Market Expansion Strategy Definition and Types

Fri, 06/05/2015 - 04:13 -- Umar Farooq

Expansion Strategy Definition

The dynamic business environment demands continuous change in the business practices. It is in the terms of customer functions and groups and alternative technologies to broad the expansion scope. Whenever an organization aims at high growth, expansion strategies are always followed. In other words, it will be true to say that market expansion strategies are adopted whenever a business wants to expand its activities. The general concept of expanding business is to sell your products to new groups of the potential customers. Usually there are two ways to expand market share. These are:

  1. Introduce more products to the market enabling you to access multiple customer databases.
  2. Make use of your products that are particularly popular.

Offering more Products

Introduction of new products in the market raises the sales to an impressive point. For example last year if you offered ten products and this year you will be offering 20 products then your sales will rise up twofold indeed. It does not happen that your new product may generate large revenues at once. It is because people will take time to create awareness about the new launch and then will make decision to make the final purchase or not. Another way can be to innovate, your product or come up with a product in a way that no one has ever done earlier. For this you will have to make use of the creative side of your company and come up with something that is already you are dealing in with. Never offer a product that is not related to whatever you are already selling.

Riding Bestseller to the Top

Bestseller is the product that sells multiple times. An outstanding bestseller is the one that achieves more than normal level of production. Do some research and find out that which product has more potential in the market. Try a number of alternatives and finalize the product that has the largest sales growth.

Types of Expansion Strategies

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