Market penetration
Market penetration is one of the four growth strategies as defined by
Ansoff. Market penetration occurs when a company enters/penetrates a market with current products. The best way to achieve this is by gaining competitors' customers (part of their market share). Other ways include attracting non-users of your product or convincing current clients to use more of your product/service (by advertising etc).
See more at Wikipedia.org...
market penetration
Noun
1. the extent to which a product is recognized and bought by customers in a particular market
(hypernym) penetration
Market penetration/share
Market Penetration
a growth strategy in which a company concentrates its efforts on its target market in order to attract a higher percentage of users of its product.
Market Penetration
1. the proportion (usually expressed as a percentage) of a population of interest that has accepted a product or an idea in some way.
2. price strategy of an organisation to increase sales by offering more of their existing products in existing markets (Ansoff's matrix) usually by lowering the price.
Free Download Now!
