Market development is a growth strategy that involves expanding into new markets or segments for existing products or services. This can include targeting different geographical areas, demographics, or customer needs that have not been previously addressed. The goal is to increase sales and market share by reaching new customers. To implement market development, businesses often conduct market research to identify potential opportunities and understand customer preferences. They may also adapt their marketing strategies or product offerings to better suit the new market. Successful market development can lead to increased revenue and a stronger competitive position in the industry.