Using Perceptual Maps in Marketing" Simulation Summary project.
Perceptual Maps in Marketing- Cruiser Thorr
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 summary in which you address the following:
Formulate a differentiation strategy for Cruiser Thorr by changing the market mix at the Price, Place, and Promotion and Services levels.
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?
During this phase the situation was that there were falling sales, there was a awareness that that customers found the bike to archaic. In addition, the young customers felt that Thorr was a dated bike.
In accordance with my strategy I recommended that there should be publicity done though Hollywood films. In addition, there should be publicity done through the website of Thorr Cruiser. It was expected that the publicity will help change the impression of Thorr from an old fashioned bike to that of a modern bike that is desired by move stars.In addition superior service will also help reposition Thorr. It is expected that publicity of Thorr from the company website will ensure that feelings about Thorr will change and the bike will be felt to be modern bike and not an out dated bike. Another important marketing mix decision was that of the price of Thorr, I decided to maintain the price so that the impression that Thorr is the most sought after bike is not compromised. One of the most important promotion that I suggest for Thorr is that financial options are offered to the customers so that they feel that they can buy the product now. The idea is that even if a customer can make a small payment now he can buy Thorr immediately. Another important decision made by me during the simulation is that I will enable the customers to customize the bike. This will improve the thoughts and ideas customers have about Thorr and encourage them to make a purchase.
The situation presented during this phase was that Thorr Cruiser created an impression that it was a very ordinary type of bike. It ...
Perceptual Maps in Marketing is discussed in great detail in this solution.