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Market Development vs Product Development

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Market development is the process of selling to a new target market.
Product development is the process of designing and launching new products and services.

The Difference

Market development is any strategy designed to sell to an identifiable group of customers that is beyond your current reach. This can be customers with unique needs and preferences. Alternatively, it can be customers in a geographical location or who shop using a particular channel. Market development may involve promotion, distribution, pricing or branding activities that don't require a completely new product.
Product development is the most extensive approach to market development whereby you develop a product for a new target market.


A chain of organic juice bars finds that most of their customers are health conscious customers older than 30. They seek to develop the 20-30 market segment with promotions that imply that juice is good for a hangover. In other words, they seek to develop a market with promotion alone.
The organic juice bar is successful increasing sales to 20-somethings and moves on to develop the teenager segment of the market. They find that current products are viewed as overpriced and unattractive to teenagers. As such, the firm decides to develop a completely new line of products for this market. They launch a line of cheap snacks that are sold as combos with juice.
Market Development vs Product Development
Market Development
Product Development
Reaching a new target market for products and services.
Developing and launching a new product or service.

Business Strategy

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Added Value
Advertising Strategy
Algorithmic Pricing
Bargaining Power
Bricks And Clicks
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Business Environment
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Business Strategy
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Cut And Run
Defensive Publication
Designer Label
Digital Maturity
Distinctive Capability
Do Nothing Strategy
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Fail Often
Fail Well
Innovation Culture
Inventive Step
Long Tail
Management Strategy
Market Development
Market Maker
Market Research
Marketing Experimentation
Mass Customization
Operational Efficiency
Plateau Effect
Point Of No Return
Price Discrimination
Price Leadership
Pricing Strategy
Product Strategy
Promotion Strategy
Razor And Blades
Relative Advantage
Resistance To Change
Risk Management
Sales Strategy
Ship Often
Strategic Advantage
Strategic Communication
Strategic Drivers
Strategic Planning
Strategic Vision
Strategy Failure
Strategy Monitoring
Strategy Risk
Target Market
Test Marketing
Trade Dress
Trade Secrets
Turnaround Strategy
Two Sided Market
Types Of Strategy
Voice Of The Customer
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