How to evaluate product competitiveness

The quality and competitiveness of any product largely determines its success in the market. The economic and social life of both the state as a whole and the individual consumer depends on how successfully this issue is resolved. Competitiveness is a multifaceted concept, which means the conformity of goods to market conditions, the requirements of the final consumer of the product to the price, delivery time, distribution channels, quality of service and so on.

Instruction manual

1

To correctly assess the competitiveness of a particular product, look for its analogue on the market. The estimated parameter is a relative concept that is tied to a specific market and time of sale.

2

Evaluate the consumer qualities of a competing product. How fully does it satisfy the corresponding need? Does the object perform any additional functions in addition to the main one? What is the difference between the set of functions of a competing product and the product whose competitiveness you want to evaluate?

3

Determine how long-term the product’s potential is. To maintain competitiveness, it is necessary that the product remains attractive to the potential consumer over a considerable time distance. Of course, there are products that quickly become obsolete morally, but in this case it is necessary to provide for the timely expansion of the product line and the release of new, improved modifications.

4

Conduct a comparative assessment of the price characteristics of your product and competitors' products. The difference in price to maintain competitiveness should be compensated by a set of additional functions, ease of use, the presence of a developed service.

5

Consider the ergonomic parameters of the product, evaluating it in terms of compliance with the characteristics of the human body. The goods should conveniently consume or conduct production operations with them. Product mismatch with ergonomic requirements makes a competing position weaker and more vulnerable.

6

Evaluate aesthetic indicators: expressiveness, a rational combination of product dimensions and its shape. Such characteristics determine the external perception of the product, which greatly affects the direct choice of the consumer at the time of making the purchase decision.

7

Conduct a qualitative analysis of the product for compliance with its technical regulations, state standards of manufacture and consumption. Check if the product violates the applicable laws of the country whose market you are developing.

8

For all indicated positions, conduct a comparative (qualitative and quantitative) assessment. Make a table, including the parameters of the product being evaluated and the characteristics of several samples offered by competitors. As a result, you will be able to visually assess how competitive your products are, as well as identify weaknesses that should be reinforced with additional benefits.