The best replacement for product development is product management.

The best alternatives to product development are rated as following:
★★★★★  product management
★★★  project management
★★★  market development
★★★  application development
★★  market penetration
★  business development
★  project development
★  research and development
★  r d
★  service development
★  it services
★  production
  new service development

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Google Trends

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product development
product management
project management