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A market expansion strategy is a detailed plan—it can take the form of a document, spreadsheet, or even a presentation—that outlines a business’s goals and objectives for entering new markets. It can also include a financial plan, team planning, and detailed market research.
A detailed how-to guide about creating a market expansion strategy (actionable steps, tools, + a helpful checklist) to help you succeed.
Market expansion is a company's growth strategy to increase its market share, operations, customer base, and presence in existing locations or new markets.
A market expansion activity without deep insight is more likely to fail. Start with one of these four key activities to achieve greater success.
Five market expansion strategies include: 1. Market expansion through concentration, 2. Market expansion through diversification, 3. Market expansion through integration, 4. Market expansion through cooperation, 5. Market expansion through internationalization.
Market expansion strategy refers to a plan or approach that businesses use to grow their presence in existing or new markets. It involves identifying opportunities, assessing risks, and implementing strategies to penetrate and expand into new territories.
Market expansion — sometimes also called territory expansion — is a process where businesses begin marketing and selling to people not included in their original target market. When this happens, the businesses still retain their original market, they simply expand it to incorporate new groups of people. Why use a market expansion strategy?