Creating Offerings
This begins the marketing mix strategies to ensure a value offering for the target market you identified in in last week assignment. We begin with the value
offering this week.
Note dont expect you to develop strategies based on a total knowledge of the product or service since you are not, or most likely not, employed by your
product or services company. We will be looking to see if you can apply the marketing concepts to the real world situation.
Again, do not fall into the trap of reporting on the product or service. This is obvious because your assignment will look like a rewrite of the companys
website. Dont be afraid to make strategy recommendations based on what you have discovered about the product or service, and how you think it can move forward. Be
creative, be reasoned, take risks.
Remember your products target market from last week. Always keep them in mind when making your recommendations. You now work for the company and your goal
it to help them grow sales.
Prepare your assignment beginning with a title page including your name, your product or service, and the name of your target market. The answer each of the following
four questions in order and number the beginning of each question. There is no need to repeat the question text.1. Offering. Describe your product or service offering as it is currently n terms of features and benefits, price and the total cost of ownership as discussed in
the weeks readings. Is it more product dominant or service dominant. What are the tangible and intangible aspects?
2. Type of consumer offering. Based on the four categories of type of offerings discussed in course content, describe in which category your product or service
offering belongs. Based on your new target market, would that category of the offering change and if so, how? How would it change marketing strategy?
3. Product line 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 line, a product line 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 line extension or new product allow the offering to occupy uncontested space
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 offering now? Would the changes described in number 3 above change the
lifecycle stage and if so how? What would this mean to the lifecycle marketing strategy?