Can you define Market Penetration Strategy?

When a business uses existing products in existing markets, it is using a market penetration strategy in an effort to increase its market share. This is how a business that currently has a product on the market can expand by boosting sales among existing customers.

A company employs a market penetration strategy in an effort to enhance its market share when it uses existing products in established markets. By increasing sales among current clients, a company that already has a product on the market can grow.