Market penetration is
Market penetration is a measure of the amount of sales or adoption of a product or service compared to the total theoretical market for that product or service.
Market penetration refers to the successful selling of a product or service in a specific market. It is measured by the amount of sales volume of an existing good or.
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What is 'Market Penetration'
How it works (Example):
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Description:The ability of your organization to achieve higher usage by customers can be greatly enhanced by rapidly changing technologies that encourage users to upgrade or that offer more reasons to use the product or service. Market penetration, market development, and product development together establish market growth for a company. This increases the penetration rate of your desired target market to 10 percent. Purchase a competitors company in mature markets to expand market share. It is about finding new ways to boost sales and keep customers loyal and increase market share. The other three growth strategies in the Product-Market Growth Matrix are: Another good example is the rapid growth of the supermarket chains, which have taken market share from small high street grocers who are unable to compete on price and product range.