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Inn (see Chapter 6 "Creating Offerings") or Capri Sun adding new flavors; a repositioned product or
company, such as Hyundai Motor Company trying to change the perceptions of Hyundai automobiles
from being inexpensive to being “an overachieving, underappreciated brand that smart people are
discovering”; [1] or a totally new innovation, such as the mobile phone. What is new for one company may
not be new to another. For example, one hotel may already have budget properties, but when a luxury
hotel adds a budget property, that property is considered a new offering for them.
[1] “At Hyundai, Branding Is Job 2,” BusinessWeek, May 21,
2007,http://www.businessweek.com/magazine/content/07_21/b4035069.htm (accessed January 20, 2010).
7.1 The New Offering Development Process
LEARNING OBJECTIVES
- Identify an effective process for creating offerings and bringing them to market.
- Understand the relative importance of each step in the new offering development process and the
functions within each step. - Distinguish between the various forms of testing and analysis that take place before a new offering is
brought to the market.
Most new offerings go through similar stages in their development process. Although the size of a
company will affect how the different stages of their new product development process are conducted
and whether products are test marketed before being introduced, the steps are generally the
same. Figure 7.2 "The New Offering Development Process" summarizes these steps.
Figure 7.2 The New Offering Development Process