An objective of the market penetration strategy of Ansoff's Product/Market Matrix model is to define new markets with innovative new products.

Question

Quizplus · Accepted Answer

The objective of the market penetration strategy is to increase sales of existing products in existing markets through tactics such as increasing promotion, decreasing price, and improving distribution. The objective of the product development strategy is to introduce new products into existing markets, while the objective of the market development strategy is to target new markets with existing products. The innovation of new products is mainly part of the product development strategy, not the market penetration strategy.

An Objective of the Market Penetration Strategy of Ansoff's Product/Market