Which of the following best describes "market penetration"?

Market penetration refers to the strategy focused on increasing sales of existing products within existing markets. This approach is often pursued when a company aims to gain a larger share of its current market by encouraging more customers to purchase their products or by encouraging existing customers to buy more. Techniques to achieve market penetration can include increasing promotional efforts, enhancing product visibility, or improving customer service.

This concept emphasizes maximizing the current market's potential rather than exploring new markets or developing new products. By concentrating on existing offerings and the current customer base, businesses can leverage their existing relationships and brand loyalty, which typically requires less investment than launching new products or entering new markets. Therefore, selecting the option that describes this strategy accurately captures the essence of market penetration.