What is a competitive polygon?

Competitiveness is a concept that characterizes the ability of an object or subject of production to overtake analogues in the current circumstances. Information about this indicator helps to build a true picture regarding the relevance of the product.

Such information contributes to the emergence of guidelines for further business development and the formation of readiness for change. The latter is crucial for quick adaptability to new conditions. Investors, consumers, manufacturers, the state apply a variety of methods for assessing competitiveness. Naturally, each of the entities carries out the analysis based on the receipt of benefits in the conditions of the modern market. For example, an investor analyzes the degree of attractiveness of a region or a specific enterprise to select an investment object. The appropriateness of already made investments is also taken into account. Methods for identifying the degree of competitiveness should take into account the qualitative characteristics of the products, the price ratio with peers, the level of customer service, the effectiveness of the applied advertising technologies.

What the Polygon of Competitiveness Includes

Such a comparative assessment method is understandable enough for perception and helps to compare goods, services and enterprises among themselves. To do this, the drawing shows the position of the compared objects for all indicators. A polygon is formed on the basis of numerous characteristics, which are represented in the figure by vectors emerging from one point in different directions. Among them are the following:

- The price of a service or product;

- The main concept of the product / service;

- The level of qualification of the staff during the sale;

- Service (delivery, assembly, warranty and repair);

- Market size of products (registered shops, salons);

- The financial well-being of the enterprise;

- The experience of the company or the novelty of the product;

- The degree of informational impact on the consumer (the presence of their own website, conceptual advertising).

Naturally, the above points are only approximate values ​​for the axes, since each product or service has its own characteristics.