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When companies enter markets with their existing products or services it is called market penetration. This is done by taking part or all of a competitor's market share.

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Market penetration is one of the four alternative growth strategies in the Ansoff Matrix. A market penetration strategy involves focusing on selling your existing products or services into your existing markets to gain a higher market share.

Understand how Market Penetration Strategy works and how Ansoff Matrix can be used for product development, market development and diversification.

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