Expansion of market penetration

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From to , Airbnb launched its innovative market expansion strategy. It grew their company to over 1. It started with a hashtag: OneLessStranger and an altruistic campaign. That led to 3 million engagements only three weeks after launch. Airbnb succeeded because it knows its customers—compassionate people. The genius of the campaign hinges on how they engaged them.
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Product market expansion grid

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Market Penetration Strategy - Dominate the market the Ansoff Matrix Way | Business Strategy Hub

The product market expansion grid is used for planning by a company when the company is looking to increase the sale of its products either by expanding product range or entering new markets. Thus, there are various strategies that the company can develop when it compares the product with the current market. The product market expansion grid considers two main factors. The product and the market. The product can either be a current product or a new product. And the market can either be a current market or a new market. Thus, a grid is made, keeping in mind the two forms of products and the two forms of markets.
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Market Penetration

Typically, market penetration strategy comes in the picture when you are marketing and selling products in a saturated and highly competitive market. Market penetration strategy is needed when you are looking at the product market expansion grid. Thus, the current market might already be saturated, or it may have high competition or your current product has low turnaround time. In such case, what can be your strategy to increase market penetration?
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Market expansion is an attractive strategy if you determine that sales to current customers and markets have been maximized. One restaurant owner grew her business by adding a second market—private catering. She is also considering a third market of selling signature dessert items through local grocery stores. Answer these questions to help you determine if you should consider growing by expanding to new markets:.
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