it’s also used as a metric to measure the percentage of market share a service or product is able to capture. so, what are the different types of market penetration approaches being carried out by retail companies and which indicators can be used to opt for the best one? launching a new product into the market is another market penetration example that can be used for growing a business. location intelligence indicator: profiling the people in your target market correctly can open the possibility of discovering a new segment.
big data insights that reveal the unique market complexities of a new territory can help ensure that you’re expanding your business to the right location where there are high concentrations of your target market. this is the only way to prevent the cannibalisation of sales between two locations and ensure maximum market share for each. when retailers are capable of clueing in to the unique contexts that make of up a potential new market, they can choose the most adequate strategy to support growth. with location intelligence, applying smart data to an expansion strategy is a reality for forward-thinking retailers who want to avoid costly missteps and maximise success.
market penetration can also be used in developing strategies employed to increase the market share of a particular product or service. in other words, market penetration can be used to assess an industry as a whole to determine the potential for companies within the industry to gain market share or grow their revenue through sales. as a metric, market penetration relates to the number of potential customers that have purchased a specific company’s product instead of a competitor’s product, or no product at all. market penetration for companies is typically expressed as a percentage, meaning the company’s product represents a certain percentage of the total market for those products.
as a result, market leaders can often produce a product cheaper than their competitors, given the scale of their operation. while market penetration is a metric to determine the level of market share gained and the potential for new sales, market development focuses on the steps to achieving the gains in market share. market penetration, as a measurement, can be recalculated following the various sales and marketing campaigns to determine their level of success—whether market share increased or decreased. market penetration provides companies with enormous insight as to how their customers and the total market view their products. “apple iphone takes huge 51 percent share of global smartphone revenues in q4 2017.”
under armour is a good example of a company that has demonstrated successful market penetration. as a result the company could claim major success—especially relative to major competitors nike and adidas—in the fight for its share of the fitness apparel market. launching a new product into the market is another market penetration example that can be used for example of market penetration as a result of its market penetration, apple has a larger market share than all of its competitors combined. however, the company still has opportunities to add to its customer base by targeting its competitors’ clients and woo them over to apple products and services., market penetration example starbucks, market penetration example starbucks, market penetration examples mcdonald’s, market penetration examples coca-cola, example of market development. take the smartphone industry for example \u2013 global leaders apple have a market penetration rate of 19.2%, with samsung coming in second at 18.4%, huawei at 10.2%, and a range of smaller brands taking the remainder of the market share to its 100% completion.
learn about market penetration and how the strategy can help in other words, take the current sale volume for your lastly, let’s look at an example of market penetration in action. in a market heavily driven by consumer trust and brand loyalty, many consumers are reluctant to switch brands or try underselling the competition is a classic method of penetrating the market. walmart and costco both attract customers by, market penetration example in pakistan, market penetration strategies, market penetration examples in india, market penetration formula, how to penetrate a new market, market penetration vs market share, market penetration pricing, market penetration strategy pdf
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