The Importance of Targeting in Marketing (And How to Include It in Your Strategy)
The four needs of a consumer - LoyaltyLion
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. Market penetration can be used to determine the size of the potential market. If the total market is large, new entrants to the industry might be encouraged that they can gain market share or a percentage of the total number of potential customers in the industry. The penetration numbers might indicate the potential for growth for cell phone makers. In other words, market penetration can be used to assess an industry as a whole to determine the potential for companies within the industry to gain market share or grow their revenue through sales.
15 killer marketing strategies to attract customers
The price you set for a product or service has a very significant effect on how the consumer behaves. But if the price you set is significantly higher than expected, the response can be disappointing. In either case a change in price could produce unexpected results when it comes to consumer buying behavior. Before you decide to raise the price of your existing product or service you should understand how that could affect consumer behavior. For one, when you raise the price you risk turning the customer off.
When it comes to converting consumers, the secret to more sales is as simple as understanding consumer behavior and learning what your buyer wants from your business. Businesses often have many customers buying their products — or at least too many to get to know each personally. We are all different, but in many instances our brains are prone to react in a similar manner. This resource includes 10 consumer behavior studies that reveal such insights into the minds of your customers.