![]() ![]() ![]() Upsurge UsageĪ compelling method of market penetration is the increased usage of any product or service. Thus, only by slightly adjusting the product and its packaging can you appeal more strongly and increase your sales revenue. This is because most consumers are encouraged to buy a product just by its appeal and do not necessarily check whether it proves itself. However, sometimes communicating to them about the better standard of the product can do the trick, and no significant improvement in the product may be needed. It is true that to appeal to your customers, you must improve your product quality. ![]() Such opening of new distribution channels paves the way for more new channels and thus leads to increased market space and overall profitability. For example, if selling through retail outlets is your primary channel, you can learn to gain new channels like telemarketing, e-mail marketing, online marketing, etc. This strategy typically involves opening new distribution channels by focusing on a particular distribution channel. The strategy of Distribution Channels is one of the most constructive market penetration strategies. Competitors would ruin an easy-to-counter promotional campaign in this age of cut-throat competition. However, the thing to be considered is that whatever the size of the campaign, it must be well-planned and thought-out. Companies can choose to make their campaigns long-term or short-term depending on their needs and budget. ![]() For example, advertising can be an excellent tool for increasing brand awareness. The drastic increase in promoting a product (or service) can lead to dramatic results. Decreasing the price too often would cause them to think that your products are of sub-standard quality. Like, increasing your price consistently may make the customers believe you are a company with a high-profit motive. But, in the real sense, this marketing strategy should be used judiciously, as overdoing it can lead to adverse results. Furthermore, the alteration (increase or decrease) in the price of a product after analyzing the competitors’ products is also a scenario of price adjustment. An example could be lowering the price of a product or service to increase sales is a price adjustment tactic. Price Adjustment is one of the most widely used market penetration tactics. Like Nike, Under Armour's has been very effective at developing inspiring advertisements that feature well-known male and female athletes.The following are the different market penetration tactics: 1. As a result the company could claim major success-especially relative to major competitors Nike and Adidas-in the fight for its share of the fitness apparel market. Throughout 2014, Under Armour fueled its growth by focusing largely on promotion, distribution, and consistent product. The company has persistently focused on selling athletic footwear, clothing, and accessories, and was able to capture a leadership position in the market with that strategy. The company sells performance apparel, and in recent years it has surpassed Adidas to become the number-two athletic-wear provider in the U.S. Under Armour is a good example of a company that has demonstrated successful market penetration. Market penetration requires strong execution in pricing, promotion, and distribution in order to grow market share. Market penetration: focus on current products and current markets in order to increase market share Under Armour promotes its products through sponsorship agreements with celebrity athletes, professional teams, and college athletic teams. ![]()
0 Comments
Leave a Reply. |