How to determine the competitiveness of products

A fundamental factor in the success of a product on the market is its competitiveness. It includes a whole range of cost and consumer characteristics of the product, shows its advantage over analogues of competing firms in a wide market offer.

Instruction manual

1

To determine the competitiveness of any product, study the requirements of buyers of the market segment in which it can be sold. Using sociological and expert methods, evaluate the importance of each criterion that guides the consumer when buying this product.

2

Select an existing market sample similar to the product being evaluated. This should be a product close to the needs and requirements of the consumer, in steady demand. Compare your product with a sample product in three ways that help you determine competitiveness.

3

Evaluate the consumer qualities of a competitor product. To do this, answer a number of questions. How fully does a competitive product satisfy consumer needs? Does it carry additional functions (provides additional services) in addition to the main one? Analyze and evaluate the aesthetic, regulatory and ergonomic qualities of the sample, its fame, image. Aesthetic parameters of the product characterize the rationality of form, informational expressiveness, stability of the type of product and the perfection of its production performance. Ergonomics shows the degree of convenience and comfort of a product for a person. Also take into account the regulatory parameters of the product, reflecting its properties, regulated by law, standards and mandatory norms.

4

Estimate the economic parameters of a competitive product. Indeed, in addition to matching a specific customer need, similar products differ in the cost of satisfying it, i.e. the price.

5

Pay attention to the commercial (organizational) characteristics of the sample. They may include guarantees and after-sales service of the goods, a system of discounts, terms of delivery and payment (loans, installments).

6

Based on the same criteria, evaluate your products. Then compare the results with the data of a competitor. A product that is more consistent with the desires of the consumer will be more competitive. This means that its manufacturer will do better in a particular market.