration.
It is the desire to achieve greater percentage of the
market share through the company’s existing products in existing
markets. The company is involved in building competitive edge
through marketing such as pricing, promotion, packaging, etc. It is
also development of customer loyalty and patronage.