How to determine product competitiveness

Each product that is presented on the market today has a certain level and indicator of competitiveness. This indicator reflects the degree of attractiveness of the product for a particular consumer. In general, the competitiveness of a certain is determined by commercial parameters, consumer and economic parameters.

Instruction manual

1

To calculate the competitiveness indicators of a certain product, select its analogue that exists on the sales market (for a specific market and at a certain point in time).

2

Evaluate the consumer qualities of a similar competing product. Determine how it meets and to what extent it meets the needs.

3

Analyze the functions - the main and additional (if the subject performs those).

4

Evaluate the functions (similarities and differences) of a thing whose competitiveness you value and things competing with it.

5

Find out how long this product, or rather its potential, is long-term. Remember that in order for an item to be competitive for a long time, it must remain attractive for as long as possible.

6

Analyze and compare the price performance of your product and similar competing product. Please note that with significant differences in the price of these two products, in order to ensure and maintain competitiveness indicators, some compensation should occur due to possible additional functions, the possibility of using a wider and more developed service.

7

Evaluate the ergonomic parameters of this product.

8

Define and evaluate the aesthetic parameters and indicators of the product. Analyze how this subject complies with generally accepted state standards and technical regulations.

9

Make a table in which you enter all the data obtained during the analysis. Perform a comparative test. Make appropriate conclusions about the competitiveness of a particular product, as well as about a possible increase in these indicators.

Useful advice

If the analysis was not in favor of the product, it is better to think about stopping its promotion and sale. After all, profits may not satisfy your needs. Or think about how to give things a second life - make a new design.