The current situation in the markets is that companies are facing heavy competition and consequently declining demand in their current business areas. As soon as a company detects and develops a new interesting market segment, other players try hard to participate in this field, and the competition starts again. Consequently companies find themselves competing in defined market segments with comparable products and services. This causes the companies to fight hard for their share of the existing market demand. In many cases the market is not growing, which means if a company gains market share another company has to lose it. Because of this situation all companies which want to be successful are constantly forced to look for new interesting market segments and business areas which others have not detected and served so far. Expanding into new areas seems to be crucial to escape the cut throat competition. The objective of this thesis is to review the approaches available for this purpose and to look for a process which maximises the effectiveness of the chosen market strategy. This will be done with an examination of selected literature combined with personal business experience. Identifying new attractive markets is not a simple and short process. If a company wants to be successful in this process it has to be structured and well organised, otherwise the company runs the risk of wasting capacity and money which again can endanger the company's future. The result of these investigations is that there are many well known tools for analysing businesses and developing strategies. Two main directions have been detected. One is the so called "red ocean" approach and the other the "blue ocean" approach. Both rely more or less on the same information but the difference lies in the strategy for looking for and tackling new market opportunities. The research confirms that the process for identifying new attractive markets needs a structured and well planned approach.