Marketing Management, 16th Edition

Developing Market Offerings

In order to create value for target customers, collaborators, and company stakeholders, it is necessary for a company to clearly identify the target market in which it will compete and to design an offering that will deliver a meaningful set of benefits to target customers.14 These activities encompass the two key components of a company’s business model: strategy and tactics.

Strategy involves choosing a well-defined market in which the company will compete and determining the value it intends to create in this market. Tactics, also called the marketing mix, make the company’s strategy come alive: They define the key aspects of the offering developed to create value in a given market. The tactics logically follow ...