Competition - in Market
Any Product Manager's role is to find how their products is given competition with other products in the market is of most important.Taking an example of our house.If we want to buy any Personal Computer(PC),then we look at different products of computers like Desktop,laptop and then decided,what would be better as per our requirements.So,this way,there is a Competition between laptop and Desktop.In Personal Computing,there are also various other products like PDAs,Tablet PC.These Products too gives a huge range of competition in the market.Sometimes,buyer get confuse,which device to buy.From Product Manager,we get to know,at what level,the product is competiting.
There are 4 Levels at which Competition is Defined :
(1) Product's Model Competition
In this level of Competition,our product are similiar,with other product.For Example,the Coffee Machine. It is possible,that same type of machine is available,associate with different brands.So,that 's why the definition of the product is of most important,if such competition is there.This gives a brief idea,of our product.Definition of the product,can give you actual idea,where our product stands in the market.
(2) Section Related Competition
In this level of Competition,there could be same product,with same features,same benefits,are there in another product.The Brands could be different,there would be differences in prices.For example,the coffee machine could be different,but it could give same benefits as the big brand's product could give.
(3) Different Product's Competition
In this level of Competition,two same products gives equal benefits,equal satisfaction to the customers.Here,the definition of the product,exist in more briefly.If we take an example of any drinking item,then there could be competition with any drinking item machine. Like Coffee Machine,Juicer. This level is different from,the 2 levels,we discussed. These 2 levels,described that,two products can be same in looking,working could be same as well as if features.
In this level,we come externally, and see how the product is benefitted to customer.The customer is given prime importance in this level of Competition.
(4) Price Competition
Any Customer,who buys any product,want that he could get as many benefits in the product in low price.This level is the last level.For example,At the big brand,we saw a Coffee Machine and its price is 5000 Rupees.Now,we also went at small store and there we saw the coffee machine,which is less in price and gives that same benefits,as the the big brand product contain.So,this can change our metality of buying products.There can be other products,which could give such type of Competition.
So,these we the four level of products,which could give competition.
The Role of Product Manager is of most important in every level.The Product Manager has to think over and over,of how to sell his product,or attract more customers,towards his product in the competiting market.In the first level,the Product Manager, should think,how his brand is been attracted towards customer,in comparison with other brands,In the second level,how customer is satisfied with our products,is to be looked. In the third Level,you should be able to attract Customer,by Convencing them,that you product will give more benefits,than any other product.The uniqueness in your product should be shown to the customer. How Coffee Machine will be more helpful in preparing coffee,than juicer is to be shown.In the fourth Level,it may possible that in lower prices,a product could give same benefits,than the products,with a big brand,but the product Manager role is to show the customer,that how could his product,can come in handy and could be more useful.
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