market-expansion

Vocabulary Word

Definition

'Market Expansion' is when a business starts selling its products or services in new markets. This could mean selling in new regions, to new types of customers, or through new sales channels.

Examples in Different Contexts

In e-commerce, 'market expansion' means growing the business by entering new online markets or platforms. An e-commerce strategist might say, 'By leveraging new e-commerce platforms for market expansion, we can tap into previously unreachable customer bases.'

Practice Scenarios

Business

Scenario:

We've seen great success in our home market. I believe it's time to explore opportunities in new geographical areas.

Response:

I agree, our success shows we have a great product. A market expansion strategy would definitely help to increase sales and profit.

E-commerce

Scenario:

Online channels provide easy access to a global audience. We should consider partnering with popular digital marketplaces to boost our global presence.

Response:

Sounds like a great plan. Let's explore market expansion through partnerships with established online marketplaces to maximize our reach.