1. Michael Porter has identified five (5) forces that determine the intrinsic long run attractiveness of a market or industry. Market segment.
a. Briefly list and describe those forces.(15 marks) Detail inclusion P254
Suppliers: supplier power供应商议价能力
A segment is unattractive if the company’s suppliers are able to raise process or reduce quantity supplied.
Buyers: buyer power购买者议价能力
A segment is unattractive if buyers possess strong or growing bargaining power.
Potential entrants: threat of mobility 行业新进入者威胁
The most attractive segment is one in which entry barriers are high and exit barriers are low.
Substitutes: threat of substitutes
A segment is unattractive when there are actual or potential substitutes for the product.
Industry competitors: segment rivalry 同行竞争程度
A segment is unattractive if it already contains numerous, strong, or aggressive competitors.
b. Explain why classifying competitive strategies in this way is appealing to marketers. (10 marks)
我不确定这个的答案，还没有看competitive strategy。有没有可能也是从这五个方面答，比如说在substitutes里面，marketers了解到同行业有很多的替代品，所以他们必须提供价低质好的产品来赢得竞争优势？不知道competitive strategy这章里面有没有答案。如果你看了那一章，觉得有什么能用到的，随时私信我交流下。
2. Marketing scholars have developed a “stage model” of buying decision process.
a. Identify and discuss the five(5) stages consumers pass through using a specific example.(15 marks) P188
Problem recognition: buyers recognize a problem or need triggered by internal or external stimuli.
Information search: customer often search for limited amounts of information from personal, commercial, public, experiential sources.
Evaluation of alternatives: customers are trying to satisfy a need. Then the customer is looking for certain benefits from the product solution. Finally, the consumer sees each product as a bundle of attributes with varying abilities to deliver the benefits.
Postpurchase satisfaction: expectations and the product are perceived performance.
Postpurchase action: purchase again or abandon the product
Postpurchase uses and disposal
b. Perception is the process by which an individual selects, organizes, and interprets information inputs to create a meaningful picture of the world, for a marketer, what is the key point of perception? Discuss.(10 marks) P184
People are more likely to notice stimuli that relate to a current need.
People are more likely to notice stimuli they anticipate.
People ae more likely to notice stimuli whose deviations are large.
It is the tendency to interpret information in a way that fits our perception.
We are likely to remember the food points about a product we like and forget good points about competing product.
The selective perception mechanisms require consumers’ active engagement and thought.
3. A market segment consists of a group of customers who share a similar set of needs and wants. Rather than creating the segments, the marketer’s task is to identify them and decide which one to target
a) There are numbers of characteristics variables that are used to segment consumer markets. There fall into two broad categories of Descriptive and Behavioral characteristic. Discuss the three descriptive characteristics, using examples to illustrate how each might be used by a marketer. P236
Divide market into different geographic units.