Market Penetration - Business concept of the day
Definition: Market Penetration is a measure of the amount of sales or adoption of a product or service compared to the total market wallet for that product or service.
Example: The Fast Moving Consumer Goods (FMCG) giant’s market penetration strategy involved providing branded refrigerators to shopkeepers which they would then only stock with the company’s products.
Business Insight: Market penetration when quantified can be used to determine the success of a company’s marketing techniques, as well as provide insight into how its product is perceived by consumers in comparison to an identical/similar product of a competitor.
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