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customers, i.e. exploring new markets for the existing product at national as well as at international
level.
(a) New Demographic Market: By studying demographic characteristics like Income, Marital status,
Standard of living, Education, Age and sex of the customers enterprise can offer the same product to
a different demographic group.
or example: Tata Nano caters to a segment of middle income group.
(b) New Product use: Entrepreneur can find out that people use its product in a way that was
not expected. This new knowledge of product use provides insight into how the product may be
valuable to a new group of buyers. For example: Aspirin, a pain killer, has been found good for
heart too.
(c) New Geographical Market: This means selling the existing products in the new locations and
new markets. This has the potential of increasing sales of the product by offering the product to
customers who have not previously had the chance to purchase its products. This is based on
Customers’ preferences, Language, Legal requirements, etc.