The 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 the counterparts of competing firms in a broad market supply.
Instructions
Step 1
To determine the competitiveness of a product, study the requirements of buyers of the market segment in which it can be sold. Using sociological and expert methods, assess the importance of each criterion that the consumer is guided by when buying this product.
Step 2
Highlight an existing sample on the market that is similar to the item being priced. It should be a product that is close to the demands and needs of the consumer and is in steady demand. Compare your product to a reference product in three ways that determine competitiveness.
Step 3
Assess the consumer qualities of a competing product. To do this, answer a series of questions. How well does the competitive product satisfy the consumer's need? Does it have additional functions (provides additional services) in addition to the main one? Analyze and evaluate the aesthetic, normative and ergonomic qualities of the sample, its popularity, image. The aesthetic parameters of the product characterize the rationality of the form, information expressiveness, the stability of the type of product and the perfection of its production performance. Ergonomics shows the degree of convenience and comfort of the product for a person. Consider also the regulatory parameters of the product, reflecting its properties, regulated by legislation, standards and mandatory norms.
Step 4
Assess the economic parameters of a competitive product. Indeed, in addition to meeting a specific consumer need, similar goods differ in the costs of meeting it, i.e. price.
Step 5
Pay attention to the commercial (organizational) characteristics of the sample. They can include guarantees and after-sales service of goods, a system of discounts, terms of delivery and payment (loans, installments).
Step 6
Use the same criteria to evaluate your products. Then compare the results with those of a competing sample. A product that better meets the needs of the consumer will also be more competitive. This means that its manufacturer will do better in a specific market.
