Market development refers to the process that the marketing management of a company or organization undertakes to seek a new market for an existing product. In market development, there is an existing product while the market is new. This is a strategic commitment by the company to achieve growth through market expansion. In product development, the management of a company or organization strives to propose a new product for an existing market. Both market and product development are important processes for any organization to achieve maximum growth in doing business. However, a different business environment requires different marketing decisions. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The main difference between market development and product development is that market development is a strategic approach with emphasis on developing new market segments while product development involves the creation of a new product for a existing market. Ray Nilanjan highlights strategic marketing approaches that, when applied by any organization, lead to growth (Nilanjan, 2015). Among the growth strategies explained are strategic marketing approaches, namely market development and product development, a theory of Ansoff. According to Ansoff, marketing strategies, any organization must undergo four different growth strategies to achieve growth (Nilanjan, 2015). However, we will only discuss two: market development and product development. A product is said to have a life, in the sense that it has a moment when it is introduced into the market and a moment when it leaves the market. Furthermore, a product goes through four stages of growth starting from the time it is introduced into the market until the time it exits the market. Product life stages include: introduction stage, growth stage, maturity, and finally decline stage. The introduction phase is the phase in which the product is introduced to the market. The growth phase is the period necessary for the newly introduced product to grow. The maturity stage means that the product has been on the market for a sufficient time. It is also a period in which customers have become accustomed to the product. The decline phase refers to the period in which a product that has dominated the market begins to lose importance. When the product approaches the decline stage, another product may be introduced to the market to replace it. The exit of a product from a particular market provides the opportunity to introduce another. Another reason why a new product may be developed is when an organization's management realizes that there is a need for a new product in a market in which they are already present. settle for a different product. Customers can suggest the management to develop a new product to meet their needs. Additionally, the government could incentivize companies to develop a new product for them, such as developing digital set-top boxes in Kenya. Competition may also force a company to develop a new product to compete with the competitor's product. Reasons why management may develop a new market include: The desire of a company's management to explore a new market, in order to achieve growth. In addition to this, management may find that they face stiff competition in the current market. They may then decide to counteract that competition by exploring a new market for their existing product. Another reason that can.