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

Business

Scenario:

We need to find new ways to engage with our existing customers. It might be time to refresh our loyalty program.

Response:

Improving our loyalty program should enhance our market penetration.

Marketing

Scenario:

Our ad campaign has been extremely successful. We have seen a spike in sales ever since.

Response:

The sales increase indicates effective market penetration driven by our advertising campaign.