In terms of business expansion, what does market expansion aim to achieve?

Market expansion is primarily focused on increasing the customer base, which aligns with the goal of attracting more consumers to a company's products or services. This strategy often involves entering new geographical areas or demographic segments to reach a wider audience. By expanding the market, a company seeks to boost sales and revenue by selling to more potential customers, thereby enhancing its overall market penetration.

While creating new distribution channels can be a part of market expansion, it is not the primary aim. The core objective remains to expand the reach of the business and its offerings to an increased number of consumers. Neglecting consumer needs contradicts the very essence of successful market expansion, which relies heavily on understanding and meeting those needs in new markets. Likewise, maintaining market share focuses on preserving existing sales levels rather than actively seeking to grow the customer base. Thus, increasing the customer base distinctly captures the essence of what market expansion is intended to achieve.