Title: Examine the development of a new product or service for an agribusiness.
Course: Agricultural Business Management III (18201-36) > Section: Managing the Agribusiness Enterprise

Examination should involve alternatives such as

- selecting a new product or service
- modifying an existing product or service
- developing a new product or service, including constructing a prototype if necessary.

Criteria for selection should include

- factors of production (e.g., natural resources, human resources, capital resources)
- cost of product or service (e.g., to business, to customer)
- product or service requirements (e.g., for delivery to business, for modification/manufacture)
- human resources requirements (e.g., to sell/deliver product service)
- space requirements (e.g., for display, for inventory storage)
- determination of whether product or service meets established or anticipated customer need
- equipment and technology needs (e.g., for demonstration, promotion, display).

Process/Skill Questions:

- What factors should be considered in the selection of a product or service?
- Why are human resource needs important when selecting a product for agribusiness?
- How does one determine if they should choose a new or modified product?
- How does one determine who will be their suppliers?
- Why is it important to perform an analysis of the competition?
- What should the analysis of the competition include?
- What is the competition’s business size compared to the current business?
- How can competition benefit the business?
- Why might competition be willing to help the business launch?