Title: Select a product or service.
Course: Make It Your Business (12151-18) > Section: Planning for a Product or Service

Selection should involve examining alternatives such as

- choosing an existing product or service
- modifying an existing product or service
- developing a new product or service
- constructing a prototype, if needed.

Criteria for selection should include consideration of

- the product life cycle (i.e., introduction, growth, maturity, and 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’s impact on the environment.

Process/Skill Questions

- What is a product?
- What is a service?
- How are products and services similar?
- Why is product or service planning important to a business?
- What is seasonality? What impact can it have on the sale of a product or service?
- How does the product life cycle affect an existing product?