Assignment Instructions
Learning Objectives:
Identify the key characteristics of consumer behavior.
Explain how customer satisfaction influences customer loyalty.
Analyze product development strategies.
Prompt:
Review Lesson 5 and Chapter 10: Product Design and Development of Exploring Business (http://open.lib.umn.edu/exploringbusiness/part/chapter-10-product-design-and-development/). as part of well written essay (400-500 words), address the product development categories noted in the Exercise below. Adhere to APA 6th ed. formatting and include sources and citations where appropriate as well as a reference list at the end of your essay.
Detailed Analysis – Exercise from 10.1 What is a Product in your textbook Exploring Business (http://open.lib.umn.edu/exploringbusiness/chapter/10-1-what-is-a-product/).
Identify a good or a service for each of the following product development categories: new-to-the-market, new-to-the-company, improvement of existing product, and extension of product line. To come up with the products, you might visit a grocery store or a mall (or think about products you use). Don’t use the Just Born examples presented in the chapter.
Instructions:
Develop a formal 350-700 word essay
Your essay should include an introductory paragraph and a conclusion.
Follow APA format for structure. An APA template is attached here. Support your essay with 3 credible, academic references beyond the course materials. Please note Wikipedia, Investopedia and similar general websites are not credible academic references.
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