Summary: Using Perceptual Maps In Marketing Simulation

Using Perceptual Maps in Marketing Simulation Summary
MKT 421
Instructor: Ken Metz
October 7, 2013

Using Perceptual Maps in Marketing Simulation Summary The situation consists of me constructing a perceptual map to create a marketing plan for Thorr Motorcycles. The perceptual map will be based off of parameters fundamental to the product and significant to the customer. I am the marketing manager for CruiserThorr. We are trying to use the parameters to market a new and innovative motorcycle to meet the needs of the target market. The parameters I have to choose from are lifestyle image, product design and styling, coolness, product uniqueness, service offerings, price, engine capacity, safety, and quality engineering.
I chose product design and styling because often what the customer sees influences what they buy. Customers want products that are appealing to the eye and what better way to do so than by making sure that the product is new, cool looking, and gives off the impression that the product is amazing. Service offerings are an essential element of any motor vehicle operation because they will need to be serviced every few months. Whether it be tune-ups, oil changes, or tire changes it is important to offer those services to customers. So naturally it makes sense to offer services such as maintenance, customizations, training courses, or financial services to customers. This helps to build loyalty and a customer fan base. “Price is the most important attribute of a product, because it drives purchase decisions in most cases (University of Phoenix, n.d.).” I suggested that the market team should decrease the price while increasing the style of the motorcycle to appeal to the target population. While price is important if the price is too high sales will be low, but if the price is too low the revenue the company will bring in will not be enough to support the product. I
I chose to reposition CruiserThorr, decrease price and increase styling, and use price, promotion, place, and services as the differentiation options. For price I chose to decrease price. For place I chose to include dealers and internet sites. For promotions I chose to sponsor events, offer insurance and protection plans, offer test rides for free, hire celebrities for endorsements, publicize through Hollywood films, and provide giveaways to potential customers. For services I chose to provide training to dealers, offer customization options, include financial services, and provide services to owner groups. I chose to decrease price and increase style to help boost sales because with recent pitfalls in the economy has caused sales to decrease. If the marketing team decreases the price sales will increase because it will make it more affordable to the target market which consists of mostly 18-25 year olds; hence, increasing style to meet the demands of a younger and hip clientele. According to the simulation, I could have done better especially pertaining to price. The simulation insisted that maintaining the price is crucial to the differentiation and changing the price would adversely affect the other components of the marketing mix. I agree. I could have offered financing options for customers rather than decreasing the price. This would