Expansion of market penetration. Market penetration – Wikipedia
Expansion of market penetration
However, once a business manages to expand its market on the merits of those differences, those distinctions must be maintained from that point forward, so long as they wish to retain primacy in the new market segments. Overall the major growth opportunities they implement, attempts to peak sales through stressing current products in present markets and present products in new markets. The Challenges of Market Penetration Market penetration is supposed to be a low-risk business growth strategy typically centered around increasing marketing and sales efforts, and sometimes increasing the number of business locations in the interest of capturing greater shares of an existing customer base. Market penetration refers to the successful selling of a product or service in a specific market, and it is a measure of the amount of sales volume of an existing good or service compared to the total target market for that product or service. Diversification is the most risky of all the approaches. Aggressive market penetration through competitive advertising methods may help attract some customers, but it can also lead to responsive attacks from competitors and, potentially, legal issues if you make untrue claims in the ads. But because of their strong brand, diligent planning and willingness to learn about the foreign culture and break from the long-established norm of selling the same line of products the exact same way they had always been sold in the U.