Final answer:
The strategy in question is called a core competency strategy, which involves maintaining and leveraging a firm's strengths in core products while expanding into new markets. Companies like tech firms and McDonald's are examples of businesses using this approach to maintain their competitive edge and seek growth.
Step-by-step explanation:
The strategy that focuses on attempting to maintain a strong position in its core-products while seeking to expand into new product-markets is known as a core competency strategy.
This business strategy implies that a firm leverages what it does best and uses that as a foundation for growth and expansion. By focusing on its established products or services, the business can ensure it maintains a competitive edge in areas where it already has strength and expertise.
At the same time, it seeks out opportunities for diversification into new markets, which can lead to additional revenue streams without diluting the company's primary focus.
A good example of this might be a tech company that has a strong foothold in the personal computer market and decides to develop a new line of smart home devices. Their existing core competencies, such as innovative hardware design and user-friendly software, can be pivotal in achieving a competitive advantage in this new product-market.
Another classic example of a company employing this strategy is McDonald's. While it has maintained its core products like burgers and fries, it has also expanded to offer new types of foods and even ventured into the cafe space with its McCafe concept.