What approach consists of marketing existing products in new markets?

The correct answer is the approach of market development. This strategy involves taking existing products and introducing them into new markets, which can include targeting different geographical areas, demographics, or customer segments that were not previously served.

Market development aims to expand the reach of a product by focusing on attracting new customers rather than creating new products or services. Businesses often analyze market trends and customer needs in these new markets to adjust their strategies effectively, ensuring that they appeal to potential customers with familiarity regarding their products.

The focus here is on leveraging existing offerings and brand recognition to generate sales in untapped areas, which can lead to growth without the significant investment that comes with developing entirely new products. This approach is crucial for businesses looking to expand their footprint and make the most of their current resources.