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Healthcare Glossary

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Market development

The strategy of offering existing products to potential new markets, increasing sales by developing a new customer group.

There are several techniques that can be used to create a larger market, ranging from targeting customers of rival businesses to focusing on a fresh, untapped section of the market. These practices are driven and facilitated by marketing personnel within a company or consultants hired specifically to expedite market development.

See also:
Marketing consultant
Marketing strategy
Marketing

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