Question

What are essential ingredients of competitive advantage? pbsm?

Answer 1

When you are planning to introduce your product or service into the market, you must make a competitive analysis to see how your offerings will thrive in the market. To do this analysis, you must identify your competitors and make a thorough evaluation about them to know what their strengths and weaknesses are with respect to your product or service. This involves an in-depth understanding of the whys, hows and whats of what your competitors offer.

Some essential questions that will help you know if you have a competitive advantage over your competitors are:

# What does your competitor offer his/her customers and how do they do it?

# How does the competitor interact with end users?

# What is the pricing strategy adopted by the competitor?

# How does the competitor’s website appeal to consumers?

# Why does the competitor do things the particular way he/she is doing right now?

# Why is the competitor’s product trusted so much be people?

Answer 2

A competitive analysis can help to gain a competitive advantage over the products or services of the other companies.

First you should identify the top 3 to 5 competitors. Analyse and determine their offerings and position in the market.

Secondly, use their services or products to understand the structure of their business.

Thirdly, see if there are any UX issues with the competitor's product. Create a comprehensive list. This will help you to learn from their mistakes.

Fourthly, see if there are any shortcomings in the visual design.

Finally, prepare an analysis matrix of your competitors. List all your competitors and their features in it. This will help you to have a complete view of the competition.

All this can help to improve the customer satisfaction and make you stand apart from the other competitors.