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

For international business, 'market expansion strategy' refers to the approach a company takes to enter and establish itself in foreign markets. An international manager might discuss, 'Our market expansion strategy focuses on forming strategic partnerships and localizing our products to fit cultural preferences.'

Practice Scenarios

Operations

Scenario:

As we're experiencing higher demand, we need to consider how to efficiently adjust our production levels to match that increase.

Response:

Yes, and we should integrate our production scale-up plans with the larger market expansion strategy.

Marketing

Scenario:

Our product is performing well amongst specific age groups. However, I see an opportunity to broaden our impact by targeting younger demographics.

Response:

I agree. Our market expansion strategy should involve researching these new demographics and adjusting our marketing approach.