How to create a basic competitor profile for a product or product line
- Use the Competitor Profile template below to gather information
- Use SWOT to understand the competitor
- Try to understand the competitors business model (image below) answering the following questions:
- How do they operate their company ?
- How (and where) do they develop and produce the product ?
- How do they sell and distribute the product ?
- How do they advertise and promote their products ?
- How do they service and support their customers ?
- What are the primary technologies or infrastructure elements employed
- What is their corporate culture and are employees engaged ?
- Are they compliant with the regulatory authorities or securities regulators ?
An understanding of competitor profiles will help keep good records on an ongoing basis for building new or retaining current competitive advantages. Any successful product strategy seeks to construct the most viable and durable competitive advantage. Compelling value propositions and superior positioning must be built on the foundation of an astute understanding of industry’s competitive landscapes.
Source: Haines, S. (n.d.). The Product Manager’s Desk Reference.
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