What is market penetration? Well, for starters, market penetration refers to selling a product or service in a certain market and is measured by the amount of the sales volume of an existing good or service equated against the total target market for the product or service. When there is a new market entrant, it is essential for that company to use effective market penetration strategy to efficiently use its product, enter the market smoothly, thereby capturing a significant market share in the process. Market penetration is also frequently used to determine whether that product or service is capable of gaining a fixed percentage of the market. What are market penetration strategies? 1. Price adjustment: Price adjustment is one of the most frequently used marketing strategies. For example, lowering prices is an effective way of increasing sales and gaining more customers in the process. Once the market and competitors…
What is a Marketing Function: Marketing function is defined as the role that helps a company source relevant products…
PESTLE analysis as we know is the acronym for political, economic, socio-cultural, technological, legal, and environmental. It is a…
What is PESTLE Analysis? PESTLE analysis (acronym for political, economic, socio-cultural, technological, legal, and environmental, ) analysis is a…
Just to make it clear right from the beginning that the different types of consumers here does not refer…
Nike, the famous footwear, accessories and clothing brand, is a multinational corporation based in America. Nike, with its famous…