Which marketing strategy refers to existing products in existing markets?

The marketing strategy that focuses on existing products in existing markets is referred to as market penetration. This strategy aims to increase the market share of a product by selling more of the current offerings to the existing customer base or attracting new customers within the same market. Techniques for market penetration can include competitive pricing, enhanced marketing efforts, promotions, and improving customer service to solidify the existing market presence and boost sales.

Market development, on the other hand, involves introducing existing products into new markets, which does not align with the focus on existing products in existing markets. Product development refers to creating new products for existing markets, which again strays from the criteria presented. Diversification involves offering new products in new markets, completely different from maintaining existing offerings in established markets. Thus, market penetration specifically targets enhancing sales of existing products where they are already familiar to consumers.