What type of marketing strategy would involve creating new products for existing markets?

The correct answer is product development, which involves creating new products specifically for existing markets. This strategy focuses on innovation and improvement to meet the evolving needs of customers who are already familiar with your brand or products. By introducing new or enhanced products, a company can increase customer loyalty, encourage repeat purchases, and potentially attract new customers who may be looking for better options within the existing market.

This approach is crucial for businesses looking to adapt to changing consumer preferences and competitive pressures. It helps companies leverage their existing customer base while minimizing the risks associated with entering entirely new markets or segments.