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The Market Development Strategy: Video Transcript

Scott Regan defines a market development strategy as a mini strategic plan to help companies expand into new markets, customer bases, or products. It includes goals, objectives, strategies, and tactics assigned to organizational members to drive growth. Regardless of industry, a market development strategy focuses on measuring performance in geography, customer base, and products/services. The key is understanding the current baseline versus the desired future performance and crafting a strategy to bridge that gap.

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Ronaldo Convento
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60 views1 page

The Market Development Strategy: Video Transcript

Scott Regan defines a market development strategy as a mini strategic plan to help companies expand into new markets, customer bases, or products. It includes goals, objectives, strategies, and tactics assigned to organizational members to drive growth. Regardless of industry, a market development strategy focuses on measuring performance in geography, customer base, and products/services. The key is understanding the current baseline versus the desired future performance and crafting a strategy to bridge that gap.

Uploaded by

Ronaldo Convento
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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www.achieveit.com || 800.535.

1559

THE MARKET DEVELOPMENT STRATEGY


VIDEO TRANSCRIPT

H
i. I’m Scott Regan, the founder and now you are going to open a A market development strategy
and chief execution officer of whole pediatric unit. In terms of new really is a mini strategic plan because
AchieveIt, and today we are products, perhaps you are not doing it has all the same elements: goals,
going to talk about the fundamentals cardiovascular medicine, and you are objectives, strategies, and tactics.
of developing a good market going to start an open heart program We assign tactics to people in
development strategy. to drive cardiovascular medicine into our organization, we hold people
your organization. accountable, and we drive as fast and
A market development strategy hard as we can.
is really a small strategic plan If you are a bank, we can use this
designed to help companies move same model. Geography may be If you do these things, you will find
new products into the marketplace, around the location of branches, your market development strategy
expand their existing reach, or expand our customer base includes people moves a little bit smoother and a little
the use of their current products to do needing mortgage financing, bit faster.
new things. There are three different which will enable us to expand to
areas we talk about when discussing customers who want to become “The key to a market
market development strategy. homeowners. Additionally, we may development strategy is the
have investment products we want understanding of the current
• Geography: We want to expand our to bring to the marketplace to help baseline performance vs.
footprint by expanding our product grow the organization. what we want our future
into new markets where we currently performance to be.”
don’t exist. Another example: If you are a
cereal manufacturer, you have to
• Customer Base: We want to expand
deal with distribution issues around
the customer base; maybe right
geography. Your customer base is
now we are focused on middle-
largely about product positioning;
aged adults, or seniors, or kids, or
perhaps we need to offer healthy
teenagers, but we want to move into
cereal alternatives to attract a new
a new customer segment to expand
customer segment or create an
the sales of our current offerings.
organic version of our products.
• Products: This includes both new
and existing products. How do we Regardless of what industry you are
take our existing products and do in, there is one common denominator
things with them that push them to among all industries. Everything I just
other customer bases or geographic described was a measurable objective.
segments. How do we identify Looking at growth in the secondary
what are the customer needs, and or tertiary markets, increasing the
use that knowledge to make new number of mortgages that we
products or services that we can are writing, or increasing product
then bring to market? distribution through our cereal
company – those are all measureable.
Regardless of what kind of They are all objectives we can actually
organization or company you have, put numbers on that provide us with a
you will generally deal with these baseline and a target.
three spheres of influence.
The key to a market development
For example, if you are hospital, your strategy is the understanding of the
geographic strategy may be around current baseline performance vs.
the placement of clinics in secondary what we want our future performance
and tertiary markets. Expanding to be, and then coming up with the
your customer base may include an strategy to move from A to B. The
expansion into pediatrics; maybe you strategy revolves around geography,
have never really treated pediatrics customer base, and the products.

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