Market Development is finding new applications for existing products, thereby opening up new markets. Increasing sales to existing customers or finding new customers for an existing product. Technology that was once used by Google for Google Street view is now available as a consumer product as seen in this LG advert for World Environment Day.
This marketing strategy may also be known as Market Extension. In this strategy, the business sells its existing products to new markets. This can be made possible through further market segmentation to aid in identifying a new clientele base. This strategy assumes that the existing markets have been fully exploited thus the need to venture into new markets. There are various approaches to this strategy, which include: New geographical markets, new distribution channels, new product packaging, and different pricing policies. In New geographical markets, the business can expand by exporting their products to other new countries. This example by LG is perfect for a global market and using social media as a platform to advertise.
While the video’s main purpose is for promoting World Environment Day, LG also wants to show how convenient and easy it is to shoot 360-degree footage with the 360 Cam. It’s small and light enough to be pocketable, and it’ll connect up with both Android and iOS, so you can use it regardless of the phone you own. However, while taking 360 video is simple, and sharing a single video on Facebook can be done in seconds
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