The need of market penetration in business

[Augusta]

There's always the need to find out how your product or services are doing in the market compared to what was the market expectations. This is where the term market penetration comes in.

So Market penetration simply means the quantity of how much a product or service is consumed by people compared to what was supposed to be the estimated market usage for the said product or service. The need for the Market penetration is to mainly increase the market share of a specific product or service.

Market penetration is needed as it will help to indicate the number of potential customers that have bought a specific company’s product and not the competitor’s product.