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in Grade 12 by Master (947k points) | 2.2k views

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Product development vs Market development
Product development Market development
Businesses generate new ideas and develop a new product or service A process of exploring/finding/ searching new markets for existing products
The introduction of a new product or service into existing markets Businesses 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 calls Example:  Finding new markets in other towns and cities

by Master (947k points)
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