expansion-strategies

Vocabulary Word

Definition

The term 'expansion-strategies' refers to methods used by companies to grow their business, reach more customers, and enter new markets. It's about winning in a bigger zone.

Examples in Different Contexts

For product development, an 'expansion strategy' may involve innovating or improving products to meet broader customer needs. A product manager might explain, 'Our expansion strategy includes launching new product lines that cater to untapped customer segments.'

Practice Scenarios

Startup

Scenario:

The seed funding round proved successful, and now we are ripe for taking the next leap. Where should we steer our efforts?

Response:

An excellent consideration. As part of our expansion-strategies, I think we should consider stepping into the international market.

Business

Scenario:

Our company has seen an influx of new customers this quarter. It might be an opportune time to start thinking big.

Response:

Absolutely! It's high time to craft a thorough expansion-strategy to reach even more potential customers.