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There are different methods and strategies of market penetration or entrance depending on the likes of the business founders. A product requires entering to a market for various reasons;…
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Market Penetration College: Market Penetration For any new product or existing product to sell, it has to penetrateinto the market. There are different methods and strategies of market penetration or entrance depending on the likes of the business founders. A product requires entering to a market for various reasons; increasing the frequency of its purchase, selling to non-customers and increasing the amount per purchase occasion (Schuler, 2012). The market entrance methods are as follows;
Increased promotion-in this method, a company penetrates through the market by greater promotion efforts. For instance, it may increase the advertisements of the product thereby increasing brand awareness to buyers and non-buyers.
Price adjustments- this is the lowering of the prices with the hopes to generate more sales by increasing the number of units purchased. This is one of the most used methods by businesses to enter new markets.
Product improvements- this occurs when a business decides to add quality to its products as a way of attracting more customers. Thus, price improvements are better suited for creating new interests in stagnating products and to offer extra benefits when one uses the product.
Creation of more distribution channels- in this method, a business enters a market through increasing its methods of making products reach the consumers and making the products more readily available in the market. For instance, a business that operates through retails may open wholesale centers for distribution of more products.
In any other business, it is vital to make adjustments in the market potential and market share figures for the following reasons (Schuler, 2012);
It helps in determining the market penetration goal. As such, the business subtracts the effects of the limiting factors from market potential, and it enables the business to estimate its measurable goals.
Makes it possible for the business to define its market. By making adjustments in the market potential and the share figures, business can define its markets in terms of industry, product, and geography or customer type.
A business can identify and quantify the limiting factors. Such factors include competition, government regulation, and limited resources. Therefore, by adjusting the market potential and the share figures, the business will be in a better position to realize these factors, and quantify them.
For a small business, evaluating the non-quantitative factors would be based on the following methods (Schuler, 2012).
The ranking method- this is the process of comparing one’s job with others to determine whether it is higher, lower or in the same rank. This method is based on the overall judgment of the required skills, responsibility and also working conditions of the job. The prime benefit of this technique is that it is simple and is easily understood by workers and supervisors. Also, the method is time friendly and has been found to be accurate in facilitating adjustments in the ranks.
Position description method- this is the process of grouping jobs by comparing each against a given rating scale with job grades. This is done to ascertain the grades in which every job belongs. One of the advantages of this method is that it is easy to prepare the rating scale. Also, the described jobs can be made fairly comprehensive in terms of what jobs should be included in every grade. Lastly, the grading system can be easily explained to the employees for them to accept the job classifications.
References
Schuler, R. S. (2012). Strategic human resources management (SHRM): Linking people with strategic needs of business. Organizational Dynamics, 21(1), 18-32. Read More
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