Identify the key characteristics of consumer behavior.
Explain how customer satisfaction influences customer loyalty.
Analyze product development strategies.
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.
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.
Please review the rubric provided for details on how this assignment will be evaluated.