Which of the following strategies focuses on selling existing products in new markets?

The strategy that focuses on selling existing products in new markets is correctly identified as market development. This approach involves taking a company's current offerings and finding new market segments or geographic areas where those products can be sold. This can include targeting different demographics, geographical regions, or even different retail environments that have not yet been tapped into by the company.

Market development is crucial for businesses looking to expand their reach and grow without the immediate need to innovate or develop new products. By successfully implementing market development strategies, companies can leverage their existing product strengths while exploring opportunities in untapped markets, thereby increasing market share and generating more sales.

In contrast, product development refers to creating new products or improving existing ones to meet changing customer needs. Niche marketing concentrates on targeting a specific, well-defined segment of the market, leading to a more focused approach that's often designed for specialized products. Diversification involves entering into new markets with new products, which can carry higher risks compared to utilizing existing products in new markets, as seen in market development.