Today, the product choices available to consumers are more numerous than ever, and competition for customers is downright fierce. In this environment it is extremely difficult for products to standout. So, what can a company do to enhance the competitiveness of its products?
One thing is certain: relying on old methods for maximizing a product’s competitiveness is no longer sufficient. The key to offering highly competitive products is delivering exceptional value. But how does a company develop products with exceptional value, and what exactly does “value” mean to the consumer? That’s where “Marketnomics” comes in, says Charles F. Goetz, an adjunct professor of organization and management and a distinguished lecturer in entrepreneurship at Emory University’s Goizueta Business School, and the developer of “Marketnomics.”
“Marketnomics” enables users to precisely measure and prioritize the value of a varying list of product features and benefit options relative to two critical product development issue–their target market’s perceptions and the effective cost to the company of these features and benefits. Armed with this information, companies are able to determine the optimal combination of features and benefits to maximize product value.
Author: Charles F. Goetz
Source: “Knowledge@Emory”
Subjects: Market Research, Marketing / Sales
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