What is a strategy of increasing market share for present products in existing markets?

Question

Quizplus · Accepted Answer

Market penetration focuses on increasing sales of existing products in existing markets. This can be done through various tactics such as pricing strategies, advertising and promotion, improving product quality or features, and offering incentives to customers. It is often a cost-effective strategy compared to diversification or market development as it requires less investment in research and development or finding new markets.

What Is a Strategy of Increasing Market Share for Present