product-expansion

Vocabulary Word

Definition

'Product-expansion' is about expanding the range of products a company offers. It’s not just selling more of the same, but developing new products or enhancing existing ones.

Examples in Different Contexts

In market development, 'product expansion' refers to the strategy of introducing existing products into new markets to increase the customer base. A market strategist might say, 'Our product expansion into the Asian market aims to capitalize on growing demand for tech products in the region.'

Practice Scenarios

Business

Scenario:

I think we're at the stage where we need to increase our range. Adding new products can bring in new customers and improve our market position.

Response:

I agree. A well-planned product expansion can help us retain our customers and attract new ones.

Product

Scenario:

There seems to be a lot of demand in the market for eco-friendly products. Maybe it's the right time for us to venture further into this segment.

Response:

Product expansion into eco-friendly options seems like a wise choice. It aligns with our company’s sustainability goals too.