Using Perceptual Maps in Marketing" Simulation Summary ... Perceptual Map in Marketing for Cruiser Thorr Motorcycles (Thorr Motorcycles).
Complete the simulation "Using Perceptual Maps in Marketing" and prepare a 1,050 word summary in which you address the following:
Formulate a differentiation strategy for Cruiser Thorr by changing the market mix at the Price, Place, Promotion and Services levels.
My Performances: Marketing Mix , Lifestyle, price, service offering and quality engineering.- repositioning, financial options- price parameter, increasing service
My Decisions: Maintaining price- Publicize through Hollywood Films- Internet (manufacturer's Web Site), Financial Service and Customization Options,
A. For each of the three major phases in the simulation, describe:
1) The situation
2) Your recommended solution(s), including why
3) Your results
B. Summarize the different marketing components addressed in this simulation by answering the following questions:
1) What is the relationship between differentiation and positioning of products or services? Is the repositioning of the product in the simulation as you had expected it to be? Why or why not?
2) What is the impact of the product life cycle on marketing? What impact did the product life-cycle have on the product in the simulation?
Perceptual Map in Marketing for Cruiser Thorr Motorcycles (Thorr Motorcycles).
Please provide reference(s).© BrainMass Inc. brainmass.com March 21, 2019, 6:08 pm ad1c9bdddf
In the Thorr Cruiser simulation, there is a need for the creation of a market plan. This need arises because the sales of Thorr Cruiser are falling. The plan is to reposition Thorr Cruiser instead of launching a new motorcycle. The simulation encourages the interpretation of the market research findings on a perceptual map. Perceptual mapping is a method of plotting the perceptions of customers/potential customers about the brand/product. This technique has been in used in Thorr Cruiser to ascertain the reasons for declining sales and to formulate a strategy for improvement in the positioning of Thorr Cruiser.
This improvement in the positioning of Thorr Cruiser is to be brought about by changing the marketing mix. The marketing mix refers to the combination of product, place, promotion, and pricing strategies. In case of Thorr Cruiser the marketing mix is to be used to reposition Thorr Cruiser.
While running the simulation the marketing mix used by me was lifestyle price, service offering, quality engineering and offering financial options. Lifestyle price is important to position Thorr Cruiser as a premium product. Pricing has an important affect on the perceptions of customers and so lifestyle pricing has been used. In addition, lifestyle pricing will support quality engineering so that the Thorr Cruiser that rolls out will not only be positioned as the best motorcycle but will also have quality better than that of any other motorcycle. Service offering is an important attraction. The level of quality will go a long way in improving the positioning of Thorr Cruiser and increase its sales volume. Another important factor selected is that of quality engineering. Quality engineering on one level means that Thorr Cruiser will maintain its high quality of motorcycles. This will provide credibility to the company. On the other hand quality engineering means that Thorr Cruiser will undertake operational, engineering and managerial activities that the company will use to make sure that the quality characteristic of Thorr Cruiser improve. The objective of quality engineering is to develop Thorr Cruiser in such a manner that its performance and quality ...