What are the Different Market Expansion Strategies?
There are several strategies businesses can employ to expand their markets:
Exporting: Selling products or services directly to a foreign market. Licensing and Franchising: Allowing another company to produce or sell the product in a new market under a licensing or franchising agreement. Joint Ventures: Partnering with a local company to enter a new market. Direct Investment: Establishing a physical presence in the new market through offices, factories, or subsidiaries. Online Sales: Leveraging e-commerce platforms to reach international customers.