MARKET PENETRATION Meaning and
Definition
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Market penetration refers to the strategy employed by a company or brand to gain a larger market share and increase its presence in a specific market. It involves introducing existing products into a market where they were not previously available or expanding the customer base for a product that is already being sold in a particular market.
This strategy typically focuses on reaching new customers, attracting users from competitors, encouraging existing customers to increase their usage or purchase frequency, and exploring untapped market segments. Market penetration aims to achieve higher sales volumes and boost revenue by expanding the customer base and increasing market share.
To implement market penetration, companies may employ various tactics such as aggressive pricing strategies, extensive advertising and marketing campaigns, enhanced distribution channels, or product bundling. By offering attractive pricing, promotions, or discounts, companies can entice customers to choose their products over competitors' offerings. Additionally, effective marketing campaigns can help create brand awareness and highlight the benefits of the product to attract new customers.
Market penetration is often pursued as a growth strategy, especially in industries with high competition. It allows companies to leverage their existing products or services and capitalize on their brand reputation to penetrate new markets, increase market share, and generate higher profits.
Common Misspellings for MARKET PENETRATION
- narket penetration
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Etymology of MARKET PENETRATION
The word "market penetration" originated from the combination of two separate terms: "market" and "penetration".
"Market" is derived from the Latin word "mercatus", which means "trade" or "marketplace". The word "mercatus" came into Middle English as "market" during the 12th century.
On the other hand, "penetration" comes from the Latin word "penetrare", which means "to enter" or "to pierce". The word "penetration" entered the English language in the late 16th century, derived from the Latin source.
When combined, "market penetration" refers to the process of a company or product entering or capturing a larger share of a particular market by successfully introducing and selling its goods or services to new customers or expanding its reach among existing customers.
Similar spelling words for MARKET PENETRATION
