Competitive Analysis | Understand the User | App Marketing | Udacity

Published by Jan Heaney on

Competitive Analysis | Understand the User | App Marketing | Udacity


Being familiar with your
competitive advantages and disadvantages will help you position
yourself among your customers. You may want to include
this in your pitch deck, or somehow share this information
with your customers. What is your unique value? Now if you know this answer, it’s going to help you
shape your marketing plan. The advantages can be based on
one of the five P’s of marketing. Let’s look at those. The 5 P’s of Marketing are, product,
price, promotion, place and people. Now, these are going to help you
evaluate your main advantages over your competitors. For product, do you have any
features that others don’t have? Do you provide value in some way? For price, are you about to bring the
exact same value but lower the price? Now that would be a great value to
your customer that are on a budget. And for promotion, maybe you have
some marketing channels that you use to promote your business or
to generate sales. For place, do you have a unique
place you can sell your product? Maybe it used to only be sold in stores. And now you can sell it on line,
or vice versa. And finally we have people. What are the strengths of your team? What are your co-founders bringing to
the table that’s going to help make you successful? Now I want you to take a few minutes
to think about your own competitive advantages for your idea? Or you can use Embarkment
if you don’t have one. Go through each of these and think about
what your advantages over your customer. So for product, what features do you
have that your main competitor doesn’t? Or are you cheaper, more expensive
than your main competitor? Things like that. Now using the blanks below,
fill in a competitive advantage for each of the five Ps of marketing. Now be sure to save your
answers somewhere else, because we’ll be using these again.