"Using Perceptual Maps In Marketing"

986 words - 4 pages

Simulation Paper PAGE 5
"Using Perceptual Maps in Marketing"Luz D. GuardadoMKT/421Lisa GallagherSeptember 19, 2007Company OverviewThorr Motorcycles, Inc. is a $5 billion co.; which manufactures a range of motorcycles, and produces more than 20,000 units per year. It also licenses programs to sell T-shirt, motorcycle goods, leather goods, toys, and others consumer's goods. Their service includes dealer training, dealer software packages, motorcycle rental, and riding training. The company enjoys a high brand image in the market (especially in the 651+ cc heavyweight cruiser segment) and controls a 40% of the share in an oligopoly market.In the simulation, I needed to formulate positioning strategy, and constructed a perceptual map beginning with its parameters. Summaries of the simulation scenarios are as follow:1st Scenario - May 1, 2x01… The motorcycle industry is growing annually, but sales at Thorr Motorcycle's Cruiser Thorr (priced at $25,000) is decreasing. This is because its target customer (age group 35-50 years) are growing older and are no longer interested in that kind of lifestyle. Other factors are younger customers (age group 21-35 years) that prefer lower cost motorcycles, because they do not have large disposable income. The competitors are also getting into Cruiser Thorr's market share.My job as Marketing Manager was to determine the market position of the company using a perceptual map. I needed to choose four parameters that reflected the highest potential for Cruiser Thorr. My recommendation on the four parameters I chose were; product design and styling, cool, price, and service offering. The result was "Perception needs focus." The fundamental four parameters are Price, Lifestyle, Service offering, and quality engineering. I learned that the four parameters (that I chose) are others attributes that provide a limited perspective of a brand. They can be used to plot a perceptual map, but they are not fundamental parameters. I have learned that this may not make them useful for a positioning strategy.2nd Scenario - May 5, 2x01… The perceptual map has revealed Cruiser Thorr's place in the market, and this place has not been helping sales. As Marketing Manager, I have to decide whether I should maintain my current positioning strategy and enhance it, or changed the positioning completely. Other option is to launch a new motorcycle that targets younger customers, with the challenges of having to decide its features and to price it right to target.Depending on my decision, I will have to create a marketing plan that reflects the strategy and the differentiation. I have $13 million budget to implement my marketing plan. The result was Revved up! I chose to maintain the current positioning and enhanced the strategy. I decide not to decrease the price or increase the style. According to University of Phoenix General Marketing (2007) simulation this is a very good move. Decreasing the price of a high-image motorcycle may ruin its image. The differentiation strategy in the marketing mix was to maintain the same Price. Because decreasing the price would adversely impact the brand image and increasing it would inhibit the younger customer segment. The Promotion was to publicize through Hollywood films because have a science fiction based or technology-based storyline, this is very important to the product category. For Place, I decided to go for the Internet (Manufacturer's Website) because is important to include a Web as a place for promotion to reach and attract younger customers. I chose financial services (younger customers preferred financial plans), customization options (some consumers will spend more in acquiring a high-image product), and training to dealers for services (dealers interact directly with consumers) for Services. I spent $12,964 million, and according to University of Phoenix General Marketing (2007) simulation I have chosen an excellent marketing mix and I will make a good Marketing Manager.3rd Scenario - December 1, 2x03… My marketing plan was implemented for more than a year, and is time to find out weather or not has been successful. The customer perception of Cruiser Thorr was surveyed, and I had to plot the data on a perceptual map. The map will show whether or not my marketing activities were a success.The result was Perception needs focus! I correctly interpreted the research data for most of the parameters but I did not do well in Price and Services. Prices were assigned with a value of 8, and a 5 was the appropriate value. Services were assigned with a value of 8, and a 7 was the appropriate value. According to University of Phoenix General Marketing simulation states that "plotting a perceptual map based on how the management views a brand may not reflect the way customers perceive the brand" (2007).ConclusionIn this simulation, I learned how to choose attributes that are important for customers, and plotted them in a perceptual map. The perceptual map helped me to identified opportunities to develop a marketing strategy. I also learned that correctly mapping customer perception of a brand (interpreting market research data) is very important for a successful marketing plan.ReferenceUniversity of Phoenix - General Marketing 2007 "Using Perceptual Maps in Marketing" simulation. Retrieved on 09/17/07 from: MKT/421 - Marketing; rEsources https://mycampus.phoenix.edu/secure/resource/vendors/tata/UBAMsims/general_marketi ng/general_marketing_perceptual_maps_simulation.html


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