When a company focuses on the existing market by trying to sell the existing products and services with a view to increase market share, they are adopting market penetration strategy.
It is an attempt by the company to increase sales in existing markets.
Here are some techniques that can be used for market penetration:
1. Improving the existing product offering to to compete with the existing competitors and increase your sales by taking their market share.
2. Explain multiple uses of existing product to the consumers.
3. Adjust the price of your product to meet the market standards.