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Fundamentals of Market Penetration

By: Greenville Consulting

Lagos State, Nigeria

08 - 09 Dec, 2022  2 day

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NGN 125,000

Venue: Lagos

Market penetration refers to the successful selling of a product or service in a specific market. It is measured by the amount of sales volume of an existing good or service compared to the total target market for that product or service. Market penetration is the key for a business growth strategy stemming from the Ansoff Matrix.

This strategy involves selling current products or services to the existing market in order to obtain a higher market share. This could involve persuading current customers to buy more and new customers to start buying or even converting customers from their competitors. This could be implemented using methods such as competitive pricing, increasing marketing communications, or utilizing reward systems such as loyalty discounts. New strategies involve utilizing pathways and finding new ways to improve profits and increase sales and productivity in order to stay competitive

Market penetration, market development, and product development together establish market growth for a company. Overall the major growth opportunities they implement attempt to peak sales through stressing current products in present markets and present products in new markets. This includes developing new products for existing markets, subsequently. It is about finding new ways to boost sales and keep customers loyal and increase market share.

When implementing change, companies must be careful not to compromise their existing revenue or customers. If the packaging or visual aspects of a company are altered drastically, existing customers may not recognize a brand and opt for a competitor's product or service. Too much alteration can make consumers wary, so change must be implemented in a subtle manner so as to only increase market share and build on profits. Managers and leaders should monitor this throughout the entire process to ensure smooth changes. Clear planning will also help minimize this risk and will lead to improvements and a boost in market share.

Lagos Dec 08 - 09 Dec, 2022
NGN 125,000.00
(Convert Currency)

Dr. Wole Osunmakinde +234-803 7275205

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