With this strategy marketers look to grow overall sales in one of two ways:

  • Grow Sales with Existing Products – With this approach the marketer seeks to actively increase the overall sales of products the company currently markets. This can be accomplished by:

1. getting existing customers to buy more
2. getting potential customers to buy (i.e., those who have yet to buy)
3. selling current products in new markets.

  • Grow Sales with New Products – With this approach the marketer seeks to achieve objectives through the introduction of new products. This can be accomplished by:

1. introducing updated versions or refinements to existing products
2. introducing products that are extensions of current products
3. introducing new products not previously marketed.

Cite: General Strategies: Market Expansion (2014). From Marketing Planning and Strategy Tutorial. KnowThis.com. Retrieved July 24, 2014 from http://www.knowthis.com/marketing-planning-and-strategy/general-strategies-market-expansion