Product Development involves the substantial modification of existing products or the creation of new but related products that can be marketed to current customers through established channels.
The product development strategy often is adopted either to prolong the cycle of current products or to take advantage of a favorite reputation or brand name.
In marketing Product development refers to develop the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.
As Example, in 2008, in an effort to transform itself from a niche player to a mainstream brand, Under Armour entered the $19 billion athletic footwear market with a line of cross-trainer shoes. Last year, it introduced high-performance running shoes. It also offers promise for big growth.