market-expansion-strategy

Vocabulary Word

Definition

'Market-expansion-strategy' is a business strategy to increase sales. It works by identifying and entering new market segments or geographical regions.

Examples in Different Contexts

In strategic planning, a 'market expansion strategy' involves methods a company uses to grow its business by entering new markets or increasing its share in existing ones. A strategic planner might say, 'Our market expansion strategy includes targeting underserved regions and diversifying our product offerings to meet broader customer needs.'

Practice Scenarios

Business

Scenario:

I believe we're ready to take our business overseas. We've performed well domestically, and the demand for our products is rising in other regions as well.

Response:

That´s a great idea. We could adapt our current market expansion strategy to cater to the overseas markets.

Tech

Scenario:

We have a solid user base for our project management software in the tech industry. There's an opportunity to explore the healthcare and manufacturing sectors.

Response:

I believe our market expansion strategy should include developing specialized features for these new sectors.