What is included in a 'market penetration strategy'?

A market penetration strategy focuses on increasing the market share of existing products within existing markets. This involves tactics aimed at boosting sales of current products to existing customer bases, thereby deepening the company's presence in its current market segment.

Increasing sales of existing products can be achieved through various approaches, such as enhancing marketing efforts, improving customer service, or utilizing promotional strategies to encourage repeat purchases. The goal is to convince customers to buy more or to attract competitors' customers, effectively increasing market share without the need for significant changes to the product range or entering new markets.

While launching new products overseas or creating new markets for new products pertain to market development or diversification strategies, and reducing prices of all products can be a tactic within broader strategies, they do not distinctly define market penetration. The essence of market penetration is specifically about maximizing the output and impact of existing offerings in the current market landscape.