Final answer:
Market development is a strategy aimed at promoting existing products to new markets, often leveraging global advancements in technology and communications. It is distinct from devising new products for current markets or expanding product distribution within existing channels.
Step-by-step explanation:
Market development is a growth strategy wherein a company aims to expand by promoting its existing products to new customer markets. This differs from product development, where new products are created for existing markets, and from endorsing products simply within existing channels, such as selling coffee beans in grocery stores. Market development may involve targeting different geographic areas, reaching different industries, or even shifting the product's application demographic to tap into new potentials.
Two significant factors—technology and globalization—have reshaped how we understand markets today. The rise of the internet and global communication systems has permitted greater market expansion by increasing the range of accessible customers and competition levels substantially. This interconnectedness can also be observed in business-to-business connections that now span worldwide.
The notion of development within the economic context also touches upon the transformation of societies, infrastructure growth, and the profound adjustment in economic processes that development economics seeks to address. While these broader developmental considerations include a range of socio-political and infrastructural elements, they highlight the importance of an effective market development strategy to overall economic progress.