Which strategy aims to increase sales of current products in existing markets?

The strategy that aims to increase sales of current products in existing markets is market penetration. This approach focuses on encouraging more consumption of the existing product among current customers or attracting new customers from competitors within the same market. The goal of market penetration is to capture a larger share of the market with the existing offerings, often through tactics like pricing strategies, promotional campaigns, and improved customer service.

Market penetration is particularly effective when a company aims to leverage its existing resources and customer base rather than venturing into new products or markets, which would require additional investment and risk. By solidifying its position in the current market, a business can enhance brand loyalty and increase profitability by maximizing sales of already established products.