Product Differentiation

Standard 12.1- students understand common economic concepts

How does competition affect me?

Part 1: Homework

Your assignment this week is to go to the grocery store and choose any product that has at least 3 varieties of the same thing.

Examples:

Fruit Cocktail: Dole, Del Monte, Store Brand

Cookies and Cream Ice Cream: Breyers, Dryers, Ben and Jerrys, etc…

White Cake Mix: Betty Crocker, Pillsbury, Blue Box, Etc….

Turn in the following:

On a sheet of white computer paper, type the answers to the following questions:

  1. Look at the packaging. Describe what product differentiation you see. (Color, pictures, images, shape, size, etc…) (5 pts)
  2. How does the goal of economic freedom apply to the U.S. Free Enterprise System?(2 pts)
  3. Why is competition important in the U.S. Free Enterprise System?(2 pts)
  4. Provide a colored illustration of each of the products chosen (photographs, internet pictures, magazine cut outs or hand drawn illustrations) (6 pts)

Part One Total: _____ (15 pts)

Part 2: Extra Credit

Consume each of the three products that you chose above in a blind taste test and answer each of the following:

  1. Describe what each product tastes like.
  2. Which tasted the best? Why?
  3. Which product looked the most visually appealing? Why?
  4. Which product was the best value? Why?
  5. Which of the above products will you purchase again in the future? Why?
  6. Do you think packaging and product differentiation really matter? Explain.

If you choose to do the extra credit portion of this assignment, you must type your answers below that of your answers from Part One. Use the same products for part one and part two of this assignment. Also, if doing the extra credit portion, you must include a picture of YOU with all 3 products and do not have the option to hand draw this portion of the assignment. Staple this paper to the back of your assignment before you turn it in.

Part Two Total: _____ (up to 10 pts of Extra Credit)

Assignment Total: _____ (15 pts)

Product Differentiation

Standard 12.1- students understand common economic concepts

How does competition affect me?

Part 1: Homework

Your assignment this week is to go to the grocery store and choose any product that has at least 3 varieties of the same thing.

Examples:

Fruit Cocktail: Dole, Del Monte, Store Brand

Cookies and Cream Ice Cream: Breyers, Dryers, Ben and Jerrys, etc…

White Cake Mix: Betty Crocker, Pillsbury, Blue Box, Etc….

Turn in the following:

On a sheet of white computer paper, type the answers to the following questions:

1. Look at the packaging. Describe what product differentiation you see. (Color, pictures, images, shape, size, etc…) (5 pts)

2. How does the goal of economic freedom apply to the U.S. Free Enterprise System?(2 pts)

3. Why is competition important in the U.S. Free Enterprise System?(2 pts)

4. Provide a colored illustration of each of the products chosen (photographs, internet pictures, magazine cut outs or hand drawn illustrations) (6 pts)

Part One Total: _____ (15 pts)

Part 2: Extra Credit

Consume each of the three products that you chose above in a blind taste test and answer each of the following:

A. Describe what each product tastes like.

B. Which tasted the best? Why?

C. Which product looked the most visually appealing? Why?

D. Which product was the best value? Why?

E. Which of the above products will you purchase again in the future? Why?

F. Do you think packaging and product differentiation really matter? Explain.

If you choose to do the extra credit portion of this assignment, you must type your answers below that of your answers from Part One. Use the same products for part one and part two of this assignment. Also, if doing the extra credit portion, you must include a picture of YOU with all 3 products and do not have the option to hand draw this portion of the assignment. Staple this paper to the back of your assignment before you turn it in.

Part Two Total: _____ (up to 10 pts of Extra Credit)

Assignment Total: _____ (15 pts)