Explain 'market penetration.'

Market penetration refers to a strategy aimed at increasing market share for existing products within a specific market. This approach typically involves enhancing product visibility, increasing marketing efforts, or adjusting pricing strategies to attract new customers or encourage existing customers to purchase more frequently. By focusing on penetrating the market with current offerings, a company seeks to boost sales volume and solidify its position against competitors.

This strategy can leverage various tactics, such as promotional discounts, improved distribution channels, and increased advertising, to persuade potential customers to choose their products over those of rivals. The emphasis on existing products differentiates market penetration from strategies focused on new products or markets, which are not the primary approach in this context.