Market expansion refers to the strategy of increasing a company's reach into new markets or segments. This can involve introducing existing products to new geographical areas, targeting different customer demographics, or diversifying product lines. The goal is to increase sales and revenue by tapping into previously untapped customer bases. Companies often conduct market research to identify opportunities for expansion. This research helps them understand consumer needs, competitive landscapes, and potential barriers to entry. Successful market expansion can lead to greater brand recognition and increased market share, ultimately contributing to long-term growth and sustainability for the business.