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DEFINING A COMPETITIVE SET
Transcript of DEFINING A COMPETITIVE SET
Judged overall similarity
measures between pairs of products or brand
+ can be used to create geometric representation in multidimensional spaces called perceptual maps.
Similarity within consideration sets
+ is an approach that ask customers to take a large set of products and divide them into group of items that can be substituted for one another, that is, items that would be considered together on a purchase occasion.
+ this approach is developed by Bourgeois, Haines, and Sommers.
+ is an interesting approach to defining competition based on customer reaction to product unavailability
Substitution in use
+estimate degree of competitiveness through judged similarities of products in usage contexts.
DEFINING A COMPETITIVE SET
Product Manager’s Roles and Responsibilities
He perform roles such as….
user experience police
sometimes even sales, business development and marketing.
What is a product manager?
investigates, selects, and drives the development of products for an organization, performing the activities of product management.
A product manager considers numerous factors such as intended demographic, the products offered by the competition, and how well the product fits with the company's business model.
Generally, a product manager manages one or more tangible products. However, the term may be used to describe a person who manages intangible products, such as music, information, and services.
product manager is sometimes called the CEO of a product, who, like a general manager looks after all aspects of the product and business. At times I have heard a product manager being called the janitor of the product, who cleans up the act of all parties involved, helps remove glitches and ensures the smooth running of the product.
METHODS FOR DETERMINING COMPETITORS
• Managerial judgment
• Customer-based Measures
Bases of Competition
Who they are – competition for same budget
When they use it
Why they use it- benefits sought
II. Marketing-oriented: advertising and promotion
What does a product manager do? He…
Defines product strategy and roadmaps
A product manager is responsible for defining the long term strategy of the product and express the details in a product roadmap. This roadmap and vision is what is considered as the plan of record for the engineering team to implement.
Delivers MRD's and PRD's
MRD's or market requirement documents include the voice of the customer, "markitecture" and is a component of the business case. The MRD is written by the product manager with assistance from research, marketing communications, sales, engineering and finance. The PRD or the product requirements document consists of the prioritized features of the product.
Develops Customer Relationships
The means :
• Face to face
• Social networks
The 5-C Methods:
• Clear, not jargon
• Concise, not convoluted
• Confident, not weasel words
• Completely understands the issue
Voice of the customer
The product manager is responsible for tracking user feedback, customer satisfaction, dashboards and metrics to measure success and engagement of new and existing functionalities. Anybody in the product management role works with developers, ISV's, and evangelists to get feedback.
The product manager is responsible to maintain and manage technical partnerships, requirement analysis, prioritization, evaluation and negotiations of terms with engineering.
Product Managers are typically required to work with external 3rd parties to assess partnerships and licensing opportunities.
Conducts competitive analysis
Every product manager needs to be the guru when it comes to knowledge about competition. Product managers researches the competition's technology and gathers data around market share, direction of the industry and threat to the current product and business.
Product managers are required to closely work with cross functional teams such as engineering, sales, business development, evangelists and marketing to define, design and execute plans. A product manager is also required to make presentation to these teams and train them.
Performs product demos to customers.
The sales team often relies on product managers for good leads. At times its product managers who go in first to a customer to give a high level technical presentation and make a business case for the customer.
LEVELS OF MARKET COMPETITION
1. Product form
2. Product category
3. Generic competition
4. Budget competition
A product’s features are defined as the presence (or absence) of a characteristics or attribiute. The value of a feature is the level of the characteristics.
It is the narrowest perspective one can take of a competition
These product typically pursue the same market segment, and their features therefore have similar values.
It considers only those products that “look” the same as the product or service in question
This second level of competition is based on those products or services with similar features.
This third level of competition is longer term and focuses on substitutable product categories.
Defined as consisting of those products and services fulfilling the same customer need.
it considers all product and service competing for the same customer dollaras forming the market.
An additional and valueable way to conceptualize the definition of competitors is based on market segments.
• OVERLAPPING MARKET SEGMENT
• THE IMPACT OF METAMEDIARIES
The growth of websites that perform multi functions and offer number of services has created a broad group of competitors
Seek to bundle disparate services that fulfill a customer’s needs for particular transaction
• PRODUCT STRATEGY IMPLICATIONS
The four-level model of competition just described has significant implication for developing product strategy and for a product manager’s marketing problems.
A different set of task must be accomplished at each level of competition for product to be successful in the market.
• PERSONAL DIGITAL ASSISTANTs
a device similar to a computer that fits in the palm of your hand and allows the user to collect such information as contacts, appointments, files, programs, and more.
Salesperson call reports
Other company sources
Information employed in marketing for designing promotional campaigns based on consumers' buying habits, brand preferences, and product usage. See also attitudinal data and demographic data.
is particularly relevant for technology products. Judgments by experts may suggest other products or technologies that substitutes for current ones.