The correct answer is Market penetration.
A marketing strategy to increase sales of current products in current markets is known as Market penetration.
What is Market penetration?
- It is a key in the business growth strategy.
- It refers to successfully selling goods or services in a specific market.
- The goal of market penetration is to obtain higher market share.
- Market penetration is when there is a requirement to increase sales in business for the existing products or even for the new products.
- This strategy is often used with new business that has recently entered the market.
- Market penetration can be measured by = (number of customers for a product/ total market size) X 100
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