General Strategies: Market Expansion
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.