2 Market Extension
Market extension refers to the process of expanding a company's current market by targeting new segments or regions. This can be done by introducing existing products to new markets or introducing new products to existing markets.
There are several ways to achieve market extension, including:
1. Geographic expansion: This involves entering new geographical areas either within the same country or internationally. Companies can explore new regions where their products or services are in demand.
2. Demographic expansion: Targeting new customer demographics can help expand the market reach. For example, a company may decide to target younger or older consumers, or different income groups.
3. Product line extension: Introducing new products or variations of existing products can attract new customers and increase market share. This can involve launching new versions of existing products, adding new features, or targeting a different niche market.
4. Channel expansion: Exploring new distribution channels or partnerships can help reach new customers. This could involve selling products through online platforms, reaching out to new retailers, or partnering with other businesses to promote products.
Overall, market extension is a strategic way for businesses to drive growth and increase their market share by expanding into new markets or targeting different customer segments. It requires research, planning, and execution to successfully reach new target markets and achieve business objectives.