Creating Offerings

Creatin" rel="nofollow">ing Offerin" rel="nofollow">ings • This begin" rel="nofollow">ins the marketin" rel="nofollow">ing mix strategies to ensure a value offerin" rel="nofollow">ing for the target market you identified in" rel="nofollow">in in" rel="nofollow">in last week assignment. We begin" rel="nofollow">in with the value offerin" rel="nofollow">ing this week. • Note don’t expect you to develop strategies based on a total knowledge of the product or service sin" rel="nofollow">ince you are not, or most likely not, employed by your product or service’s company. We will be lookin" rel="nofollow">ing to see if you can apply the marketin" rel="nofollow">ing concepts to the real world situation. • Again" rel="nofollow">in, do not fall in" rel="nofollow">into the trap of reportin" rel="nofollow">ing on the product or service. This is obvious because your assignment will look like a rewrite of the company’s website. Don’t be afraid to make strategy recommendations based on what you have discovered about the product or service, and how you thin" rel="nofollow">ink it can move forward. Be creative, be reasoned, take risks. • Remember your product’s target market from last week. Always keep them in" rel="nofollow">in min" rel="nofollow">ind when makin" rel="nofollow">ing your recommendations. You now work for the company and your goal it to help them grow sales. Prepare your assignment begin" rel="nofollow">innin" rel="nofollow">ing with a title page in" rel="nofollow">includin" rel="nofollow">ing your name, your product or service, and the name of your target market. The answer each of the followin" rel="nofollow">ing four questions in" rel="nofollow">in order and number the begin" rel="nofollow">innin" rel="nofollow">ing of each question. There is no need to repeat the question text. 1. Offerin" rel="nofollow">ing. Describe your product or service offerin" rel="nofollow">ing as it is currently n terms of features and benefits, price and the total cost of ownership as discussed in" rel="nofollow">in the week's readin" rel="nofollow">ings. Is it more product domin" rel="nofollow">inant or service domin" rel="nofollow">inant. What are the tangible and in" rel="nofollow">intangible aspects? 2. Type of consumer offerin" rel="nofollow">ing. Based on the four categories of type of offerin" rel="nofollow">ings discussed in" rel="nofollow">in course content, describe in" rel="nofollow">in which category your product or service offerin" rel="nofollow">ing belongs. Based on your new target market, would that category of the offerin" rel="nofollow">ing change and if so, how? How would it change marketin" rel="nofollow">ing strategy? 3. Product lin" rel="nofollow">ine extensions or new product development. Should the current product or service be modified to more fully meet the needs of your new target market? Would the changes constitute a new product lin" rel="nofollow">ine, a product lin" rel="nofollow">ine extension or a new product? If no product changes are needed, how does the same product or service meet the need of your target market differently than current customers? Would the product lin" rel="nofollow">ine extension or new product allow the offerin" rel="nofollow">ing to occupy uncontested space in" rel="nofollow">in the perceptual map for the target market as covered last week? 4. Product lifecycle. In which stage of the product lifecycle is your product or service offerin" rel="nofollow">ing now? Would the changes described in" rel="nofollow">in number 3 above change the lifecycle stage and if so how? What would this mean to the lifecycle marketin" rel="nofollow">ing strategy?