What do you mean by Product Development Strategy?

The strategies and tactics used to launch new items into the market or alter current ones to spur new business are referred to as product development strategies. There are several processes involved in creating a product, from creating a concept through distributing goods to buyers.

Product development strategies are the procedures used to bring new products to market or modify existing ones to attract more customers. A product is made through a number of steps, from concept creation to product distribution to customers.