Agrowth strategy that offers a new product or service to a firm's current target market.

Product Development Strategy

Explanation:

According to my research on different types of growth strategies, I can say that based on the information provided within the question the strategy being defined is called a Product Development Strategy. Like mentioned in the question this strategy focuses on creating and offering a brand new product and/or adjusting old products so that they classify as new, to the market that the company is already doing business in.

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