What are the Key Strategies for Expanding Market Reach?
Several strategies can be employed to expand market reach:
1. Market Penetration: This involves increasing market share within existing markets, often through competitive pricing, marketing, or improved service.
2. Market Development: This strategy focuses on entering new geographical areas or demographic segments with existing products.
3. Product Development: Introducing new products or improving existing ones to meet the needs of the current market or attract new customers.
4. Diversification: Entering entirely new markets with new products, which can be risky but also highly rewarding.