According to Igor Ansoff’s Product-Market Expansion Grid, introducing an existing product into a completely new geographic market is termed:

Explanation

• The Ansoff Matrix classifies strategic growth into four distinct strategies based on market and product novelty.
• Market Development sells current products into new markets; Market Penetration sells current products in current markets; Product Development sells new products to current markets; Diversification enters new products into new markets.
• Diversification is considered the highest-risk quadrant because it involves entering unknown markets with unproven products.