market penetration Noun the extent to which a product is recognized and bought by customers in a particular market (hypernym) penetration Market penetration is one of the four growth strategies of the Product-Market Growth Matrix defined by Ansoff.Market penetration occurs when a company enters/penetrates a market with current products.The best way to achieve this is by gaining competitors' customers (part of their market share).Other ways include attracting non-users of your product or convincing current clients to use more of your product/service (by advertising etc.).Ansoff developed the Product-Market Growth Matrix to help firms recognise if there was any advantage of entering a market. Market penetration occurs when the product and market already exists