What is the process of entering a new market or industry with existing expertise called?

The process of entering a new market or industry with existing expertise is known as domain selection. This strategy involves leveraging existing knowledge, skills, and resources to identify and capitalize on opportunities in a different market or sector. By selecting a domain where a company already possesses expertise, it can minimize risk and increase the likelihood of success, as the company is better equipped to understand industry dynamics and customer needs.

In contrast, diversification typically refers to the strategy of expanding a business into new areas that may not necessarily relate to existing expertise, aiming for growth through various avenues. Acquisition involves purchasing another company to gain access to its resources or market position. An internal environment describes the conditions and factors within the organization itself, rather than addressing outside market entry strategies. Hence, domain selection is the most accurate term for the process described in the question.