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Different Types of Offerings and the Development Process in Marketing

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Different Types of Offerings and the Development Process in Marketing

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Different Types of Offerings and the Development Process in Marketing

Business Administration,University of the People

BUS 2201-01 - AY2024: Online Learning Strategies

Ghulam Punjtan (Instructor)

February 27, 2024


Introduction

As the marketing manager leading the evaluation of a new offering for market entry, it is
crucial to equip the team with a comprehensive understanding of the various types of
offerings in marketing and the process involved in developing a new offering. This
presentation aims to provide insights into these aspects and highlight the significance of
effective decision-making in ensuring the success of the offering in the market.

1. Different Types of Offerings in Marketing

In marketing, offerings can be broadly classified into three main types: products, services,
and ideas (Tanner & Raymond, 2016). Products refer to tangible goods, such as consumer
electronics, apparel, and household items. Services encompass intangible activities or
benefits provided to consumers, such as banking, healthcare, and consulting services. Ideas,
on the other hand, involve concepts or messages aimed at influencing attitudes or behaviors,
such as social campaigns or educational programs.

2. The Process of Developing a New Offering

The development of a new offering involves several key steps, beginning with idea
generation and culminating in market commercialization. These steps typically include:

- Idea generation: brainstorming and identifying potential concepts or solutions to address


market needs.
- Screening: evaluating and selecting the most promising ideas based on predefined criteria.
-Concept development and testing: refining selected ideas into tangible concepts and testing
them with target consumers to gather feedback.
- Marketing strategy development: formulating a comprehensive marketing strategy that
outlines target markets, positioning, and promotional tactics.
-Business analysis: conducting a thorough analysis of the potential costs, revenues, and
profitability of the new offering.
-Product development: creating prototypes or samples of the offering based on consumer
feedback and market demand.
-Market testing: Launching the offering in a limited market to assess its performance and
gather additional insights.
-Commercialization: scaling up production and distribution to launch the offering in the
broader market (Kotler & Keller, 2016).

3. Importance of Effective Decision-Making

Effective decision-making plays a critical role in the success of a new offering in the market.
By leveraging market research, consumer insights, and strategic analysis, businesses can
make informed decisions at each stage of the development process. Key components of an
effective decision-making process include:

- Market research: gathering data on consumer preferences, market trends, and competitor
offerings to inform decision-making.
-Target market identification: defining the target audience and understanding their needs,
preferences, and behaviors.
- Value proposition design: developing a unique value proposition that differentiates the
offering from competitors and resonates with the target market.
-Branding and packaging: creating compelling branding and packaging designs that
communicate the offering's value and appeal to consumers.
-Marketing strategy formulation: designing a comprehensive marketing strategy that
effectively promotes the offering and drives consumer engagement (Osterwalder & Pigneur,
2010).

4. Role of Business Models

Business models provide a framework for understanding how an organization creates,


delivers, and captures value. By aligning the product, price, and service components of the
offering with the business model, companies can enhance their competitive advantage and
increase the likelihood of market success. Business models aid in decision-making by
providing insights into revenue streams, cost structures, and value propositions, thereby
guiding strategic planning and resource allocation (Teece, 2010).

In conclusion, understanding the different types of offerings in marketing and the process of
developing a new offering is essential for achieving success in the market. By applying
effective decision-making principles and leveraging business models, companies can create
offerings that resonate with consumers, drive demand, and generate sustainable growth.

References:
Kotler, P., & Keller, K. L. (2016). Marketing management. Pearson.

Osterwalder, A., & Pigneur, Y. (2010). Business model generation: A handbook for
visionaries, game changers, and challengers. John Wiley & Sons.

Tanner, J., & Raymond, M.A. (2016). Principles of marketing. Open Textbooks for Hong
Kong. Retrieved from https://www.opentextbooks.org.hk/ditabook/16010

Teece, D. J. (2010). Business models, business strategy, and innovation. Long range
planning, 43(2-3), 172-194.

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