What describes a company’s attempt to enter new markets while using existing products?

Market development refers to a company's strategy of entering new markets with its existing products. This approach typically involves identifying and targeting new customer segments or geographical areas where the company's current offerings can fulfill unmet needs or have not previously been marketed. The goal is to increase sales and grow the business by leveraging established products while exploring new opportunities.

This strategy is particularly effective for companies looking to expand their reach without the costs and risks associated with developing new products. By focusing on existing products, companies can capitalize on their established brand recognition and customer loyalty, adapting marketing strategies to fit the new market landscape.

In contrast, diversification involves developing new products for new markets, product development focuses on creating new products for existing markets, and market penetration seeks to increase market share within existing markets using existing products. Each of these strategies addresses different aspects of growth, but market development is specifically concerned with entering new markets with what is already available in the company's portfolio.