Definition: Product Development is a strategy and function aiming at selling new products (services) in current markets.
It is one of the 4 growth strategies of the Ansoff Matrix (besides market penetration, market development and diversification).
PD strategies typically aim at selling other products to (regular) clients. These can be accessories, add-ons, or completely new products. Typically involves cross-selling and using existing communication channels.
PD as a function part of product management deals with:
- Customer Research
- Competitive Intelligence
- Industry Analysis, Trends
- Product Documentation
- Product Strategy
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