Which of the following best defines market penetration?

Market penetration is best defined as a strategy to increase sales of existing products in current markets. This approach focuses on gaining a larger market share by encouraging existing customers to purchase more or attracting competitors' customers. Companies often employ various tactics, such as promotional activities, discounts, or enhanced customer service, to enhance product visibility and attractiveness to users already within the market.

This strategy can involve increasing usage frequency, incentivizing bulk purchases, or improving customer loyalty through more effective marketing techniques. By leveraging the existing customer base and market conditions, businesses aim to grow their sales without introducing new products or venturing into new markets, making the emphasis on maximizing the performance of currently available offerings in places where they are already sold.

In contrast, the other strategies listed focus on other aspects of market behavior, such as introducing new products or assessing customer satisfaction, which are separate from the definition of market penetration.