"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

RELATED

E-Commerce Means Death Of Mass Marketing

1498 words - 6 pages is running in the TV, is important to put website of the product when advertising going to finish. People is using internet more and more and it's could be a good way to get people's attention.4.2 Mass-marketing should be cheaperTelevision is a good source for companies to market their products. It is one of the leading ways for companies to advertise, but this type of advertisement does not come without its price. Television is the most

Marketing Differences B2B & B2C Paper

1283 words - 6 pages , particularly psychology, sociology, and economics. A creative minded person, generally one who has studied creative arts in a higher education institution handles the advertising aspect of marketing (nowsell.com 2005). Along with a marketer having great customer orientation skills and a focused mind, they will utilize a marketing mix consisting of the 4P's. Using the marketing mix to form a marketing plan the marketer will find what the consumers' desires

Connector PDA Positioning Analysis using Marketing Engineering for Excel - graduate - Assignment

649 words - 3 pages dimension a total variance of 14% will be explained additionally, which results in 81% of the Cumulative variance explained. As the three dimensions balance total variance explained and cumulative variance explained in the best way we consider 3 dimensions. Screenshots of joint space map of the perceptual data MARKETING AND DIGITAL ANALYTICS - MKTG 5251 Name: Sarvani Viswanadha Pp

how american health can affect our lives - ucdavis - essay

1784 words - 8 pages in the United States. During the past twenty years, significant demographic changes have occurred both in terms of population growth and loss. By using the Social Explorer, I had a chance to look at both White and Black population changes in the past twenty years. According to the Census, the percentage of Whites, not Hispanics or Latinos in Los Angeles county was 40.83% in 1990, 31.09% in 2000 and 27.79% in 2010. The percentage of Blacks or

Digital Marketing in Contemporary Business and Future perspective - Australian Catholic University - Digital Marketing - Essay

2531 words - 11 pages ) Owned Media Owned media are the properties a company has online. This may include a website, blog page, mobile applications or social media channels. The company owns in this case the property, which makes it free-of-charge for them to use this type of digital marketing. (Machin, 2017) One of the widely adopted strategies nowadays, excellent customer service, is usually executed by using digital marketing platforms, like a corporate Facebook

Marketing strategies of virgin atlantic - BA Hons - Essay

2152 words - 9 pages Chartered Institute of Marketing of 1977, that ‘…is the management process that identifies, anticipates and satisfies customer requirements profitably’, this indicates that marketing pinpoints, predicts and meets the needs of customers effectively, however it was written just under 40 years ago. Now in present day the 2007 CIM definition of marketing has slightly changed to “…marketing brings positive return on investment, satisfies shareholders and

Mercator Map Vs. Peter's Map Projection - Global Societies - Essay

638 words - 3 pages accurate sense of direction and linear patterns. However, if you are more focusing on geographical information and exact pin-points of how far one area is from another or trying to determine which land is bigger/ smaller than the other is, then the Peter’s Map would be the best choice because of its accuracy of location and size. Even though these two maps are not 100% accurate by themselves, using them both together can get you closer to what the

Augmented Reality Research Paper - West Chester University, IST - Research Paper

1034 words - 5 pages -generated perceptual information, sometimes across multiple sensory modalities, including visual, auditory, haptic, somatosensory, and olfactory [1]. Video Games are viewed in the world of Augmented Reality as the best out of all Augmented Reality applications. Video Games are recognized for constantly bringing new technology to the eye, and the game industry huge and is always expanding and it is attracting an enormous number of consumers [2

The Importance of Marketing and Customer Value, in reference to T2 - Monash University - Essay

1702 words - 7 pages Introduction For the majority of marketers across the globe, customer value is pivotal to whether or not they will achieve their company’s promotional objectives. It is important to address both the needs and wants of the consumer, whether it be “functional”, “symbolic”, “experiential” or “cost focused” (Smith & Colgate, 2007) . Many businesses nowadays attend to these factors by marketing themselves in a unique way, in order to engage with

Detailed International Marketing Plan Outline: Part II

1803 words - 8 pages decisions, identifies new markets, changes products and develops new products (Lindsey, 2008).Challenges on ImplementationGE's international marketing plan needs to adapt to the market, using strategies to accomplish the company's goals. Marketing in India means GE needs to find a combination of target markets and marketing environments different from those used in the U.S. due to differences in the cultural, social, economic, and legal forces in

International Marketing Plan And Objectives

996 words - 4 pages will target 2% of the targeted audience during the second quarter.Market Share. A common objective for companies engaged in international trade is to expand global market share. This goal is accomplished by earning market position within individual nations using various strategies. Pure-n-Clean will conduct marketing research to determine demand levels for water filtration products within the country of Mexico, targeting a 1% gain of the available

Psychology of Ancient Philosophers and a Hole in Aristotle's Argument on Psychology - Randolph-Macon College Philosophy - Essay

2157 words - 9 pages remember that Plato wrote using Socrates as a character and his psychology would mix with the supposed psychology of Socrates. So, for the purpose of this essay, we will be viewing the following as Plato’s psychology with Socrates being used as a tool to represent Plato’s ideas. Plato theorized that there was another realm in which Forms existed. Forms are nonphysical ideas that represent different facets of the world. Every aspect of the physical

Destination Image: Image Problem Of Turkey As A Case Study

7342 words - 30 pages segment of potential tourists, or repeated visitor.Thus, image of the destination is vital to develop appropriate marketing strategy and being used as promotional tools, not only to the operator of the business but also to those responsible in tourism development. In this case, the role of image has been shown to be an important factor in influencing tourists' preferences and selection of vacation destinations.Therefore, this paper attempt to review

Integrated Marketing Communications - Ireland

1249 words - 5 pages IntroductionXYZ has completed their initial thrust gathering primary and secondary data in Ireland and determined their product should be a success. The necessary export licenses to sell XYZ product in Ireland have been submitted to the State Department and once the State Department has approved the export releases, focusing on an outline for a successful marketing communications program will begin.Joining the Ireland Chamber of Commerce in the

Marketing In Business

983 words - 4 pages business an idea of how they can sell their products and how they can archive this. This marketing technique helps the business to stick to its time frame. It's really important for the business to stick the time frame they set up to sell their products because by using this system of marketing will benefit the business and they will be able to know how much of their product they have sold in that time and if they don't sell as much they thought they