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Definition: Market Penetration is a business or corporate strategy aiming at selling current products (or current services) in current markets.
It is one of the 4 growth strategies of the Ansoff Matrix (besides product development, market development and diversification).
MP occurs when a company enters or expands in a market in which current or similar products already exist. This typically requires winning customers from competitors (by advertising or horizontal integration) or attracting non-users of your product, or convincing current clients to use more of your product (e.g. by advertising).