WordNet
n. the extent to which a product is recognized and bought by customers in a particular market
Wikipedia
Market penetration is a growth strategy stemming from the Ansoff Matrix (Richardson, M., & Evans, C. (2007). H. Igor Ansoff first devised and published The Ansoff Matrix in the Harvard Business Review in 1957, within an article titled "Strategies for Diversification." The grid/ matrix is utilised across businesses to help evaluate and determine the next stages the company must take in order to grow. With numerous options available, this matrix helps narrow down the best fit for your organisation. As shown in figure 1 by moving into a new quadrant (either vertically or horizontally) risk increases but the return on growth may outweigh this risk. However, if the risk proves too high for the expected return it may be best to look into different market penetration methods or wait till the timing proves more suitable.
This strategy involves selling current products or services into the existing market in order to obtain a higher market share. This could involve persuading current customers to buy more and new customers to start buying or even converting customers from their competitors. This could be implemented using methods such as competitive pricing, increase in marketing communications or utilizing reward systems such as loyalty points/discounts. New Strategies involve utilizing pathways and finding new ways to improve profits, increase sales and productivity, in order to stay relevant and competitive in the long run.
Usage examples of "market penetration".
We have zero market penetration in either of them, and although we've historically had major penetration in some areas of the Silesian Confederacy and Midgard, the Manties and the Peeps have made life hard on us even there.
Because the individual companies within each keiretsu are totally financed by the bank, they can concentrate on market penetration, developing the best possible product, and not on shareholders' demands for short-term profitability.
We have zero market penetration in either of them, and although we’.
Many years ago, Lyonesse Market Research discovered that market penetration for Lyonesse financial services among the Giants of South Permia was less than 18%, per cent, and a major marketing drive was launched.
Focusing our efforts yields a better saturation as well as market penetration.
Whenever any consumer object is so excellent that it attracts a devoted following, some of the slide rule and computer types come in on their twinkle toes and take over the store, and in a trice they figure out just how far they can cut quality and still increase the market penetration.
It's all part of the new planhigher visibility, lower overhead, deeper market penetration, bigger profits.