What is a characteristic of the Market Development strategy?

The Market Development strategy involves promoting existing products in new markets. This approach is aimed at expanding the reach of a company's current offerings by identifying and targeting different customer segments or geographical areas where the product has not yet been introduced. The essence of this strategy is to leverage existing products, which are already established and possibly successful, and find new customer bases that could benefit from them.

This strategy can include various tactics such as entering new geographical locations, targeting a different demographic, or adjusting distribution channels to reach new customers. By focusing on new markets for existing products, businesses can grow their customer base and increase revenue without the costs and risks associated with developing new products.

The other options do not align with the Market Development strategy definition. Launching new products in existing markets pertains to product development, focusing solely on product diversification refers to a different strategic approach, and increasing market share within current markets relates to market penetration — all of which serve different strategic goals. Thus, promoting existing products in new markets is the hallmark of a Market Development strategy.