Market Penetration and enrichment of brand

Market Penetration

Market penetration could simply be explained as an essential concept in the planning and development of the business. When the organizations think about market penetration they are basically figuring out the type and the number of clients that it requires for meeting the revenue projection.

Major Aim

The major aim behind the development of a market penetration strategy is to enlarge the contribution of the organization’s commercial division in the arena in which it functions and existing products; for instance, in the growth of the main business. This strategy can be carried out through efficiently marketing the current product in the existing market through which the current influences to buy more products (e.g., extending trading hours), to attract buyers from the rivalry (for instance, reducing prices) or to draw future buyers (e.g. providing parking gratuitous). In the case, of automobile organization, the strategy will be to develop with respect to the similar format of business expected at the similar market, this tactic can be formed either through interior development or through exterior development. Hence, it is crucial that the market penetration strategy of the business is determined to keep it under the consideration the different aspects of the market such as the culture, and the geographical location etc. Selection of an international market and penetration is a strategic choice and thus organizations should have further substitutes.

Strategic Substitutes

Strategic substitutes associated with selection of target markets can be produced depending on the method of the assortment, the attributes of the target market or marketing mix, and the number of targeted markets. As much as the strategic alternatives relating to the brand exists in the market internationally, It has been recognized various types, though one of them has been used by the Daimler Company is the business umbrella. The present development of globalization has fashioned innovative opportunities for businesses or organizations. Furthermore, it has assisted the process of the contribution of overseas competitors from all over. That’s why; the global marketing strategies are becoming gradually more important to organizations of all sorts and sizes, particularly to those that plan at penetrating latest markets. As a result, finding the association between performance of the company and global marketing strategy is extremely important. Under above conditions, organizations determined to acquire superior performance required to assess systematically the markets that have been a target as well as their inner capabilities and to build up suitable abilities to attain the strategic corresponding.

Venkatraman

Referring to Venkatraman, the strategic fit has provided the groundwork for the theoretic development in several domains scientifically. Venkatraman exhibits that the idea of strategic fit can be explained as either perspective of normative or descriptive. The descriptive perspective identifies the existence of a number of relations among a group of variables that are related theoretically, without unambiguous association with performance. Therefore the normative perspective on strategic fit is of chief importance to strategic research and management because of its association with brand performance.

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