Assignment 7: Product Development Unit 2, Product Development This assignment specifically relates to products and product development. The assignment is worth 50 points. Introduction: Product development doesn′t simply mean creating totally new products never before on the market. Instead, product development is a continuous process of looking for new ways to make an existing product better or finding just the right shade of purple for this year′s fashions. This, of course, is the most common type of ″new″ product. A product is anything tangible or intangible that, through the exchange process, satisfies consumer or business customer needs. Marketers think of the product as more than just a thing that comes in a package. They view a product as a bundle of attributes that include the packaging, brand name, benefits and supporting features in addition to a physical good. According to a Boston Consulting Group Survey, sixty-six percent of senior executives surveyed in 58 countries consider innovations to be one of their top three priorities. In the world of consumer products, successful innovations are only as good the ability to identify consumer’s needs and problems and create a product that solves these. Assignment: For this assignment you are going to create a new product; something that does not exist in the marketplace. Or you may improve upon / update an existing product (to make it something that does not exist in the marketplace). All of us have had product ideas that we have later seen in the marketplace. Create, on paper, a new product or an improved version of a product that you think will be of interest to community college students such as yourself. You will then develop a written desсrіption and possibly a drawing of this new product. (One key restriction that you have about what you create is it cannot be an app) Prepare a survey to discuss this new product with five other people who might be users of your product. Ask them to tell you what they think of the product. Some of the questions you might ask include: 1. What is your overall opinion of this product? 2. What basic benefits would you expect to receive from the product? 3. What about the physical characteristics of the product? What do you like and dislike? What would you add, delete or change? 4. What do you like (or would you create) in the way of product packaging? 5. What sort of services would you expect to receive with the product? 6. Do you think you would try the product? 7. How could marketers influence you to buy the product? 8. How much would you expect to pay for this product? The assignment is to write a minimum of a two page paper summarizing your findings and including the following content. Based upon the research you conducted. Discuss: 1. Your idea(s) 2. In detail, your research findings 3. Copy of the survey you designed 4. Names of the five people surveyed and their responses 5. Your recommendations for changes in your original product (based upon your research) 6. Your feelings about the potential success of this new product and how you felt about researching a product you had developed and designed. Guidelines for writing the paper: Answer all questions completely and thoroughly. Be careful to use a spell check and correct sentence structure. Use a paragraph style format, double space and 12 point font. It is critical that you document your sources using correct APA style and include a reference page. If you need help with this click on the Marketing Research Guide button under Syllabus & Course Info. Submission Guidelines: At the TOP of your paper / assignment put your name along with the name and number of your assignment. I print your assignments off to read and grade so be absolutely certain that this information is at the top of each and every assignment. Assignments must be submitted to your instructor via the assignment feature.
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