Explain market development and market penetration.

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Accepted Answer

Market development is expanding the market by introducing new products or targeting new customers. Market penetration is increasing sales of existing products to existing customers.

Market development involves identifying new market segments and creating products or services to meet their needs.
Market penetration involves increasing sales of existing products by using promotional strategies such as discounts, loyalty programs, and advertising.
Market development requires extensive research and development to create new products or services.
Market penetration requires a deep understanding of customer needs and preferences to create effective promotional strategies.
Examples of market development include introducing a new product line or expanding into a new geographic region.
Examples of market penetration include offering discounts to existing customers or increasing advertising to increase sales.

Explain market development and market penetration.

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