Definition: Market Development is a business or corporate strategy aiming at selling current products (or current services) in new markets.
It is one of the 4 growth strategies of the Ansoff Matrix (besides market penetration, product development and diversification).
MD strategy occurs when a company expands the potential market for its existing products. This typically requires finding new users or new uses in new geographic, demographic, institutional or psychographic market segments. Normally involves heavy advertising or horizontal integration (buying similar firms in new markets).
More on business strategy: 3C's Model of Ohmae, Ansoff Matrix, Business Continuity Planning, Business Model, Business Model Canvas, more...
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