What is a Product Feature Table?
The feature table is a comparative diagram that we use to evaluate how competitive our product is in relation to that of our competitors on a number of different aspects. Knowing how our product compares to the competition is essential before launching it. We must think about what matters to our target client base and perform research to obtain pertinent data before we can construct a feature table.
Price, dependability, and other characteristics pertinent to our product and market are a few examples of features and elements that might be listed in the table.
Once our product is built, we may evaluate its performance against that of our rivals. For example, we may assess how effectively our offering stands out by comparing discussion boards from different online course platforms.
We have to keep an eye on our rivals if we want to remain competitive. There are three important occasions to be aware of:
- Funding: Keep tabs on your rivals’ financial resources and investments, as this might have an effect on their capacity for team expansion, growth, and product enhancement.
- Acquisitions: Keep an eye out for rivals’ acquisitions of other businesses, as this may have an impact on their product team and overall development pace.
- New Features or Product Launches: Keep track of any new features or goods that rival companies introduce, as this could have an impact on our place in the market.
Competitive and Market Analysis of Product Management
Product managers must incorporate market research and competition analysis since they offer crucial insights into consumer demands, market dynamics, and the competitive environment. Product managers must comprehend the scale of the market, identify rivals, and evaluate their offerings to design and improve profitable products. To assist product managers in making wise choices and maintaining an advantage in the dynamic market, this guide examines the processes of market research, competitor analysis, and feature table construction.
Table of Content
- Market Research – Sizing the Market:
- Introduction to Finding Competitors:
- How Product Managers should research competitors?
- Direct, Indirect & Potential Competitors and Their Impact:
- Five Criteria for Understanding Competitors:
- Competitive and Market Analysis of Product Management:
- What is a Product Feature Table?
- How a feature table look and what you should write in it?
- Practice Building a Feature Table:
- How to Analyze Specific Feature?
- How to Monitor Competitors?
- What Do We Ultimately Care About as a Product managers?
- Conclusion:
- FAQs on Competitive and Market Analysis of Product Management:
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