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 studying 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 the 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 expand 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
Market Development and the Importance of Economic Development to Marketers Name Instructor Task Date Introduction The marketing procedure refers to all those procedures and behavior that are conducted in an attempt to increase the sales of products or services…
In some cases even farm lands were sold to big companies for expanding their presence in the country. All these were done by completely ignoring the rural areas of the country. Development of cities and high rise buildings were considered to be the picture of development.
The economic state of an area is said to be high when the area enjoys aspects such as continuous supply of clean water; constant supply of affordable electric power; quick and effective response to fire break outs; high quality medical services; high quality learning facilities at all levels of education; constant supply of affordable food stuffs; high quality transport services; affordable and reliable means of communication; availability of job opportunities; clean environment with fresh breath among others.
Each question should be only two to three typed pages, times new roman, twelve point font and at one and a half spacing. Part One: Compulsory Question 1. With reference to your team’s group of countries identify and discuss key features of inequality in developing countries.
Some countries have gone through economic turmoil while others have had their economies accelerated within record span of time. Economic development is desirable for any country as it helps to enhance the socio-economic status of the citizens. Moreover, countries that experience economic crisis face mass actions and demonstrations which are not good for their political environment.
er than the common focus on income and wealth, or on mental satisfaction or processes, Amartya Sen suggests a focus on what he calls capabilities - substantive human freedoms. And he argues for a broad view of freedom, one that encompasses both processes and opportunities, and
The concept might also be recognized as the qualitative as well as quantitative alterations taking place within an economy. These processes widely comprise of various aspects concerning regional competitiveness, social advancement, literacy rate, infrastructural developments and numerous other initiatives.
is unemployment, which only enhances the tough condition of poverty, not to mention the inability of the government to supply the actual needs of its people. In this way, the government in North Africa needs to remarkably consider making some ways in order to make both ends
Consequently, the marketing and promotional strategy is to be tailored in such a way that it boosts the success of the movie in terms of DVD sales (Wilson 2002, pg. 33). As a result, I expect to present, in this paper, a marketing strategy/plan that
As mentioned above, economic development focuses on improvements of certain indicators such as literacy levels. In short, economic development aims at having a sound local economy that attracts investment, creates employment
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