American Express used to offer the Cobalt card, a preloaded credit card, to 13- to 22-year-olds looking to make online purchases. While American Express had previously supplied credit cards only to many adults, this was a market that was not being served. Which type of strategy is the Cobalt card program an example of?

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The Cobalt card program is an example of market development because American Express is introducing its existing product (credit cards) to a new market segment (13- to 22-year-olds) that was previously not being served.

American Express Used to Offer the Cobalt Card, a Preloaded