Offering new products to current markets (as per Ansoff matrix) is called which strategy?

Question

Quizplus · Accepted Answer

Offering new products to current markets is called product development strategy as per Ansoff matrix. Market penetration refers to selling more existing products to existing customers, diversification refers to introducing new products to new markets, and market development refers to introducing existing products to new markets. Product development involves developing additional or new products to serve existing market segments.

Offering New Products to Current Markets (As Per Ansoff Matrix)