(Optional) Create a product or service.

Creation should involve examining alternatives such as

  • developing a new product or service
  • modifying an existing product or service
  • assembling a product prototype or service presentation.

Creation should include consideration of

  • the product/service life cycle (i.e., introduction, growth, maturity, decline)
  • whether the product or service matches an established or anticipated need and/or want
  • the cost of the product or service to the business
  • the product or service availability requirements (e.g., for delivery to the business, for modification/manufacture)
  • the shelf-life of the product
  • the space requirements for display and inventory storage
  • the product or service’s impact on the environment
  • the unique value proposition of the product or service.

Process/Skill Questions:

  • How are products and services similar? How are they different?
  • Why is product/service planning important to a business?
  • What is seasonality? What effect can it have on the sale of a product or service?
  • Where will you source the necessary supplies to create the product?