Product Artefacts for Market Analysis

Keeping in mind that product management is a fluid process that cannot follow a rigid template or SOPs; here are some suggestions “Mental Models” that may be considered more as a guideline-in whatever capacity based on the nature of the product/product solution- while documenting.

What is Market & Competitive Analysis?

This analysis model — is generally defined as a structure that business professionals can use to research and evaluate their competitors and market.

What is Market & Competitive Analysis important for us?

We want to understand what happens on the ground. With an ear to the ground approach we make sure to get a pulse of the need in the market. Assessing what companies similar to us are offering provides an opportunity to see what our value proposition is. Additionally, gauging their market position may help us partner with them.

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Market & Competitive Analysis Artefacts:

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1 PESTL

PEST Analysis, also known as Broad Factors analysis, is a very important market analysis framework, useful for analyzing the external environment to an organization. PEST analysis stands for Political, Economic*, Social and Technological. With legal & environmental factors, ir is known as PESTLE analysis.

Templates: PESTL

Further Reading: CIPD Explanation

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2 SWOT

The SWOT framework helps you evaluate the internal (Strengths and Weaknesses) and external factors (Opportunities and Threats) that impact your business or a course of action.

Templates: SWOT

Further Reading: SWOT Analysis

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3 Porter’s Five Forces

Porter’s Five Forces is especially useful for analyzing the competitive structure of an entire industry.

Templates: Porter’s Five Forces

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4 Strategic Group Analysis

Strategic group analysis does exactly what it says — it organizes competitors into groups based on similarity of strategy.

Templates: Strategic Group Analysis

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5 Growth-Share Matrix

It is an analysis framework that classifies the products in your company’s portfolio against the competitive landscape of your industry.

Templates: Growth-Share Matrix

Further Reading:Growth Share Matrix

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6 5W1H

Otherwise known as the questioning method or the method of the Five Ws, 5W1H is an acronym :what, who, where, when, how and Why. This technique allows you to understand a situation, to discern a problem by analysing all the aspects.

Templates: 5W1H

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