PMD, in the context of marketing, could stand for several things, but one common interpretation is “Product Market Development.” When referring to PMD in this context, it describes a strategic approach that focuses on developing new markets for existing products. This strategy is one of the four quadrants in the Ansoff Matrix, a tool used by marketers to consider different avenues for business growth. In Product Market Development, the aim is to identify and enter new markets—be they geographical, demographic, or new segments within a market—where the product might not currently be sold. To successfully implement a PMD strategy, a company would conduct thorough market research to understand the new market’s needs, preferences, and cultural nuances. It would also assess the competition and potential barriers to entry. Based on the findings, the company would then develop a tailored marketing mix to suit the new target audience, adjusting product features, promotional tactics, pricing, and distribution channels as necessary. The goal of PMD is to find new customer bases to drive sales growth without the need to develop new products, which can be more resource-intensive.

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