Questions: Multiple Cholce Questlon Market penetration is a strategy whose goal is growth, based on selling existing customers a product or service they have never bought before. selling more of a firm's product or service to the existing customer base. selling in areas or to groups previously not served by a business. adding new products or services to a firm's existing collection of offerings. Need help? Review these concept resaurces.

Multiple Cholce Questlon Market penetration is a strategy whose goal is growth, based on selling existing customers a product or service they have never bought before. selling more of a firm's product or service to the existing customer base. selling in areas or to groups previously not served by a business. adding new products or services to a firm's existing collection of offerings. Need help? Review these concept resaurces.
Transcript text: Multiple Cholce Questlon Market penetration is a strategy whose goal is growth, based on selling existing customers a product or service they have never bought before. selling more of a firm's product or service to the existing customer base. selling in areas or to groups previously not served by a business. adding new products or services to a firm's existing collection of offerings. Need help? Review these concept resaurces.
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The answer is B: selling more of a firm's product or service to the existing customer base.

Explanation for each option:

A. Selling existing customers a product or service they have never bought before.

  • This option describes a strategy known as "product development," where a company introduces new products or services to its existing customers.

B. Selling more of a firm's product or service to the existing customer base.

  • This is the correct definition of market penetration. The goal is to increase sales of existing products or services to the current customer base, thereby increasing market share.

C. Selling in areas or to groups previously not served by a business.

  • This option describes "market development," which involves expanding into new markets or customer segments that the business has not previously targeted.

D. Adding new products or services to a firm's existing collection of offerings.

  • This option describes "diversification," where a company adds new products or services to its existing portfolio to enter new markets or industries.

By focusing on selling more of the existing products or services to the current customer base, market penetration aims to maximize the potential of the existing market.

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