Module 2 – Measure
Chapter 2: Market Analysis
Research Market Competitors – Benchmarking
In researching the market, your team needs to understand the customer’s experience(s) with existing products on the market. These competitors are then assessed using CRs. The idea is for your design team to understand the customer’s current experiences, or what products they are using to satisfy their requirements. This gives the opportunity for your design team to see what kind of product you can design to better satisfy the customer, so you can capture the market!
Benchmarking_Video Script [DOC]
Let’s take a look at MIRE_TECH’s competitor assessment/analysis from the HoQ:
The team identified four competitors to assess using the customer requirements with rankings of 1, 3, and 9:
| Chitetezo mbaula | Weber-741001 Grill |
Greenfire Stove | Rocket Stove |
| 9 | 1 | 1 | 9 |
| 9 | 3 | 9 | 3 |
| 9 | 9 | 9 | 3 |
| 9 | 9 | 3 | 3 |
| 3 | 9 | 3 | 9 |
| 3 | 1 | 1 | 3 |
The team’s assessment shows that Chitetezo mbaula as the highest performing competitor or the competitor that met the customer requirements with the highest score! The team can use this information to analyze the top-scoring competitor. This provides the team with knowledge about where they can either meet or exceed customer expectations in their designs!
The Chocolate Chip Cookie design team also researched the competition and reviewed how they stacked up:
| Mrs. Field’s | Girl Scout’s | Starbucks | Cinnabon |
| 3 | 3 | 3 | 9 |
| 3 | 3 | 3 | 3 |
| 3 | 3 | 3 | 3 |
| 3 | 1 | 1 | 1 |
| 3 | 3 | 9 | 9 |
Answer this practice question about the cookie design team’s assessment:
Watch the following interactive video: Developing a Deep Understanding of the Customer – Tools and Methods