Market Penetration involves marketing existing products within the same market to increase market share, which is the percent of unit and dollar sales a company holds within a certain market vs. all other competitors.
Market Expansion also called market development, entails selling current products in a new market to increase sales or profits and/or finding new uses for its product/service.
Product Expansion also called product development means expanding its product line or adding new features to increase its sales and profits while continuing to sell within the existing market new products as older ones become obsolete and outmoded.
Diversification Strategies involving selling new products to new markets. This type of strategy can be very risky. We need to plan carefully when using a diversification growth strategy. Marketing research is essential because a company will need to determine if consumers in the new market will potentially like the new products.
Acquisition Strategies means a company purchases another company to expand its operations and expand its product line and enter new markets. An acquisition growth strategy can be risky, but not as risky as a diversification strategy. One reason is that the products and market are already established. A company must know exactly what it wants to achieve when using an acquisition strategy, mainly because of the significant investment required to execute.