In your Business Management Program at Humber, you have studied business concepts and applications.You have also learned about running small to medium sized businesses through simulations - Biz Cafe, Golf Course Management (many of you played this simulation but not all) and Airline (this course!).Please post your commentary on the statement 'Grow Your Business or Don't Plan on Being In Business Long Term'.Support your comments based on what you have learned in the Business Management program and from the simulations. In a market penetration strategy, the firm uses its products in the existing market. In other words, a firm is aiming to increase its market share with a market penetration strategy.

The market penetration strategy can be executed in a number of ways:

Decreasing prices to attract new customers

Increasing promotion and distribution efforts

Acquiring a competitor in the same marketplace

For example, telecommunication companies all cater to the same market and employ a market penetration strategy by offering introductory prices and increasing their promotion and distribution efforts