Developing a new market for the existing company product is called market development strategy. In this activity efforts are put on to find new markets and make new customers to increase company revenue and profit. Walkers has the opportunity to develop markets oh geographical such as cities, counties, and demographical such as on basis of sex, age group and class etc.
Walkers have the opportunities to develop new markets for its product throughout the United Kingdom, and also in other potential areas globally. Through market penetration strategy they can give good packages to their customers in order to encourage current customers to buy more, the second and important factor in this strategy is that to attract competitor’s customer by providing them good packages to buy Walkers product and attract all those customers who are new to this market and increase the number of customers.
As Walkers Crisps is a UK brand with a 47% share of the British crisp market. And 12 different types of crisps products, which shows that almost half of the UK crisps market is captured by Walkers, and they have a very good and popular brand name, that’s why in this assignment the two marketing strategies “Market Penetration Strategy” and “Market Development Strategy” for the purpose of marketing are recommended to Walkers. They can launch their product in new markets to attract their competitor customers and all those who are new to the crisps market, because of having good will of Walkers and good market share in the country markets, Walkers will definitely get succeed in attracting new customers and their competitors customers.
The second proposed strategy for Walkers (Market Development Strategy) will enable Walkers to introduce their products into new markets with their current products. Although Walkers have about half of the market share captured in UK crisps market but definitely there will be some potential areas where they don’t have given the required focus in past, or address those markets where they have low sales as compared to their competitors, so this strategy will help walkers to properly analyze the new market areas and launch their products under the well known brand name of Walkers to achieve maximum benefits for the company