The purpose of the Offering component of the business plan, according to the US Small Business Administration (SBA), is to: “Describe what you sell or what service you offer. Explain how it benefits your customers and what the product lifecycle looks like. Share your plans for intellectual property, like copyright or patent filings. If you’re doing research and development for your service or product, explain it in detail.”

The Produce & Service Offering should clarify the problem for which the service or product provides a solution, as well as indicating strong demand and sentiment for the solution – Are people willing to, or will they be willing to, pay for the solution? Provide hard evidence to the affirmative! Also make sure to answer questions such as: “How does the solution meet consumer needs?”, “What are the benefits against similar products/services?”, “What advantages does the product/service have over the competition?”, “What comes next for the product/service”?, and “Why is the product/service valuable to the consumer (why should the consumer care)?”.

What Is Included In Product & Service Offering?

This section should include a detailed market role description of the product and/or service that emphasizes customer benefits and the advantages the product and/or service has over competitors. In addition, include information about the product and/or service’s lifecycle, all relevant intellectual property (copyright, patent, trademark, and/or trade secret registrations), and research and development activities that may lead to new products and services.

Descriptions

List the company’s services and products and attach any marketing and/or promotional materials related to each service or product. Also include information addressing new services or products which will soon be added to the company’s line. This section should emphasize customer benefits – known in the Brand Guide as “value propositions”: “A value proposition is an end benefit a customer receives after purchasing a product, service or solution, and there are five primary categories of value proposition. These five value proposition categories are: Productivity, Profitability, Image, Experience, and Convenience.” This section should also make clear the advantages one’s products or services have over those of one’s competitors – known in the Brand Guide as “competitive edge”: “Typically brands define their competitive edge in one of three ways: cost leadership, differentiation, or focus (specialized offerings for niche markets).”

Lifecycle

This would include a discussion on the current development stage of the business’s products/services, answering the questions, “Where is the product/service now in its roadmap, where did it start, and where is it going?” This section should also include information on any factors that may influence the product/service in fully achieving its Lifecycle.

Intellectual Property

Any copyright, patent, trademark and trade secret information that may be relevant. This should include information related to existing, pending or anticipated copyright, trademark, and patent filings along with any key characteristics of one’s products/services for which one cannot obtain a copyright, trademark, or patent.

Research & Development

Research & Development (R&D) activities in which the business is presently involved and in which the business is planning to be involved.

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