Market penetration refers to which of the following?

Market penetration is focused on increasing a company’s market share by selling more existing products to its current customers or attracting new customers within the same market. This strategy often involves enhancing marketing efforts, optimizing sales processes, or adjusting pricing to stimulate demand. By emphasizing existing products, businesses aim to secure a larger portion of a market without diversifying into new products or markets, which distinguishes it from strategies aimed at product development or market expansion.

The choice highlighting the adaptation of pricing to boost sales does not encompass the full scope of market penetration, which is more concerned with volume and share rather than just price adjustments. Similarly, developing new products for new markets is a divergent growth strategy typically referred to as diversification, while acquiring competitors indicates a strategy of consolidation rather than penetration. Hence, the focus of market penetration remains on boosting the sales of established products in existing markets.