This paper investigates the issue of how to exploit target location distribution for multiple input multiple output (MIMO) radar waveform design. We consider a MIMO radar aiming to estimate the unknown and random angular location parameters of a point target, whose distribution information can be exploited by the radar. First, we establish the models of the MIMO radar system and the target location distribution. Based on the considered models, we propose the first category of target location distribution exploitation methods by analyzing the radar direction-of-angle (DoA) estimation performance and deriving a general form of posterior Cramer-Rao bound (PCRB) as the lower bound of the mean square error of DoA estimation. Following this, to explore more insights, we proposed the second category of target location distribution exploitation methods by introducing a novel radar metric, probability scaled beampattern (PSBP), from the perspective of radar beampattern. To compare the two methods, we formulate the PCRB and PSBP oriented radar waveform design problems and propose corresponding low-complexity and convergence-guaranteed algorithms to tackle them. Finally, numerical simulations are conducted in different scenarios to provide a comprehensive evaluation and comparison of the radar performance.