We could define the market development strategies as a series of plans aimed at expanding the niche of a certain company, and therefore, to make it bigger and potentially more profitable for the development of an economic activity concrete.
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We meet different types of strategies that deserve to be differentiated before issuing a global concept.
In the first place we will talk about some strategies considered as "of leadership". These types of strategies are used by companies that already exercise dominance in the market with superior products or competitive efficiency. Once you have this leadership, you can choose to develop.
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Cooperative strategies: Increase the size of the market, which will also have a positive impact on consumers by finding more users and applications of the service or product in question.
Competitive strategies: Which seek to invest heavily and thus attract the customers of the competition, this is done through advertising, more aggressive sales, etc.
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In the event that the company does not have that predominant position in the market, it may use other techniques. These, called "market challenge " They have a clear purpose, to go against the current market leader and we can distinguish exactly three:
The first strategies are those of Frontal attack, which attack the entire market, both the price, product, distribution and promotion of the competitor. It cannot be done by any company due to the resources that this practice implies.
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Attack on the sides: Only attack the weakest points of the leader, for example the price aspect. In this sense, it is an easier competition to carry out even by the weakest competitors.
Bypass attack: The company will focus on those business areas that the leader does not attack and that are therefore vacant. It is a very interesting strategy for companies that are just starting out, although on the contrary, it has the counterpoint of being less economically profitable areas than the main one where the leader exercises hegemony.
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Finally we will talk about Niche Market strategies, which consist of offering a highly specialized product that does not enter into direct competition with the leader.
There are many more market development strategies equally interesting for a business organization seeking to expand its presence in the market. In fact, there is no set number of strategies, but new and better possibilities and strategies in order to focus the efforts of our company on one objective Sure.
