Using Perceptual Maps in Marketing Simulation Summary
September 19, 2013
Using Perceptual maps in Marketing Simulation
In the University of Phoenix simulation Thorr Motorcycles, Inc. is a $5 Billion company, which offers the consumer many styles of motorcycles and they produce more than 200,000 units per year. They sell everything from t-shirts to toys and leather accessories. In each of the three major phases in using perceptual maps in marketing simulation which are the perceptual map, Revving up the Market/introduce a new product or reposition the existing product and Thundering Success/the market research results after each year I will describe the following. I will describe the situation for each phase, discuss my recommended solution or solutions, including why for each stage and then discuss my results, and, if applicable, what the simulation recommended for each phase. Then I will summarize the different marketing components addressed in this simulation by answering the following questions. What is the relationship between differentiation and positioning of product or services as it relates to Thorr Motorcycles. Also is the repositioning of the product in the simulation as I had expected it to be. Then I will describe what the impact of the product life cycle on marketing is. Last thing I will answer will be what impact did the product life cycle have on the product in the simulation
The parameters I set for perceptual map are life style image, quality engineering price, and services. I own a Harley-Davidson Motorcycle and I know that the fundamental parameters I chose were what I personally expected from Harley-Davidson Motor Company. Riding a motorcycle is a life style, either like it or you don’t. With Thorr they offered clothing line, accessories, and leather wears but failed to keep up with the motor cycle expectations of their customers. Having a quality engineered motorcycle is also a big deal. In order to stay competitive in the market Thorr needs to design their motorcycles for styling, engine capacity and, design which is very important to the consumer, keeping the motorcycle unique in its own way in which it captures consumer’s wants in a motorcycle. Also quality manufacturing process is very important to maintain a high image in such a competitive market. Price is wear the rubber hits the road for the consumer. The high price what people will pay if it meets their expectations of high image and quality. Services are a way of attracting customer loyalty and keeping the distributors of Thorr motorcycles and dealers happy. I believe that my results in perceptual are what it takes to keep Thorr in with its competitors and with lifestyle image, price, and service offerings and, quality engineering that is what it is going to take.
Revving up the Market a decision was made to design a new motorcycle called RRoth at a lower price range. The price for the new Thorr RRoth would be between $13,500 and $15,000. Thorr would sponsor events such as Daytona Bike Week to draw a crowd to market the new RRoth. Also we would hire celebrity endorsers to endorse the motorcycle. Young people believe in what celebrities endorse and the younger crowd believes in them. We would also publicize through Hollywood films. If anyone knows how to glamourize a product it is Hollywood. Distributing the new RRoth is vital to the life of Thorr. Having local distributors selling Thorr products is a great way for people to come in and see what Thorr motorcycles are about. The internet is where the young people go on a daily basis to get the information they need. Offering training dealers is very important on selling Thorr motorcycles. Motor cycle enthusiast love to customize their motorcycles in order make their own, offering this option is very important. Financial Services are what the young people want they are asking for it. Thorr has concentrated on making RRoth it...
References: University of Phoenix. (). Using Perceptual maps in Marketing Summary [Multimedia]. Retrieved from University of Phoenix, MKT421 website.
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