market development; market cultivation
Business term for developing new markets or expanding into untapped customer segments.
Our company is focusing on overseas market development.
Market development for new products takes time.
市場調査 means 'market research' (gathering data), while 市場開拓 is the active process of developing or expanding a market.
開拓 alone means 'reclamation' or 'pioneering' (e.g., land); 市場開拓 applies this pioneering sense to markets.
Compound of 市場 (market) and 開拓 (reclamation, development). The meaning is transparent from its parts.