One of the most commonly used approaches to finding where one exists in a Market Type is by performing a competitive analysis. This method typically requires selecting at least two attributes and compare it to competitors with the same attributes in the form of a graph. These attributes usually compare cost and benefits among other attributes such as price and features. Deciding the best axes for the basis of competition on the graph is crucial. Positioning is all about the product and specifically the value customers place on its new features (Blank, S. G. 2013). An example of this graph can be seen below:
Understanding how a venture would compare to competitors can help see where improvements can be made. Furthermore, the analysis can be helpful in having a better understanding of both the market and the customers. Additionally, this research can lead to a better understanding of the product or service being offered and how to assess customer needs.
Reference:
Blank, S. G. (2013). The four steps to the epiphany: Successful strategies for products that win. Pasadena, CA: Steve Blank.
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Shayna,
The competitive analysis is one of the best ways to compare a company with existing competitors to see differences in the services/products offered. Understanding the market and customers will help to determine the best approach for the business. Great post!
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