This study analyzed survey data on the determinants of competitiveness and methods for building it, collected from marketing or sales managers at 77 manufacturing firms producing electrical, electronic, mechanical, and equipment components. It was found that product competitiveness is governed by the innovation management system, the new product strategy execution system, and product portfolio strategy. The firms under study were clustered into three groups: firms with the weakest product competitiveness were labeled "low product competitiveness firms," those with the strongest product competitiveness were labeled "high product competitiveness firms," and those with intermediate product competitiveness were labeled "medium product competitiveness firms." "High product competitiveness firms" were found to be markedly superior to other firm groups in product competitiveness, but comparable in price competitiveness. "High product competitiveness firms" also demonstrated the highest level of top management leadership. The strategic areas most influenced by top management were found to be the establishment of innovation management systems, relationships with domestic partner firms, new product strategy execution systems, and new product team operations—all of which are critically needed for building competitiveness. However, although interaction between marketing and R&D and strategic alliances with foreign firms were estimated to be important for securing product competitiveness, they were not found to contribute to product competitiveness.