Which growth strategy utilizes existing markets with new products using the strategic opportunity matrix?

The strategy that focuses on utilizing existing markets with new products is product development. This approach aims to enhance a company's offerings by introducing innovative or improved products to satisfy the needs of current customers. By leveraging existing market insights and customer relationships, organizations can effectively meet market demands and possibly gain a competitive edge.

Product development is critical for companies looking to grow within a stable customer base while maintaining relevance in their industry. This strategy often involves research and development, understanding customer preferences, and ensuring that the new products align with the brand's identity. As a result, the company can attract existing customers with fresh offerings, thereby fostering loyalty and potentially increasing market share without the risks associated with expanding into entirely new markets.