Which of the following is a key component of a market penetration strategy?

A market penetration strategy primarily focuses on increasing market share for existing products within the current market. Increasing marketing efforts to boost sales is a fundamental component of this strategy, as it aims to make existing customers more aware of the product and attract new customers from the same or similar market segments. This can be achieved through various techniques, such as advertising, promotions, sales tactics, and enhancing customer loyalty programs.

The other options do not align with the core objective of market penetration. Creating entirely new products pertains to product development strategies, which aim to capture growth through innovation rather than focusing on existing products. Expanding into international markets relates to market development strategies and involves seeking new markets rather than enhancing sales within existing ones. Reducing prices permanently may reflect a cost leadership approach, but it does not inherently address the goal of increasing sales through improved marketing efforts, which is central to market penetration strategies.