Use competitor analysis to avoid situations that involve head on competition

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Use competitor analysis to avoid situations that involve head on competition

New Product Development Glossary Product Definition Product definition is a critical starting point in the development of any new product. Yet for its importance, there are a number of common shortcomings to the process of product definition in many companies: A business strategy which defines customers and markets to be served, competitors, and competitive strengths provides a framework from which to evaluate potential opportunities.

The result of this evaluation of opportunities is expressed in a product plan. Product Planning The product plan helps resolve issues related the markets, the types of products and the opportunities that the company will invest in and the resources required to support product development.

More specifically, the product plan is used to: Define an overall strategy for products to guide selection of development projects; Define target markets, customers, competitive strengths, and a competition strategy e.

Few companies have a formal product planning process, let alone a rigorous process. While a product plan is generally prepared on an annual basis, it should be reviewed and updated at least quarterly, if not monthly. These opportunities need to be evaluated and the product plan changed if needed.

This changes may result in re-prioritizing development projects or making a decision to hire additional development personnel to undertake a new development opportunity. This includes determining how to identify target customers, which customers to contact in order to capture there needs, what mechanisms to use to collect their needs, and a schedule and estimate of resources to capture the voice of the customer project plan for product definition phase.

As opportunities are identified, appropriate techniques are used to capture the voice of the customer. The techniques used will depend on the nature of the customer relationship as illustrated below. There is no one monolithic voice of the customer.

Customer voices are diverse.

Use competitor analysis to avoid situations that involve head on competition

In consumer markets, there are a variety of different needs. Even within one buying unit, there are multiple customer voices e. This applies to industrial and government markets as well. There are even multiple customer voices within a single organization: These diverse voices must be considered, reconciled and balanced to develop a truly successful product.

The high price of bidding on the competition

Traditionally, Marketing has had responsibility for defining customer needs and product requirements. This has tended to isolate Engineering and other development personnel from the customer and from gaining a first hand understanding of customer needs.

Product development personnel need to be directly involved in understanding customer needs. This may involve visiting or meeting with customers, observing customers using or maintaining products, participating in focus groups or rotating development personnel through marketing, sales, or customer support functions.

This direct involvement provides a better understanding of customer needs, the customer environment, and product use; develops greater empathy on the part of product development personnel, minimizes hidden knowledge, overcomes technical arrogance, and provides a better perspective for development decisions.

These practices have resulted in fundamental insights such as engineers of highly technical products recognizing the importance to customers of ease of use and durability rather than the latest technology. Where a company has a direct relationship with a very small number of customers, it is desirable to have a customer representative s on the product development team.

Alternately, mechanisms such as focus groups should be used where there are a larger number of customers to insure on-going feedback over the development cycle.

Current customers as well as potential customers should be considered and included. This customer involvement is useful for initially defining requirements, answering questions and providing input during development, and critiquing a design or prototype.

During customer discussions, it is essential to identify the basic customer needs. This limits consideration of development alternatives.

Development and marketing personnel should ask WHY until they truly understand what the root need is. Breakdown general requirements into more specific requirements by probing what is needed.

Challenge, question and clarify requirements until they make sense. Document situations and circumstances to illustrate a customer need.A management team will use the SWOT analysis identifying the internal and external factors that will affect the company’s future performance.

The company’s strengths and weaknesses are the internal factors. acronym perpetuates its usage in business and beyond as the tool is used to assess alternatives and complex decision situations. In. David Wirth is a consultant at Ashurst LLP. This post is based on a chapter by Mr. Wirth, first published in the International Comparative Legal Guide to: Merger Control (contributing editors Nigel Parr and Catherine Hammon, Ashurst LLP), published by Global Legal Group.

The complete chapter, including footnotes, is available here. In your own words, explain how a marketing manager might use a competitor analysis to avoid situations that involve head-on competition. The best way for a marketing manager to avoid head-on competition is to find new or better ways to satisfy customers’ needs and provide value.

In your own words, explain how a marketing manager might use a competitor analysis to avoid situations that involve head-on competition. Discuss the probable impact on your hometown if a major breakthrough in air transportation allowed foreign producers to ship into any U.S. market for about the same transportation cost that domestic producers.

(4) Value analysis can give insight into the relative worth of a product and the Government may use it in conjunction with the price analysis techniques listed in paragraph (b)(2) of this section. (c) Cost analysis. In Your Own Words Explain How a Marketing Manager Might Use a Competitor Analysis To Avoid Situations That Involve Head On Competition Essays and Term Papers Search Results for 'in your own words explain how a marketing manager might use a competitor analysis to avoid situations that involve head on competition'.

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