Which growth strategy involves existing organizations venturing into new geographical markets?

The growth strategy that involves existing organizations venturing into new geographical markets is market development. This approach focuses on expanding the reach of current products or services beyond the existing customer base and into new locations or demographics.

When an organization engages in market development, it identifies new markets where its existing products could fulfill needs or demands that have not yet been tapped. This can involve entering international markets, reaching underserved regions, or targeting different segments of the population. The emphasis is on utilizing the existing offering but making it available to a new audience, which can lead to increased sales and improved market presence.

The other options focus on different aspects of growth. Market penetration involves increasing market share within existing markets, product development refers to creating new products or improving existing ones, and product diversification means expanding the range of products offered, often into entirely new areas or industries. Each of these strategies has distinct goals and methodologies, but market development specifically targets new geographical markets.