Market penetration means
The activity or fact of increasing the market share of an existing product, or promoting a new product, through strategies such as bundling, advertising, lower prices, or volume discounts. The market penetration generated by the new strategy was effective and our next quarters.
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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.
What it is:
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Description:In theory, there are still million more potential customers for cell phones, which may be a good sign of growth for cell phone makers. In general, older products, offerings or industries have greater market penetrations. Market penetration encompasses the activities used to gain additional market share , such as advertising and price changes, and it serves as a measurement for the amount of market share. Market Penetration Techniques Market penetration techniques include any action done for the purpose of increasing overall market share, whether by encouraging consumers of similar products to switch to the company's product or by increasing the amount of the population that can be considered potential customers. Lowering prices and most forms of advertising are done to promote market penetration. Bundling products can also help gain traction in previously untapped portions of the market.
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