Resources: Using Perceptual Maps in Marketing simulation
Complete the simulation, Using Perceptual Maps in Marketing, located on the student website.
Write a summary in which you address the following:
For each of the three major phases in the simulation, describe
- The situation
- Your recommended solutions, including why
- Your results
Summarize the different marketing components addressed in this simulation by answering the following questions:
- 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? Explain why or why not.
- What is the effect of the product life cycle on marketing? What effect did the product life cycle have on the product in the simulation?
Format your paper consistent with APA guidelines.
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This paper will discuss the situation of Cruiser Thorr Motorcycles, recommendations for solutions including the reasons for the recommended solutions, and the results. It will show the differentiation and positioning of products or services. Additionally, it will discuss the effect of product life cycle on marketing and what effect if had on the product in simulation.
Perceptual Maps in Marketing - Cruiser Thorr Motorcycles
Background of the Situation
Thorr Motorcycles manufactures 200,000 motorcycles in a year. It is a thriving $5 billion company. The company is also creative in licensing T-shirts, leather goods, shoes, toys, and other consumer items. Their high-end motorcycle is the Cruiser Thorr. Even though the industry is prospering, sales are decreasing for Thorr Motorcycles.
The Thorr Motorcycles are becoming classics - old and expensive. This brand appealed to the 35 to 50 year old groups, but now there is a steady decline in interest of the product. Younger generations do not have the resources to purchase such a high-end motorcycle. It is important for The Cruiser Thorr to survive, but the marketing strategy has to change.
Recommended Solutions, Reasoning, and Results
To complete the simulation, the first step is to determine the market position of The Cruiser Thorr. The parameters involved in creating the Perceptual Map in Marketing are lifestyle image, product ...
Approx 1,050 words and 2 references