Definition market penetration
How it works (Example):
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.
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. In addition, market penetration can also include the activities that are used to increase the market share of a particular product or service.
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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. Market development new markets, existing products: The data you provide will help the team decide whether a growth market is an extension of the current market or is truly a 'new' market. It creates goodwill for the company if customers perceive that they are purchasing a high-quality product at a fair price. A promotion is a strategy often linked with pricing, used to raise awareness of the brand and generate profit to maximise their market share.
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