- Social Media
- Market Penetration
- Event Participation
- Public Relations
The father of Strategic Management, H. Igor Ansoff defines Market Penetration as one of the four growth strategies of the Product-Market Growth Matrix. In simple words, it is a marketing strategy used to sell the existing products to the existing markets. Though market penetration is the least risky growth strategy, it depends upon some conditions, which are:
- Unsaturated market
- An increase in industry growth rate, but decrease in competitive market share
- Existing customers’ willingness to purchase higher quality of existing products/services
- Economies of scale provide a competitive edge
Marketers use this strategy only if any of the mentioned situations exist in the market. While there are host of ways to do market penetration, one of the best among them is to gain competitor’s customers. Other ways include attracting non-users of your product or convincing your current consumers to use more of your product/service.
With its branches in different parts of the world, Wizie helps organizations to take hold of the existing markets. We offer high-end consultation to companies looking to capture new markets or enhance their presence in the existing markets. We have global reach with global experts to help you succeed in selling your products/services worldwide.
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