Magnira Inc. plans to implement a market penetration strategy to increase its market share. According to Ansoff's strategic opportunity matrix, which of the following scenarios is most likely to happen?
A)Magnira Inc.will try to attract new customers to its products.
B)Magnira Inc.will try to increase its market share among existing customers.
C)Magnira Inc. will create new products for its existing customers.
D)Magnira Inc. will move away from its core capabilities and diversify its business.

Question

Quizplus · Accepted Answer

According to Ansoff's strategic opportunity matrix, the market penetration strategy focuses on increasing market share among existing customers, through methods such as marketing campaigns, sales promotions, and improving product quality. Thus, choice B is the best fit for Magnira Inc.'s plan to implement a market penetration strategy. Choices A, C, and D relate to other strategies such as market development, product development, and diversification, respectively.