Your direct manager was extremely impressed in your proficiency with the financials and sent your work over to the marketing department. Before the marketing department will release its data, the marketing manager would like you to answer a question about market growth strategies. Market growth is accomplished by one or more of the following strategies:

• Market penetration: Increasing market share
• Market development: New markets
• Product development: New products or services
• Diversification: Promoting new or expanding existing products to reach a new market

Remember that the diversification strategy requires additional funds and that the other three strategies use existing budgets.

Out of the four strategies, choose a strategy that best suits growth in your company, and justify how you would use this strategy.