Market expansion refers to the strategy of increasing a company's reach by entering new markets or increasing its share in existing ones. This can involve introducing products or services to new geographical areas, targeting different customer segments, or enhancing distribution channels. The goal is to boost sales and revenue by tapping into new opportunities. Companies often conduct market research to identify potential areas for expansion. This research helps them understand customer needs, competitive landscapes, and market trends. Successful market expansion can lead to increased brand recognition and a stronger market position, benefiting the overall growth of the business.