Expanding into new markets refers to the strategy of a business entering regions or sectors where it previously had little or no presence. This can involve selling products or services to new customer bases, which can lead to increased revenue and growth opportunities. Companies often conduct market research to identify potential areas for expansion and assess competition. This process can take various forms, such as launching a new product line, establishing partnerships, or opening physical locations. Successful expansion requires careful planning and understanding of local regulations, cultural differences, and consumer preferences to ensure that the business meets the needs of its new market effectively.