(Optional) Update a product or service.

Update should include

  • analyzing sales (i.e., comparing actual to projected)
  • analyzing competitors' products or services
  • researching new products in the market
  • developing a product or service evaluation survey for customers
  • improving the product or service based on customer feedback.

Process/Skill Questions:

  • What are examples of changes businesses make to products?
  • What are the possible effects of changing a product?
  • What are factors businesses must consider before adding new products?
  • How do product planning and development benefit the consumer?
  • How do environmental issues and green marketing influence product planning?
  • How does a business determine whether a product or service meets the requirements of a particular market and yields enough profit to justify its continued existence?