Perceptual Maps in Marketing
This paper will provide an overview of the impact on product life cycle in marketing and the impact the product life cycle has on a product based on a simulation provided by the marketing course. For a better understanding of perceptual Maps, this concept could be defined as graphic illustrations of data provided by rating scales (Business Dictionary, 200). The map on this simulation will be used as valid parameters to develop a marketing strategy. In Marketing, perceptual mapping is considered to a marketing research technique that provides direct input for planning purposes in strategic marketing. These planning tools will be employed in this simulation involving Thunders Rolls Thorr Motorcycle.
Thorr Motorcycles is a five billion company that manufactures a range of motorcycles, and produce more than 200,000 units per year. It also licenses programs to sell T-shirts, motorcycle shoes, leather goods, toys, and numerous other items. The company brand image is its 651+ cc Cruiser. The company controls 40 % of the share in an oligopoly market. The issue in the exercise is that sales of Thorr Motorcycle existing product Cruiser Thorr, which is a 1500 cc power cruise priced at $25,000 are decreasing. This decrease is because the company target customers, in the age of 35 to 50 years, are growing older and they are no longer interested in the lifestyle that Cruiser Thorr symbolizes. Other factors include younger customers, between the ages of 21 to 35 years, prefer low cost motorcycles. The reason that they prefer this type of motorcycle is because they do not have a large disposable income as the older crowd. Moreover, younger customers do not identify with Cruiser Thorr’s lifestyle image as their parents did. The main goal for the marketing team at Thorr Motorcycles is to develop a perceptual map to help determine the Cruiser Thorr position in the market.
In part one of the simulation, four parameters are...
References: Armstrong, G. & Kotler, P. (2009). Marketing: An introduction (9th ed.). Upper Saddle River, NJ: Pearson Education.
Business Dictionary. (2010). Business Dictionary. Retrieved on April 26, 2010 from http://www.businessdictionary.com/definition/perceptual-mapping.html
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