Product Market Competence: The New Paradigm

Abstract

Product is at the core of any business activity. Product is a basis for satisfying the customer needs and wants. However, strategic product decisions extend beyond the customer needs and wants; they affect the way of competing and help define the business. Most Indian firms are multi-product firms as a matter of competitive survival. The other two dimensions-the customer needs and wants, and the business definition - provide useful links to enhance such competitive dimension. The product life cycle through product rejuvenation or withdrawal might mean continual life to reap competitive benefits, or might result in demise of products. The present article attempts to determine competitive options - whether to find new market, new product and new competence, or to improve products packaging/design/positioning in the existing market, with existing product or existing competence. The combination of the two extremes brings us closer to a new paradigm for formulating, evaluating and deploying product strategies.

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