What marketing strategy aims to increase market share among existing customers?

Market penetration is a strategy specifically designed to increase market share among existing customers in a particular market. This approach involves various tactics aimed at increasing sales of current products to the existing customer base, thereby boosting the company's market share.

By focusing on current customers, businesses can enhance brand loyalty and drive repeat purchases through promotions, competitive pricing, and enhanced customer service. This strategy is particularly effective when the market is saturated or when the company seeks to deepen its relationship with its current customer demographic, rather than expanding into new markets or introducing entirely new products.

In contrast, the other strategies such as market expansion and market development focus on reaching new customer segments or geographic areas rather than maximizing sales to existing ones, while brand extension involves leveraging an established brand to introduce new products, which diverges from the goal of fostering deeper connections with current customers.