When you think of innovation, you usually associate it with a new product. However, there are many other forms of innovation. Market innovation is one of them. You try to transfer the technologies that you already use to new fields of application.
However, the term market innovation has no geographical dimension. It does not mean the development of new regional markets. Rather, with a market innovation you try to penetrate with your existing know-how into industries in which you have not yet been active. The measures you take to achieve this are very different from those you use to expand into new regions.