The aim of market penetration is to effectively use your product, enter the market as quick as possible and seize a large market share. Furthermore, market penetration is frequently used a measure to determine, whether your product or a service is capable of capturing a fixed percentage of the market. Price Adjustment — One of the most frequently used market penetration strategy is price adjustment. Increased Promotion — Investing more time and strength in a promotion can dramatically increase market penetration.
Developing your product or service and increasing sales typically involves market penetration. Market penetration refers to the successful selling of a product or service in a specific market. Companies that establish an effective market penetration strategy can ultimately increase their customer base and the quantity of products sold. Negotiate with your wholesalers to boost market penetration. Partner with product distributors to increase your marketing efforts and increase customer awareness of your product or brands. Offer your wholesalers a higher cut or commission on products in lieu of the company promoting or advertising your product.
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The term "marketing mix" became popularized after Neil H. Borden published his article, The Concept of the Marketing Mix. Borden began using the term in his teaching in the late 's after James Culliton had described the marketing manager as a "mixer of ingredients".