DEPARTMENT OF BUSINESS ADMINISTRATION

AND MANAGEMENT STUDIES

GROUP ASSIGNMENT

COURSE TITLE: BUSINESS POLICY AND STRATEGY

COURSE CODE: BAM 421
LEVEL: HND II BUSINESS

GROUP

S/NO NAME OF STUDENTS REG NO.

1. ABEL BLESSING BPU/BUS/H/20/318
2. ONUH BLESSING ENE BPU/BUS/H/20/308
3. CHINYAM MAGADELENE IVEREN BPU/BUS/H/20/306
4. AUDU OKPACHO SIMON BPU/BUS/H/20/
5. ADAMU ADAKOLE ALEXANDER BPU/BUS/H/20/309
6. CHINEKE NZUBEEHI VICTORIA BPU/BUS/H/20/297

QUESTION

Q1. Briefly account for why you as a production manager would prefer to
buy its market offering instead of producing them.

Q20. Briefly discuss the need for conduct of business research.

Q1. Briefly account for why you as a production manager would
prefer to buy its market offering instead of producing them.

OVERVIEW OF MARKET OFFERING

Creating the best products and services that serve customers well can help
companies stay in business and satisfy consumers. This can lead to
increased brand loyalty and referrals, which can help you generate more
revenue. Knowing how to create and deliver effective marketing offerings
can help you position your company ahead of your competitors. In this
article, we discuss what a marketing offering is, the importance of
marketing offers, how to create an effective marketing offer and tips for
improving these offerings.

MARKET OFFERING

A marketing offering is a product or service that a company provides to

customers to meet their needs. An offering encompasses more than the
single product or service. It includes the extra value that a business adds
to their products, such as convenience, quality and support.

PRODUCTION MANAGER

A Production Manager is a professional who oversees the production

process and coordinates all activities to ensure enough resources on hand.
They can plan workers' schedules, estimate costs and prepare budgets to
ensure workflow meets required deadlines.

TYPES OF MARKET OFFERING

There are several types of marketing offerings that your business may
promote, including:

 Convenience offerings: Convenience offerings are low-price

products that customers purchase frequently, such as common
grocery and toiletry items. Typically, customers don't spend much
time comparing prices or quality.

 Shopping offerings: Shopping offerings are higher-price products

that customers compare before making a purchase, such as a car or
large piece of furniture. Consumers may spend several days or weeks
shopping for the best type of offering for their needs and desires.
 Specialty offerings: Specialty offerings are less common, more
exclusive products that customers recognize by brand, such as
designer clothes or accessories. Consumers show brand loyalty by
purchasing the same type of items from their preferred brand.
 Unsought offerings: Unsought offerings are products or services
that consumers rarely purchase, like roofing services or a new HVAC
system. Customers generally know little about the product and must
shop around.
REASON WHY PRODUCTION MANAGER WOULD PROFER TO BUY
ITS MARKET OFFERING INSTEAD OF PRODUCING THEM
A marketing offer is important because it can generate interest in your
products and services. By developing products that align with your target
market's needs and wants, you can increase your sales and promote brand
loyalty among your customers.
Businesses in the market adapt their products or services such that it fills
the customer's needs gap. More people are drawn toward a brand when it
sells products that resolve customers' problems or make their lives easier.
The brand that can do this the best and exceed a customer's expectation
will stand out in the customers' minds.
Providing better target offerings and standing out in the market will
eventually lead to more loyal customers and a broader customer base.
People expect businesses to add value to their lives in various ways,
precisely the purpose of market offerings - satisfying customer needs.
When a production manager offer products or services that resonate with
consumers, you differentiate your business from others.
Q2. Briefly discuss the need for conduct of Business Research
Overview of Business Research
Business research helps to identify opportunities and threats. It helps
identify research problems and using this information, wise decisions can
be made to tackle the issue appropriately. It helps to understand
customers better and hence can be useful to communicate better with the
customers or stakeholders.
Business Research
Business research may be conducted on virtually any topic. In general,
when individuals talk about business research, they are referring to the
process of asking research questions to determine where who might spend
money to boost sales, profits, or market share. Such study is necessary to
make intelligent and informed judgments.

 Can carry out business research for a variety of reasons

  Business research aids in the identification of opportunities and
dangers.
 It aids in identifying problems and, with this knowledge, what may
make intelligent decisions to address the issue effectively.
 It aids in a better understanding of customers and, as a result, may
be effective in improving communication with consumers or
stakeholders.
 Doing preliminary business research may reduce risks and
uncertainties.
 Such research can aid in the tracking of corporate competitiveness.
 Business research may help a firm decide where and how much to
invest.
Need for Business Research
Business research is the first step that each business owner must take to
establish their company, survive, or succeed in the market. The
fundamental reason for the relevance of such research is that it helps firms
expand in terms of remuneration, market, and brand value.

 It enables businesses to understand their target customers'

preferences better, purchasing patterns, pain concerns, and
demographics.
 Business Research also gives companies a complete understanding of
their target markets, trending, and market demand.
 Businesses may successfully and efficiently construct the best
possible plans and strategies by examining consumers' buying habits,
preferences, market trends and needs with business research.
  The relevance of business research also rests in identifying areas that
may reduce unneeded expenditures and sizes in a firm that require
greater attention to attract more consumers and increase revenues.
 Businesses may continually develop in response to their consumers'
tastes and interests while focusing on the brand.
 Business research also serves as a catalyst, assisting businesses to
succeed in their marketplaces by seizing all available chances and
addressing the demands and preferences of their consumers.
Role of Business Research 
Business research has a gradual role, as its importance lies in all
aspects of the business. Let's take a look at the part of economic
research in enterprises.

 The most critical role of business research is to help all business

decisions, from product innovation to marketing and advertising
planning.
 Business surveys also help predict companies about competition and
other types of issues.
 Another important area where this plays a more significant role is to
ensure consumer satisfaction by allowing you to research and
highlight locations where research can efficiently serve your target
audience.
 Business research can also help make your business more cost-
effective, as you can reduce costs as needed and invest more in
profitable areas.
References

https://www.aeccglobal.in/blog/business-research#:~:text=The%20most
%20critical%20role%20of,and%20other%20types%20of%20issues.

https://www.studysmarter.co.uk/explanations/marketing/introduction-to-
marketing/market-offerings/

Indeed Editorial Team (2022). Marketing Offering: What It Is and How To

Create One