Which of the following describes a firm that continuously seeks new products and markets?

The term that best describes a firm that continuously seeks new products and markets is "Prospector." A Prospector organization is characterized by its proactive approach to growth and innovation. It actively looks for new opportunities, whether that involves developing new products, venturing into new markets, or both. This type of company emphasizes creativity, exploration, and adaptability, positioning itself to capitalize on emerging trends and to differentiate itself from competitors.

In contrast, firms that may be labeled as Defenders typically focus on protecting their existing markets and maintaining their current operations rather than aggressively seeking new opportunities. Employee-focused companies prioritize the well-being and development of their staff, which doesn't inherently correlate with their market strategy related to product and market exploration. Lastly, Divestiture-focused firms are inclined to sell off parts of their business rather than expand or pursue new ventures. Hence, the Prospector approach aligns perfectly with the description provided in the question.