3 Major Stages in Perceptual Maps in Marketing
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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?
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Solution Summary
The three major stages in a perceptual map for marketing the fictional Thorr Motorcycles, namely the situation, recommended solutions and results are discussed in detail in an essay-style response of 1233 words with 1 reference. The impact of repositioning a product is also investigated and a conclusion reached.
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Introduction
Perceptual mapping is a graphic method used in marketing to understand consumers' perceptions of products or companies relative to their competitors. A perceptual map shows how a given product and its competitors are perceived on designated attributes such as quality, price, or any of a number of other properties. Perceptual maps are more accurate when drawn based on detailed consumer opinion studies, however, intuitive perceptual maps can also be drawn based on a marketer's understanding of his or her industry. The results of the perceptual mapping technique are typically shown on an x/y axis graph, where each of the 4 arms of the axes represents a product attribute.
The Situation
Lifestyle image is an important attribute to Thorr Motorcycles, Inc. because it can influence customers to purchase a Cruiser Thorr due to what it represents. The perceptual map is a visual representation of a customer's opinion of the brand. The Lifestyle Image that the Cruiser Thorr represents is freedom, masculinity, and mobility. Thorr's motorcycles, however, were positioned as high-priced and did not fit the market for youngsters. Thor started losing its market position since the price was too high and the life style image represented was for the older generation. With the decline of sales, Thorr Motorcycles needed to change the image it projected to the consumer in order to spur sales that would make Cruiser Thorr profitable again. The simulation helped to construct and use a perceptual map to create an effective marketing plan for the motorcycle brand through a repositioning plan.
The major situations in the simulation where a decrease in the sales of the Cruiser Thorr, creation of a market plan that would reposition Cruiser Thorr versus launching a new motorcycle, and to interpret market research findings to plot Cruiser Thorr's brand attributes on a perceptual map.
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