The systematic oversight of a marketable offering from its conception to its withdrawal from the market. This encompasses strategic planning, forecasting, and marketing activities to ensure a product or service meets evolving customer needs and achieves business goals. An example includes a software company meticulously planning updates, feature enhancements, and marketing campaigns for its flagship application based on user feedback and market analysis.
Effective management of offerings is crucial for maintaining competitiveness and maximizing profitability. It enables businesses to adapt to changing market dynamics, optimize resource allocation, and deliver superior value to customers. Historically, this function has evolved from a focus on production efficiency to a more holistic approach encompassing customer experience and lifecycle management. The results of well-defined action creates better relationship among stakeholders involved
