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Market expansion is a growth strategy that involves offering an existing product to a new market. The following are illustrative examples.Consumer Service → Business ServiceA movie theater rents out theaters during business hours for events, conferences and meetings.
Consumer Service → Consumer ServiceA cafe in a business district is only busy on business days. In order to increase revenue on weekends they host community organized events such as a repair cafe.Consumer Product → Business ProductA mobile device that is mostly purchased by consumers develops office productivity apps and begins to sell directly to businesses with personal selling techniques.
Customer Product → Consumer ProductSelling a product to a new market to serve a different customer need. For example, selling packages of baking soda as an air freshener for a refrigerator. Customer Product → Consumer ServiceOffering a product as a service such as a solar panel system that is sold as a utility service with a monthly electric bill as opposed to a upfront purchase of the system.
Business Service → Consumer ServiceA corporate catering service begins to target weddings and other private events.Business Service → Business ServiceA customer service outsourcing firm begins to sell its service for internal processes such as an IT help desk that serves internal customers of a firm.Business Product → Consumer ProductMarketing business products such as high-end office chairs known for their ergonomics to employees working from home.
Business Product → Business ProductFinding a new use for a business product. For example, offering to brand standard office stationery such as sticky notes such that they become promotional items that can be given to clients.Business Product → Business ServiceOffering business equipment with leasing, maintenance, management and other value added services. For example, selling a coffee service as opposed to a coffee maker.|
| Type | | | Definition | A growth strategy that involves offering an existing product to a new market. | | Related Concepts | |
Business Strategy
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