What is the marketing approach that involves launching new products in new markets?

The marketing approach that involves launching new products in new markets is known as diversification. This strategy entails creating entirely new products to introduce in markets that are different from the company's current offerings or target audiences. Diversification can be a strategic way to spread risk and capitalize on new opportunities, especially when a company aims to enter an unfamiliar market with innovative products.

By focusing on diversification, companies can leverage their resources and capabilities to explore growth in ways that differ significantly from their established product lines and market presence. This is particularly valuable in dynamic industries where rapid change can create new opportunities for those willing to innovate and adapt.

The other approaches, such as market penetration, product development, and market development, focus on either existing products or existing markets, which distinguishes them from diversification's emphasis on both new products and new markets.