When a company expands its market, it is like an explorer stepping into an unknown land, except that this time the explorer is not holding a compass and a map, but a market research report and marketing strategy. First of all, explorers have to do their homework, which is our market research, to figure out which inhabitants (consumers) of this new continent, what they like, what they hate, and what treasures they crave the most (product needs).
Then, the explorer has to define himself, for example, I am a "porter of high-end luxury" or when the company expands the market, it is like an explorer stepping into an unknown land, only this time the explorer has not a compass and a map in his hand, but a market research report and marketing strategy. First of all, explorers have to do their homework, which is our market research, to figure out which inhabitants (consumers) of this new continent, what they like, what they hate, and what treasures they crave the most (product needs).
Then, the explorer has to position himself, for example, as a "porter of high-end luxury" or "a caring person for the affordable", in order to attract the right crowd. Then, the explorers have to plan a big party (marketing campaign) and invite the inhabitants of the New World to join in and let everyone know about their arrival.
Of course, the party has to be in the right place, which is the sales channel, whether it is a bustling market (online**) or a quiet alley (specialty store). The party has to have great performances (product displays) and delicious food (service experience) to keep residents coming back for more. At the same time, explorers will have to make some local friends (partners) who will help you settle into your new environment faster and introduce you to more people.
However, adventure trips are always full of unknowns, and there may be some unexpected storms (market risks), so explorers need to have a cool head and prepare contingency plans, such as changing routes (adjusting strategies) or finding a safe haven (temporary retreat).
In the end, the explorer has to keep watching and documenting the details of the trip (market feedback) so that they can do better on their next expedition. All in all, expanding your market is an exciting and fun adventure, and with the right strategy, you might be able to discover a whole new treasure island!