What Is Market Penetration?
Market penetration is a measure of how much a product or service is being used by customers compared to the total estimated market for that product or service. Market penetration can also be used in developing strategies employed to increase the market share of a particular product or service.
An Example of Market Penetration
Penetration rates provide measurable indicators in terms of potential growth. By determining the speed, business executives may evaluate the industry’s performance and estimate whether they can meet their market share and revenue expectations. Laptop manufacturers provide an excellent environment for growth as many people don’t already have the products. This measure is, of course, essential to startups as well as established companies. It helps evaluate and analyze the market and to see if it contributes to the achievement of goals. In simple terms, our example shows that laptop vendors have an industry environment for growth because there’s still untapped growth potential.
How To Conduct Market Research?
1. Determine The Purpose of Your Study
2. Look at Your Industry’s Outlook
3. Pinpoint Target Customers
4. Compare Your Competition
5. Gather Additional Data
6. Analyze Your Findings from Market Research
7. Put Your Market Research Analysis into Action
Starting in the new market is always a hard thing to do. There are many point that we should focus and pay attention to.
For Mr. Pedro Vilaça, Vice President of EuroCham Vietnam, what will he focus on and care about when entering the particular market?
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