Market development

Market development is like when you have a fancy new toy that you want to share with your friends. But your friends have never seen or played with this toy before, so you need to introduce it to them and show them how fun it is.

In the business world, market development is when a company wants to introduce a new product or service to people who have never used it before. They want to find new customers who would be interested in buying their product or using their service.

Just like you want your friends to like your new toy, companies want people to like their new product or service. They do this by finding new markets, which are groups of people who might be interested in what they have to offer. They study these markets carefully to understand what these people like and what they need.

Once the company knows who might want to buy their product, they start coming up with ways to reach these people. They might create advertisements, go to events and show off their new product, or even give out free samples for people to try. This is like you bringing your new toy to school and letting your friends play with it.

When the company successfully finds new customers and these customers start buying their product or using their service, they can say that they have successfully developed a new market. They are happy because they have more people who like their product and are willing to spend money on it.

So, market development is all about finding new customers and introducing them to something new and exciting that they might like. It's like you sharing your new toy with your friends and making them happy.