Which strategy entails introducing existing products in new markets?

The strategy that involves introducing existing products into new markets is known as market development. This approach focuses on expanding the reach of a company's products by targeting different demographics, geographical areas, or segments that have not previously been exposed to those products.

By utilizing market development, a company seeks to access new customer bases and increase market share without the need to create new products. This strategy can involve various tactics, such as adapting marketing campaigns to appeal to local preferences or leveraging distribution channels in the new market. The core idea is to capitalize on the strengths of existing products while exploring untapped opportunities in emerging or differentiated markets.

In contrast, product development would focus on creating new products for existing markets, market penetration aims to increase sales of current products within existing markets, and diversification involves entering new markets with new products. Each of these strategies serves different purposes and targets different areas of business growth, but for introducing existing products to new markets, market development is the best fit.