Check Your Understanding Assignment for Xoon

Directions: Please answer each of the following questions and provide examples from the text, if applicable.  Each response should be written in complete sentences and be at least 1-2 paragraphs in length.

1.            From the list below, specify whether the item listed is a good or service.  If it is a good, classify each product into the category (convenience, shopping, specialty, unsought) that you think fits best from your perspective as a consumer (i.e., if they were buying the product):

·         Coca Cola (brand)

·         a car stereo

·         a haircut

·         a winter coat

·         a pair of shoes

·         life insurance

·         blue jeans

·         hamburgers in a fast food restaurant

·         shampoo

·         car repair

·         canned vegetables

·         frozen pizza

2.            To keep track of how service employment is affecting the U.S. economy, click here to visit the Bureau of Labor Statistics.  Look at the right sidebar, which gives the latest numbers for Business Employment Dynamics.  What trends do you see?  Do the numbers support the information from the chapter?

3.            Look around your home.  Find 4 products that are in different stages of the product life cycles and explain in detail why you think they are in that stage of the life cycle.