Market development refers to the process by which the marketing management of a company or organization undertakes the search for 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 undertakes to offer a new product for an existing market. Market and product development is an important process for any organization to achieve maximum business growth. However, a different business environment calls for different marketing decisions. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay. The main difference between market development and product development is that market development is a strategic approach focusing on developing new market segments while product development involves coming up with a new product for an existing market. Ray Nilanjan emphasizes strategic marketing approaches which, 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. We say that a product has a life, that is to say, it has a moment when it is introduced into the market and a moment when it leaves it. Moreover, a product goes through four stages of growth, from its introduction into the market to its exit from the market. The product life stages include: introduction stage, growth stage, maturity and finally the decline stage. The introduction stage is the stage at which the product is introduced into the market. The growth stage is the period required for the growth of the newly introduced product. Maturity stage means that the product has been on the market for a sufficient amount of time. Additionally, it is a period during which customers become accustomed to the product. The decline stage refers to the period in which a product that dominates the market begins to lose its importance. When the product approaches its decline stage, another product may be introduced into the market to replace it. The exit of a product from a particular market provides the opportunity to introduce another. Another reason 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 where it already exists. satisfactory with a different product. Customers may suggest management develop a new product to meet their needs. In addition, the government can encourage companies to develop a new product for them, for example the development of digital set-top boxes in Kenya. Competition can also force a company to develop a new product to compete with the competing product. The 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 can.