But the perception of value is a subjective one, and what customers value this year may be quite different from what they value next year. As such, the attributes that create value cannot simply be deduced from common knowledge. Rather, data must be collected and analyzed. The goal of marketing research is to provide the facts and direction that managers need to make their more important marketing decisions.
Features are fairly straightforward, either a product has a feature or it doesn't. Benefits, on the other hand, are not as simple and should only be recorded based on customer feedback.
For example, company B may claim in their company literature that their copier is fast, but a user may feel otherwise. Or, company B may indeed have a copier that by industry standards is fast, but you may have a copier that's even faster.
Now, evaluate your competition's product or service. How does your product compare to your closest competitor's product? What features and benefits are unique to your product? The more unique features and benefits your product has, the stronger your market position will be.
For example, if you produce and market an office copying machine that staples collated copies together and your closest competitor doesn't have this feature, you have an advantage.
You can then sell the same market segment the benefit of added convenience and time saved. Evaluate your competitor's price. Just because you have the same products as other businesses, doesn't mean everyone has the same price.
Your own production costs greatly impact your pricing. If your price for a similar product is higher than your competitor's, then your market position is weaker; and if it's lower, then your competitive position is better. A temporary price decrease by a competitor might indicate nothing more serious than a transient need to move excess inventory.
However, a trend of lowered prices may indicate that your competition is doing it to gain market share and improve production costs. It could also mean your rival is in financial trouble and has been forced to lower prices.
It's in this type of situation that rumors and gossip become helpful. If there are rumors that a company is in financial trouble and you discover price fluctuations, it's more likely that there are problems. Customer preference of products is only part of the analysis.
There are internal operational factors which can provide a competitive edge as well. Your competitors' products may not have the high quality of yours, but they might offer free delivery; or their employees might be extremely motivated and committed to gaining market share.
You need to learn how they are doing on the inside. Some factors to consider: Financial resources — Are they able to withstand financial setbacks?
How are they funding new product development and improvement? Operational efficiencies — Are they able to save time and cost with clever production and delivery techniques?
Product line breadth — How easily can they increase revenues by selling related products? Strategic partnerships — What kinds of relationships do they have with other companies in terms of product development, promotion or add-on sales?
Market Share The most widely used measure of sales performance is market share. A competitor may not provide the best product or service; however, if they generate a significant amount of sales to the market, they may: Define the standards for a particular product or service.
Influence the popular perception of the product or service. Devote resources to maintaining their market share. To determine your company's market share on a percentage basis, the following formula should be used: It will give you a clear idea of how your sales volume compares to your competition's.
If you don't have total industry sales figures you won't be able to figure out your market share, but you can still get a good idea of your competitive position by comparing the sales volume figures.
It's obvious that Company B has the largest share of your market and is your greatest competitor. Competitive Objectives and Strategies For each competitor in your analysis, you should try to identify what their market objectives are and determine what types of strategies they are using to achieve them.Business & Corporate Events.
Any event that supports business objectives, including management functions, corporate communications, training, marketing, incentives, employee relations, and customer relations, scheduled alone or in conjunction with other events.
Powered by rising demand worldwide for medical services, healthcare private equity activity soared in Holistic Picture: The secondary metrics help the management gain a more holistic view into the state of operations. The primary metric just conveys information about one of the Y’s (outputs) of the process.
Access the rankings for every component of the Global Competitiveness Index (GCI) by choosing an item from the pulldown menu which reproduces the structure of the GCI.
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Secondary Marketing & Investor Relations Investing in the Secondary Market Begins with an Investment in Your Training. To thrive in this market, players must maintain a thorough understanding of the full mortgage banking industry, along with specialized knowledge in investing.