Explain the difference between a market penetration strategy and a market development strategy
What will be an ideal response?
a. A market penetration strategy targets current customers of the product or service. These are defined as customers who are buying your product or those of a direct competitor (often both).
b. A market development strategy targets customers who either have been targeted by you or your competitors but simply have not been persuaded to buy or they could be customers in segments that have not been pursued by you or the competitors in your category.
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