Starbucks was pursuing market development growth strategy.
Market development is a growth strategy for existing products that finds and develops new market niches. Non-buying clients in currently targeted segments are the focus of a development plan. It also seeks new clients in new markets.
Market Development Strategy is a growth strategy implemented by businesses or organisations to expose their product or solution to target consumers that they have yet to reach or are not already serving. As an example, suppose your software company has a new product offering.
A corporate growth plan that focuses on introducing existing items to new markets is known as a market development strategy. A market development plan assists businesses during their expansion phase.
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