Reference no: EM133049029

Response to the below:

The buying criteria are instrumental in how the target audience perceives products and services. As it pertains to competition, consumers seem to gravitate to what criteria they prefer over other criteria. It is important to align these priorities or criteria within the segments that products are competing within. As far as the capstone, all criteria such as performance, price, age, and reliability are ranked differently in importance depending on segments. Age is essential because most companies will revamp their image to look like the latest trend or more modern (Guest, 2019, p. 127). Reliability is measured in hours in the simulation and represents how long the product will last (Guest, 2019, p.125). Price is usually an essential factor in all segments, and typically people align this idea with the most bang for the buck. Size and performance are measured as the same concept. A combination of these two factors is considered the ideal position for consumers. It is very noticeable in the automobile industry. For example, some people will prioritize their criteria in price and reliability, and such cars like Honda and Toyota stick out due to their less expensive and known for reliability for mileage. Whereas other people would prefer to buy a high-performing car, the price is not as crucial in the buying criteria. As for the capstone and the competition, it all depends on the increase for each element of the buying criteria displayed in the industrial report. Adjusting the buying criteria for each round directly results in the ideal spot on the perceptual map. Research and development need to understand the buying criteria and essential to consumers in each market segment. This overall plays a significant role in the company's balancing act between privatizing resources and ensuring the company is allocating the resources into the right product to be successful in the market segment it pertains to.

In the military, the competition is considered other countries military and how the other country modernizes both the Soldier (in regards to education) and also equipment to ensure the United States military is not out modernized by a peer, such as Russia and China. The military does its research and development and prioritizes resources amongst the military overall. The competition is all countries that are trying to find the next best thing. The military is a little more challenging to treat as a business aspect because feedback is only received during a conflict. Another way of looking at this industry is when the government looks at modernizing equipment, it will have parameters for government suppliers to try and meet to get a contract so that the military will buy it. Of course, this is a little more direct than the civilian sector because the military is very open to the parameters they need to meet for the type of equipment in order for all businesses to have a fair shot at competing for the bid.