Which type of strategy involves entering into a new market with existing products?

The type of strategy that involves entering into a new market with existing products is market development. This strategy focuses on expanding the reach of a company's current offerings to new geographical areas or different customer segments. By introducing their existing products to unfamiliar markets, companies aim to increase sales and gain market share. Market development is particularly beneficial when a business's current market is saturated or when there is potential for customer demand in new areas.

On the other hand, product development relates to creating new products or enhancing existing ones to serve current markets rather than targeting new markets. Market penetration would involve increasing market share within an existing market rather than exploring new ones. The term cash cows refers to a business's established products with low investment requirements that generate steady revenues, rather than a strategy for market entry. Thus, the market development strategy specifically denotes the act of taking existing products into new markets, making it the correct answer.