A product development strategy is a product-market strategy whereby an organization creates new offerings for existing markets innovation, product augmentation, or product line extensions.

Learning more about your market is key when building your strategy—so make sure to check out How to Do Market Research and Practical Market Research Resources for Entrepreneurs.

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At Bplans, it's our goal to make it easy for you to start and run your business. The Bplans glossary of common business terms will help you learn about key small business and entrepreneurship topics.