Perceptual Maps in Marketing
The use of perceptual maps is a strong tool in the marketing world. Perceptual maps visually represent what the consumer thinks about a product or brand. To make a perceptual map several attributes of the product are placed on different axis and from that point a grid is made to represent how strong or weak the consumers view each attribute. Making a perceptual map is a good way for mangers to decide on a good marketing strategy for the product, and which attributes need work. The simulation used Thorr Motors, a company specializing in motorcycles, to give an example of how perceptual maps are used in the marketing world. The company is experiencing a decrease in sales of the CruiserThorr, once a popular motorcycle and strong seller for the company. This paper will address the three major phases of the simulation, explain the relationship between differentiation and positioning of products, and explain the effect of the product life cycle on marketing. Perceptual Map Simulation
With the CruiserThorr decreasing in sales over the past few years, management is working on developing a new marketing strategy to attract a younger generation of consumers. The simulation went through the steps of developing and interpreting a perceptual map to increase sales. The demonstration also went through the steps of choosing the right parameters to launch a new product that appeals to a different age range of customers. Phase One
The first phase of the simulation required the choosing of the fundamental parameters for the CruiserThorr in order to start the process of making the perceptual map. The selections made included: Price, lifestyle image, quality engineering, and service offerings. These selections seemed to be the most important to the consumer. Lifestyle image is placed high for the CruiserThorr and the company can use any information received about the lifestyle image of the bike will be useful to keep an image that...
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