Typically the following are the market expansion strategies that a business could deploy:
Market penetration – Expand in the existing market where you are operating
Market expansion – Enter new markets to increase business
Product expansion – Bring new products to your current market or a new market
Diversification and expansion – Diversify product or service lines by using acquisition as a tool
The choice of a market expansion strategy is influenced by the nature of the product or service, it’s business feasibility, the organization, the business process, prevailing business climate, competition, and financial condition of the enterprise.
Blinding following theory and hoping that it will bring you the desired business results will be a folly. There is a lot of art in growing a business. It is not just empirical information alone that will help you drive your business to perform better.