Hi Naresh, I moved your question to this forum, because it fits really well with your question. As you can see, according to the Ansoff Matrix the business founder could choose from 4 strategies:
1. Market Penetration
2. Product Development
3. Market Development
Which one is best depends on the circumstances and the preferences (vision, mission) of this entrepreneur.
Akintunde Olusegun Consultant, Nigeria
Strategies for Business Expansion
I agree as pointed out by @Jaap de Jonge, you need to study and analyze Ansoff's business expansion strategies to be able to zero in on the one that fits your particular situation and business milieu.