Market
Development
Strategy whereby an organisation
introduces its offerings to markets other than those it is currently
serving
Illustration: Sage Pay enters German market
Sage Pay is the UK and Ireland’s
leading independent payment service provider (PSP) and is one of the
most trusted payment brands. Every year Sage Pay processes billions
of pounds worth of secure payments for its 45,000 customers and makes
the process of accepting payments online, over the phone, or in
person simpler, faster, safer and more profitable for businesses of
all sizes.
Recently Sage Pay decided to enter into German market to benefit customers from easy integration and transparent pricing, and as an Opportunity for UK businesses to expand their customer base into Europe
Sage Pay, the UK’s leading payment provider has been launched in the German market dated 18 October 2012 providing online payment solutions for small to medium sized (SMB) online businesses.
Recently Sage Pay decided to enter into German market to benefit customers from easy integration and transparent pricing, and as an Opportunity for UK businesses to expand their customer base into Europe
Sage Pay, the UK’s leading payment provider has been launched in the German market dated 18 October 2012 providing online payment solutions for small to medium sized (SMB) online businesses.
If we check the customer base of
Sage Pay it is over 45,000 customers in the UK & Ireland and the
move into the German market is an example of Market Development as
the product is same, but being introduced in new market.
To further elaborate about the
company and its working style, Since Sage Pay’s beginnings 11 years
ago many of their customers have grown from bedroom start-ups to
multi-million pound enterprises. In addition to providing payment
technology Sage Pay also advise customers on the latest e-commerce
trends and innovations to ensure they remain competitive.
According to the data provided by
Company, In the UK Sage Pay has a business relationship with over
2,600 partners including digital agencies, web developers, hosting
and shopping cart providers. Many partners are already pan-European
and have expressed interest in continuing the partnership in the
German market. This gives a positive signal in Market Development.
Overall it seems an accurate
strategy to enter German market for Company growth on the theory of
Market development. Sage Pay with its long serving experience in
business and good repute along with having customers and partners on
its side give a competitive advantage. I believe Sage Pay
stakeholders will surely be advantaged.
Market Penetration
It is a strategy to increase
market share of a product or service in an existing market.
Illustration: eBay Mobile Strategy
eBay Inc. the world’s largest
online marketplace rose the most in three months after third- quarter
results fuelled optimism that the company’s turnaround is gathering
steam. Third-quarter revenue climbed 15 percent to $3.4 billion, as
per Company statement.
Reason behind the raise in the revenue is believed to be focus mobile technology, marketing campaigns and a website redesign, seeking to vault the company beyond its roots in Internet auctions.
Adding new retail partners that helped improve its search and made shipping faster, while its mobile applications have reached 100 million downloads. This strategy of working on new opportunities and working on weak area not only eBay Inc penetrated in the market but also gave better results.
eBay made changes that were targeted to convenience and customer service for marketplace visitors. The company paired up with Geek Squad Inc. this month to offer 24- hour technical support for electronics sold on the site, and released an application called eBay Now that offers customers same-day delivery.
The online retailer also redesigned its homepage, centring it around photos, similar to Pinterest Inc., a site that lets users share photos by pinning them to a virtual bulletin board. There are more than 2 million items listed a week from mobile devices.
Till now eBay is doing well by working on weak areas and new opportunities. The strategy to use mobile as a sale point gave an edge to eBay, which clearly reflected in the Third Quarter results. It clearly demonstrated an example of Market Penetration. Up-coming holiday season as far as I see will also advantage from this strategy.
Reason behind the raise in the revenue is believed to be focus mobile technology, marketing campaigns and a website redesign, seeking to vault the company beyond its roots in Internet auctions.
Adding new retail partners that helped improve its search and made shipping faster, while its mobile applications have reached 100 million downloads. This strategy of working on new opportunities and working on weak area not only eBay Inc penetrated in the market but also gave better results.
eBay made changes that were targeted to convenience and customer service for marketplace visitors. The company paired up with Geek Squad Inc. this month to offer 24- hour technical support for electronics sold on the site, and released an application called eBay Now that offers customers same-day delivery.
The online retailer also redesigned its homepage, centring it around photos, similar to Pinterest Inc., a site that lets users share photos by pinning them to a virtual bulletin board. There are more than 2 million items listed a week from mobile devices.
Till now eBay is doing well by working on weak areas and new opportunities. The strategy to use mobile as a sale point gave an edge to eBay, which clearly reflected in the Third Quarter results. It clearly demonstrated an example of Market Penetration. Up-coming holiday season as far as I see will also advantage from this strategy.
