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Market Development and the Importance of Economic Development to Marketers - Essay Example

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Market Development and the Importance of Economic Development to Marketers

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. ...Show more

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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…
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