Reduce the number of market segments to
Market segments and focus on
Market segment
Market development is the sum of all relevant, consciously managed or unintended changes that describe the evolution over time of a specific market segment or a marketable product.
There are two possible approaches to market development:
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passive approach: How is a market developing? (observational)
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active approach: How can I develop a market? (action-oriented)
When analyzing a specific market development, three time dimensions need to be clarified:
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how has the market developed since its inception?
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what is the current state of the market?
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how will the market develop in the future?
Market development, in the sense of actively influencing existing sales markets and developing new markets, is increasingly understood as an active process aimed at shaping company portfolios and market segments.
Opportunities: If a company succeeds in establishing an existing product in a new sales market, the resulting increase in total sales volume can reduce product costs and increase profitability.