Market Development and the Importance of Economic Development to Essay

Market Development and the Importance of Economic Development to Marketers - Essay Example An Outline of the Stages of Market Development Which a Country Passes In The Process Of Developing Its Market of a Product or Service An outline of the stages of market development that each developing country passes through include; an invention of an apt idea, selecting of the appropriate ideas to apply, building up a preferred idea and verifying its viability, evaluation of the business, Beta testing and market testing, scientific execution, commercialization and new product value (Levitt, 2006, 25). An Explanation of the Stages of the Market Development Which a Country Can Go Through Invention of Suitable Idea Invention of suitable is the first stage in setting up or developing new markets. Organizations have adopted for stage process when operating in the small market. This is made possible because undivided attention is a lad on the customer’s need. A developing country has to monitor the types of ideas it initiates into its daily operation through monitoring and studyin g of consumer needs. Good inventions of ideas lead to quick achievements of the objectives of a firm or an organization. Suitable ideas will determine the marketing policies applied by nations in building new markets (Levitt, 2006, 59). Selection of the Appropriate Ideas to Apply This is the step in which potential ideas are separated from bad ideas. Not all initiatives are inimical; as a result, screening of ideas is done to lead to a positive growth of the organization. A developing nation has its processes passed through appropriate screening and promising ideas put in place for the country to grow positively. The ideas selected should follow the principle of AIDA (Awareness, Interest, Desire and Actions). The principle helps an entity to discern what it requires from a targeted market (Levitt, 2006, 71). Building and Verifying the Viability of a Preferred Idea This is the stage where the best results are taken for implementation into other products that can compete globally to t he other markets, and the proposed are tested. Developing nations passes through this stage since all the process and procedures that they apply in their operation are verified for viability. Evaluation of the Business Evaluation of the business involves a thorough evaluation of the souk like the market size in a particular environment. Evaluation of advertising strategy is a core aspect in the expansion of stable market for a country. Most countries have espoused business evaluation in their system to lessen the process they take in market expansion. Evaluation of the business helps the author clarify some useful notions that may be a hindrance in developing a new market. Beta testing and souk testing This refers to the development of model around a product to make it unique from other products. The profits ad losses accrued are used to resolve the feasibility of the merchandise. Beta testing and market testing are both processes that a country might pass through in an attempt to e xpand its market. Scientific Execution This involves implementation of new resources to improve the operations of resources within an organization. Countries wishing to expand their existing market are bound to bring in new equipments and knowledge required to lead to the growth of the market. Commercialization Commercialization involves the advertising of new products in the market. The product in most instances is unique to the market. Comme