Product development is selling new products in currently served markets. When I think of product development, I think of my iPhone. First there was the iPhone 3G, then the iPhone 3GS and finally Apple introduced the latest, iPhone 4. The iPhone 4 is a perfect example of product development because Apple is selling a new product but still targeted toward the same market.
Product development is a useful market growth strategy because it makes consumers wanting to buy the next best product. This is exactly what happened when I bought my iPhone 4. I had recently bought an iPhone 3GS five months before the iPhone 4 came out. Once I found out that the newer version of the phone was going to be on the market, I bought the new product and sold the older one.
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