BUS 2201 Marketing P Unit 4 DA Assignments

Review the material in Chapter Seven on Developing and Managing Offerings.
What are the seven steps in the offering development process?
It is evident that, new product development focuses on innovation and value delivery, with
increased R&D efforts post-COVID-19, addressing audience pain points through surveys,
interviews, and ethnographic research. Understanding a strategy framework and development
strategies is crucial for a successful product lifecycle. Hence, this unit focuses on creating,
developing, and managing products and service offerings. It covers the process, risks, rewards,
consumer behavior, and marketing executives' management. The product development lifecycle
consists of seven stages: idea generation, idea screening, feature specification, development,
market testing, launch, and evaluation (Tanner & Raymond, 2010, p.138).
What are the key activities in each step?
Idea generation involves gathering diverse, creative ideas for a new product or service, without
considering feasibility; focus on letting ideas run free.
Idea screen assesses new offerings using customer experience and market demand, utilizing
qualitative and quantitative research methods for product potential.
Feature specification evaluates an offerings added values, with premium offering focusing on
customer satisfaction and cost. It involves prototyping interfaces and features, examining
potential applications, competition, and considering price. (Tanner & Raymond, 2010).
Development involves product design, specifications, prototyping, and considering

manufacturing processes for products, using technology platforms like iPhones for cost-
effectiveness and easier technician training.
Market testing evaluates a service or product's response to real customers. A marketing plan
outlines sales and promotion strategies, using KPIs, user personas, and competitor analysis to fit
into the broader market.
Launching is the stage where a service or product is made available to clients after testing. This
stage is crucial for product development and celebrates hard work. The product is sold to the
market and distributed nationwide or regionally, with promotion being the most costing stage.
The evaluation stage evaluates a product's value to customers and achieves company goals.
Executives monitor progress, make adjustments, and upgrade features or services to improve
customer satisfaction.
To maintain above, businesses or companies need to utilize product management software like
Backlog for efficient changes tracking, interactive Gantt charts, Kanban boards, and version
control.

How should a company evaluate new ideas? What are the criteria?
Since "business idea is a concept to offer products or services to customers for financial gain"
(How To Evaluate a Business Idea for Success in 6 Steps, n.d.).
). We need to evaluate such a business idea, because businesses are built on good ideas, so it's
essential to create a business strategy, assess market demand, identify competitors, and request
feedback to determine a firm's success. follow these steps:
 Determine the target market: Understand the demographics of the target audience to
anticipate their needs and preferences.
 Create a buyer persona: Create a persona representing the target audience based on their
background, motivations, values, and buying factors.
 Conduct a market analysis: Analyze factors like economics, consumer buying patterns,
trends, forecasting, and competition to differentiate your business idea and offer a unique
value proposition.
 Analyze competitors' strategies, products / services, strengths / weaknesses, and online
reviews to understand their success.
 Analyze your Finances: Understand your financial outlook to secure investments, market
your idea, and plan for future expenses.
 Get Feedback: Gather feedback from friends, family, professional contacts, or
stakeholders to understand the feasibility of your business idea and make informed
decisions for its success.
What strategies do firms pursue when their products enter the decline stage?
Businesses often face a decline stage in their product life cycle, which occurs when sales fall and
low profit is experienced due to changes in customer preferences, technological advancements,
or new firms entering the market. To exit this stage, businesses should highlight their superiority
in marketing, modify brand packaging, explore new markets, lower pricing, add new features,
and execute new advertising methods. To restart the cycle, businesses should offer products at
various stages of the product life cycle and consider selling the brand to other companies. To
address declines due to technological advancements, trends, innovation, or changing consumer
tastes, businesses should maintain the product, reduce costs, enter new niches, reduce marketing
support, or discontinue the product when profits dry up or a successor product is introduced
(Produkt life cycle, n.d.).

References
Guthrie, G. (2023, February 08). The 7 stages of the product development lifecycle explained. Nulab.
Retrieved July 12, 2023, from https://nulab.com/learn/design-and-ux/the-7-stages-of-the-product-

development-lifecycle-explained/
How To Evaluate a Business Idea for Success in 6 Steps. (n.d.).

Retrieved July 11, 2023, from
https://www.indeed.com/career-advice/career-development/business-idea-evaluation
Product life cycle. (n.d.). Product life cycles - decline stage. Retrieved July 11, 2023,
From https://www.nibusinessinfo.co.uk/content/product-life-cycles-decline-stage
Tanner, J. & Raymond, M.A. (2016). Principles of marketing. Open Textbooks for Hong Kong.
Licensed under a Creative Commons by-nc-sa. Read online
at: https://www.opentextbooks.org.hk/ditabook/16010
7.1 The New Offering Development Process. (2015, October 27). Principles of Marketing
Retrieved July 10, 2023, from https://open.lib.umn.edu/principlesmarketing/chapter/7-1-the-new-
offering-development-process/

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Review the material in Chapter Seven on Developing and Managing Offerings.

What are the seven steps in the offering development process?

What are the key activities in each step?

Development involves product design, specifications, prototyping, and considering

Retrieved July 12, 2023, from https://nulab.com/learn/design-and-ux/the-7-stages-of-the-product-

How To Evaluate a Business Idea for Success in 6 Steps. (n.d.).

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