Product development doesn’t simply mean creating totally new products
never befo
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 kind of modification 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, 66% 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
consumers’ needs and problems and to create a product that solves these.Instructions: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 if you 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.Part 1Create, on paper, a new product that you think will
be of interest to college students such as yourself.You will then develop a written
description and possibly a drawing of this new product. One key restriction is that your new
product cannot be an app!Part 2Prepare 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:What is your overall opinion of
this product?What basic benefits would you expect to receive from the product?What about
the physical characteristics of the product?What do you like and dislike?What would you
add, delete or change?What do you like (or would you create) in the way of product
packaging?What sort of services would you expect to receive with the product?Do you think
you would try the product?How could marketers influence you to buy the product?How
much would you expect to pay for this product?Part 3You will now 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 findings3.Copy
of the survey you designed4.Names of the five people surveyed and their responses5.Your
recommendations for changes in your original product based upon your research6.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 paperAnswer 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.