December 21, 2010
Thorr Motorcycles: Perceptual Maps in Marketing
Cruiser Thorr is a motorcycle modeled after Thor, the Norse God of Thunder. With its strong, honest and reliable product design, Thorr Motorcycles was able to embody the very ideas that their loyal customs live, which is a lifestyle of freedom, mobility. This paper will outline the Perceptual Maps in Marketing simulation by describing the situation, recommended solution and results to the simulation. In addition, a summarization of marketing components from the simulation will be included.
Thorr Motorcycles seemed very successful in its marketing efforts, which promoted their higher end motorcycles. Thorr was maintaining a 40% market share because of iconic brand devotion (Apollo Group, 2010). For several months sales had fallen. This seemed largely because of changing market demographics which seemed reflective of a younger generation influx into the market, an aging customer base and market competition. The higher-end lifestyle image and pricing is not appealing to the younger customer base. It was time for Thorr Motorcycles to take the opportunity for restructuring their market strategies and expand into a new market. It was important to learn how the customers perceive brands, what factors were important, create perceptual maps. This is a statistical process, which is just one aspect of marketing research. Determining the most appropriate attributes to include in constructing the mapping model begins with Phase I. Phase II is developing a marketing plan after assessing feasibility for repositioning the existing Thorr motorcycles, or introducing a new brand for sparking interest, desirability. Phase III controls for gauging the effectiveness of the marketing plan and constant monitoring for readied stance for making seamless, cost effective adjustments. Phase I
Market position discovery begins with an assessment of consumer perception of the Thorr Motorcycles in relation to competitors. Thorr Motorcycles can do this by choosing pertinent parameters that clarify strengths and weaknesses. This information will provide the framework for positioning strategies, new product development ideas, and launching marketing plans within established budgets. The goal is to increase sales, revenue, market shares, and enhance corporate value.
Lifestyle image, product design and styling, price, quality engineering were the choices that were reflective of optimal scenario selections. Thorr Motorcycles must maintain its core value while moving forward and that is quality engineering. This sustains customer perception of excellent product manufacturing, which is vital in maintaining corporate credibility. Credibility is one easy step in assuring that Thorr Motorcycles is the company that the individual customer will seek to do business.
Correct pricing of a product is vital in Thorr Motorcycles marketing effort. Cruiser Thorr pricing was viewed negatively by respondents. Pricing strategies would have to reflect these facts. It is obvious that younger customers had less disposable cash, so part of the solution would be to offer more affordable, quality products that sustain the well-established standards of the company when developing a new marketing plan for the Cruiser Thorr product line.
Maintaining a lifestyle and a lifestyle image is important to new customers. Creating a lifestyle within a product design will help to create a situation that customers will make purchases based on the lifestyle and image they will acquire and fulfilling what could be their psychological need for acceptance and a sense of belonging. Product design is an important way of providing an additional unique dimension of deciding to reposition the Cruiser Thorr. Added dimensions of functionality, which cover appropriate mapping attributes will provide more solid footing for making a decision to...