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 international marketing, 'market expansion' refers to the process of entering new geographic markets to increase a company's customer base. A marketing director might discuss, 'Our market expansion strategy into Southeast Asia involves localized marketing campaigns and partnerships with local distributors.'

Practice Scenarios

Tech

Scenario:

Given our product’s popularity in the current user-base, we need to consider expanding to new demographics.

Response:

That's an excellent point. With a few tweaks to the user interface, we could facilitate market expansion to non-English speaking demographics.

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.