MGT 140 Lecture Notes - Lecture 4: Switching Barriers, Value Proposition
Document Summary
Defines the competition at every level of hierarchy. Does not get at heart of competition or market definition. Competition is best defined by customer, not marketing manager. Budget competition: products competing for same budget dollars. Generic competition: products fulfilling same basic need. Product class/ category competition: products with similar features providing same basic function. Product form competition: narrowest form, includes products of same product type. Is the real problem that target aims to solve: drives the need to purchase product/service. Value proposition: not the list of features. Differentiation: to stand out as (cid:862)uni(cid:395)ue(cid:863) o(cid:396) (cid:862)(cid:271)ette(cid:396)(cid:863, uniqueness must have value. Interest: analyst reports, white papers, analyst/industry blogs. Industry publications: education, relevant case studies, roi/tco information, data/statistics, online videos, webcast/podcast. Consider: criteria/evaluation, solution brief, competitive comparison, online video demo, vendor solution white paper. Decide: validation and proof points, relevant case studies focuse: roi/tco, analyst research report (gmc, executive briefings, business impact calculator, customer references.