What is the process called when marketing new or modified products in existing markets?

The correct term for the process of marketing new or modified products in existing markets is product development. This process involves creating new products or improving existing ones to better meet the needs and preferences of consumers in markets where the business already operates. By focusing on product development, businesses can enhance their product offerings, potentially increase customer satisfaction, and gain a competitive edge without having to explore new markets.

Market penetration, while important, refers specifically to strategies aimed at increasing market share for existing products in existing markets rather than the creation or modification of products. Market development involves introducing existing products to new markets, which is different from focusing on product enhancement or innovation. Brand extension pertains to using an established brand name to launch new products in a different category, which does not fit the scenario of modifying or introducing new products within existing markets. Thus, product development is the most accurate description of this specific process.