The strategy for growth in which the entrepreneur encourages existing customers to buy more of the firm's current product is a:
A) penetration strategy.
B) product development strategy.
C) market development strategy.
D) diversification strategy.

Question

Quizplus · Accepted Answer

A penetration strategy involves increasing sales of existing products to current customers. This is typically achieved through tactics such as advertising, promotions, and enhanced marketing efforts. It is a common strategy for small businesses looking to grow revenue without significant investment in research and development or expansion into new markets.

The Strategy for Growth in Which the Entrepreneur Encourages Existing