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PRODUCT MANAGEMENT

PRODUCT MANAGEMENT. CHAPTER 4: Defining the competitive set . LEARNING OBJECTIVES:. After studying this chapter, you should be able to: Understand what is a competitive set Identify the levels of market competition Understand the methods of determining competitors. CHAPTER OUTLINE.

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PRODUCT MANAGEMENT

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  1. PRODUCT MANAGEMENT CHAPTER 4: Defining the competitive set

  2. LEARNING OBJECTIVES: After studying this chapter, you should be able to: • Understand what is a competitive set • Identify the levels of market competition • Understand the methods of determining competitors

  3. CHAPTER OUTLINE • Overview of the competitive set • Levels of market competition • Methods of determining competitors

  4. Bases of Competition • Customer-oriented Who they are – competition for same budget When they use it Why they use it- benefits sought • Marketing-oriented: advertising and promotion Theme/copy strategy Media Distribution Price

  5. Bases of Competition cont. • Resource-oriented Raw materials Employees Financial resources • Geographic

  6. Levels of Competitions • Def : The proximity of other products to the physical attributes of the product in question • In terms of product form, product category, generic competition and budget competition

  7. Beers Ice cream Tea Regular colas Diet lemon limes Diet-Rite cola Wine Product form competition: Diet colas Diet Pepsi Diet Coke Juices Fast food Fruit flavored colas Product category competition: Soft drinks Video rentals Lemon limes Bottled water Generic competition: Beverages Coffee Baseball cards Budget competition: Food and entertainment Levels of Competition

  8. Levels of Competition: Implications for Product Strategy Competitive Level Product Management Task Product Form Convince Customers that the Brand is Better than Others Convince Customers that the Product Form is Best in the Category Product Category Generic Convince Customers that the Product Category is the Best Way to Satisfy Needs Budget Convince Customers that the Generic Benefits are the Most Appropriate Way to Spend their Money

  9. Methods For Determining Competitors • Managerial judgment • Customer-based Measures

  10. Managerial Judgment • Experience • Salesperson call reports • Distributors • Other company sources

  11. Managerial judgment

  12. Customer-Based Measures • Behavioral data • Customer Judgements

  13. Behavioral Data

  14. Customer Judgments • Judged overall similarity • Similarity within consideration • Product deletion • Substitution in use

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