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Product development vs Market development
Product developmentMarket development
Businesses generate new ideas and develop a new product or serviceA process of exploring/finding/ searching new markets for existing products
The introduction of a new product or service into existing marketsBusinesses sell their existing products to new markets/Involves targeting consumers in a potential market that is outside its normal target market.
Example:  A cell phone manufacturer designs a new phone that can also be used to make internet phone callsExample:  Finding new markets in other towns and cities

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