MKT/421 – Marketing
February 27, 2012
Using Perceptual Maps in Marketing Simulation Summary
The situation that is being explained in the simulation states of the declining sales of Thorr Motorcycles’s product, the CruiserThorr, because of its previous customers that are aging and no longer interested in what the product stands for. Another factor for the decline includes their younger customers wanting the motorcycle at a lower price for the fact that they would not otherwise have high salaries as in the older age group. These same young customers cannot identify with the Lifestyle image of CruiserThorr because the bike and its attributes have aged a little according to the industry’s standards. The sales decline has caused Thorr’s competitors to gain market share and competitive advantage. The task at hand is to reverse the sales decline first by creating a strategic marketing plan, second creating a perceptual map, and lastly making the decision of whether to upgrade the CruiserThorr or build an upgraded version that fits in with recent motorcycle trends. This marketing plan should ensure Thorr’s position in the marketplace if it is successful in doing so.
The first phase is about identifying the parameters and how they might be essential to the product and important to the customers. The Lifestyle image of the motorcycle is important because of the liberty of owning a masculine bike. Lifestyle image contributes to a lot of sales despite the economic weather. Motorcycles are all about image and it always has been, from the late 1900s until the present day. The pricing strategy also plays a huge role in the success of the product. The product should be priced according to the target market it is appealing toward. For example if the target is the younger age group of 21-35 years of age, then the bike would be tagged at a lower...