Which strategy allows a company to increase sales of existing products in existing markets?

The strategy that allows a company to increase sales of existing products in existing markets is market penetration. This approach focuses on increasing market share by selling more of the current products to the existing customer base. It often involves tactics such as enhancing marketing efforts, adjusting pricing strategies, improving product availability, or boosting sales force effectiveness to attract more customers from within the current market.

Market penetration is particularly effective when the market is not yet saturated, allowing the company to capitalize on existing demand. This strategy does not require the development of new products or entering new markets, making it a more straightforward approach to increase revenue.

In contrast, market development involves introducing existing products into new markets, diversification would mean creating new products for new markets, and product development focuses on creating new products for existing markets. Each of these other strategies requires different resources, approaches, and risks, distinguishing them clearly from the more direct method of market penetration.