A company attempts to increase its market share by engaging in aggressive promotional activities.The company increases its spending on advertising and sales promotions.Which of the following strategies has been used by the company in the given scenario?

Question

Quizplus · Accepted Answer

The company is engaging in market penetration strategy by increasing its spending on advertising and sales promotion to increase its market share in the existing market. Product diversification involves developing new products for new markets, market development involves entering new markets with existing products, product development involves developing new products for existing markets, and market diversification involves entering new markets with new products.

A Company Attempts to Increase Its Market Share by Engaging