The Japanese city received a disappointing report from the International Olympic Committee (IOC) last month but a senior bid official said this week that Osaka might re-apply in the future if it was not chosen in the IOC vote on July 13 in Moscow.
An IOC evaluation committee has already suggested that Beijing, Paris and Toronto are the front-runners to host the Games, ahead of Osaka and Istanbul.
"We will continue to do what we've been doing," Kimihide Harada, director of international affairs for the Osaka bid committee said as the final month of campaigning began.
"But we have definitely learned lessons that could be useful in the future," he said.
Harada said that the people of Osaka and the Japanese Olympic Committee would have to be consulted before a repeat bid could be tabled but said the city would be in "even better shape" in the future.
"Of course it would be easier a few years down the line. This is our first time and we haven't got as much experience as the other cities," he told Reuters.
Harada said Osaka officials still needed to clear up "one or two misunderstandings" after the IOC evaluation report questioned the city's ability to finance the Games.
In the wake of the bribery scandal over the awarding of the 2002 Winter Olympics to Salt Lake City, IOC members were barred this time from visiting the bidding cities, leaving them to rely heavily on the official evaluation report.
Osaka officials have argued that the report mistakenly said that the city investment in non-organising committee projects such as roads and railways was a massive $28 billion.
"The actual figure Osaka will pay amounts to just 12 percent of that sum," said Hiroko Hirazawa, a public relations officer for the city council.
But with Beijing regarded as being in pole position to win the vote, Osaka's efforts to reassure the IOC about its budgetary concerns appear to come too late.
The evaluation report praised Osaka's sports venues but said transport congestion was another potential problem.
"Personally, I'd like to see us take up the challenge again in the future if we don't get it this time," said Harada.
Asked what the bid committee would do differently, Harada said he would hope for better communication with the foreign media.
"We have been very active promoting Osaka at home but I'd like to see more output from us towards the press abroad. That, too, has been part of the learning process for us," he said.
Japan staged the 1964 Summer Games in Tokyo, as well as the Winter Olympics in Sapporo in 1972 and Nagano in 1998.
Osaka is putting a positive spin on its status as underdog in the race to stage the 2008 Summer Olympics.
