Which of the following statements is true regarding market penetration strategies?
A)They involve the creation of new products for a market.
B)They involve encouraging present customers to purchase more of a product.
C)They involve diversifying into an unrelated business.
D)They involve marketing to new customers.

Question

Quizplus · Accepted Answer

Market penetration strategies are focused on increasing sales and market share for existing products in existing markets. This is typically done by encouraging present customers to purchase more of a product through tactics such as promotions, pricing strategies, and advertising. Creating new products (A) would be a product development strategy, diversifying into an unrelated business (C) would be a diversification strategy, and marketing to new customers (D) would be a market development strategy.

Which of the Following Statements Is True Regarding Market Penetration