Which growth strategy utilizes existing markets with existing products using the strategic opportunity matrix?

The growth strategy that focuses on utilizing existing markets with existing products is market penetration. This approach aims to increase market share by encouraging existing customers to buy more of the same products or attracting new customers within the established market.

Market penetration is typically achieved through strategies such as competitive pricing, promotional campaigns, and improved customer service, rather than developing new products or entering new markets. This strategy is effective because it capitalizes on the current customer base and market conditions, seeking to strengthen brand loyalty and increase sales volume without the risks associated with innovation or market expansion.

In contrast, the other strategies involve different focuses: diversification introduces new products into new markets, market development seeks to enter new markets with existing products, and product development involves creating new products for existing markets. These approaches differ significantly in their objectives and how they approach growth, making market penetration the correct choice for this question.