A growth strategy that involves entering new markets with existing products or services, either by targeting new customer segments, geographic regions, or distribution channels. Leverages proven offerings while reducing market concentration risk.
'Market' from Latin 'mercatus' and 'expansion' from Latin 'expandere' (to spread out). Strategic concept formalized in growth matrix frameworks developed in business strategy literature of the 1950s-60s.
Market expansion seems straightforward but often fails because companies assume their successful product will work the same way in different markets. What works in New York might flop in Tokyo, and what appeals to millennials might confuse baby boomers.
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