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…