market-penetration

Vocabulary Word

Definition

'Market Penetration' is a business growth strategy. It's all about selling more of your products or services to existing customers or finding new customers within the current market. Think of it like getting more guests to your ongoing party.

Examples in Different Contexts

In social enterprises, 'market-penetration' might be about expanding the reach of a beneficial product within an existing community. An impact consultant might state, 'Our sustainable products have achieved impressive market-penetration in rural areas.'

Practice Scenarios

Tech

Scenario:

The latest app update has received positive feedback from users. The user base has noticeably grown after the update.

Response:

It's great that our market penetration incorporated new customers because of the updated app.

Startup

Scenario:

We're receiving great feedback about our customer service department. Clients appreciate our prompt and effective responses.

Response:

Our market penetration improvements can be attributed to our customer service's innovative approach.