Which strategy involves a company attempting to enter new markets with new products?

The strategy that involves a company attempting to enter new markets with new products is diversification. This approach typically entails expanding a company's operations by developing new products or services and offering them in markets where the company has not previously operated. Diversification can serve various purposes, such as reducing risk by spreading operations across different markets and products, capitalizing on new opportunities, and leveraging existing strengths in different contexts.

In contrast, market development focuses on introducing existing products to new markets, while market penetration aims to increase sales of existing products within the same market. Cost leadership refers to a strategy where a company seeks to become the lowest-cost producer in its industry, which does not inherently involve the introduction of new products or market expansion. This differentiation helps clarify why diversification is the correct strategy for the scenario presented in the question.