...Principles Of Marketing Submitted to: Final project on: Ms. Nadia Rahim Submitted by: Madiha Fazal Sheeba Siddiqui Syed Umer Noman Abdul Sheikh Moiz Afsheen Raza Zaidi Certificate: It is to certify that all the work submitted is authentic and genuine. Preface This project report has been prepared to meet the requirement of the final project of Principles of Marketing of program MBA. For the preparation of this project we have visited K&N’s outlets and its head office and had a meeting with marketing manager of K&N’s. The rationale behind visiting the company is to study and evaluate the marketing and positioning strategies of K&N’s products the history and development of the food market. The report starts with the basic history and introduction of the company, its products and competitors it also covers the general information of the market. The information presented in this report has been obtained from the company’s personnel consumers and the market and company’s websites. Group members Sheeba Siddiqui Syed Umer Noman Madiha Fazal Afsheen Raza Abdul Moiz Contents Introduction 3 History: 3 Working Process: 3 PRODUCTS: 4 CURRENT MARKET SITUATION: 4 COMPETITORS 5 Menu foods: 5 Man-o-salwa 5 Pk Foods 5 Dawn foods 5 Competing products 5 Earlier product to satisfy need: 5 Researching Organizational Marketing Positioning: 6 Target Marketing Segments 6 • Working...
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...Perceptual Maps in Marketing Simulation MKT/421 Perceptual mapping is a technique used by marketers to visually display the perceptions of current and potential customers. Thorr Motorcycles is a billion dollar company that offers services in rider training, dealer training, dealer software packages, and motorcycle rentals. The image of Thorr Motorcycles have been sought by customers for years but it is a different image that new customers are looking for. The purpose of this simulation is to focus on three objectives. The first objective is to analyze the situation by constructing a perceptual map. The second objective is to recommend solutions for the organization by creating a marketing plan with a budget to determine whether to reposition the organization or launch a new product. The final objective is the results that determine the parameter values for the future of the organization. Phase I - The Situation The major situations in this simulations was Thorr Motorcyles faced a decrease in sales of its top product, the Cruiser Thorr. Other situations in the simulation were the need to create a market plan that repostion the Cruiser Thorr in the market versus launching a new motorcycle, and plotting the Crusier Thorr brand attributes on a perceptual map. Thorr’s Motorcycles lifestyle image is important to the organization because it influences customers to purchase the top selling...
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...Using Perceptual Maps in Marketing Simulation Summary Perceptual maps advance a company’s existing product on the market by mapping customer expectation of the product. The motorcycle company Thorr Motors perceptual maps were used to create a marketing plan to help maintain a high trademark image of the company’s motorcycles. The Marketing Dictionary (2010) definition of perceptual maps is a “process by which consumers' perceptions of an existing product are charted.” (2x01) The sales of the Thorr Cruiser are decreasing. The reason this is occurring is that Thorr’s Cruisers target customers are getting older and are starting to outgrow the means of what the Thorr’s cruisers represents. Younger customers do not see themselves with a Thorr cruisers lifestyle image because they are most interested in cheaper motorcycles because of their low incomes. The scenario for Thorr’s Cruiser’s wanted to determine the position in the market by choosing four relevant parameters that will reflect the highest potential. For phase one the parameters that were selected were lifestyle image, services offered, price, and quality engineering. Lifestyle image was selected because the image for the Cruiser Thorr was being outgrown by the period target audience and was not identifiable with younger customers. The lifestyle image for Thorr’s cruisers is already set important information collected is helpful to keep image to satisfy both older and younger customers. Another parameter chosen was...
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...Using a Perceptual Map for Thorr Motorcycle, Inc. MKT/421 March 25, 2013 Perceptual Map Company Bio Motorcycles have been marketed as the masculine, mobility and freedom machine since the early 1900s. Crusier Thorr is no different. It is a high-powered, efficient motorcycle modeled after the God of Thunder himself. Cruiser Thorr is prized for it strong, honest and dependable product design; however, with the changing demographics of its target market, the company has hired a new Marketing Manager to re-market the high-end bike to a younger market. This paper will describe the decisions made by the new marketing manager and the company’s attempt to re-invent their marketing strategies to push this bike into a demographically challenging market. The Situation An important attribute to Thorr’s Motorcycle, Inc. is Lifestyle Image. Lifestyle image creates the need for customers to purchase the line “Cruiser Thorr” because of the masculinity and freedom it represents. The perceptual map is a visual description of a customer's perception of the brand. Thorr's motorcycles were positioned as high-priced and that perception did not fit the market for younger consumers that have less money to spend then mature consumers. Thor began to see a decline in its market position due to the escalated price and the life style image presented was targeted toward the older generation. Considering the decline in sales, Thorr’s Motorcycles, Inc. had to make changes to the image it projected...
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...Dillon Marchello 4/25/16 PL101 Taking Control of Perception Filters Throughout life, people go through their day to day schedules seeing and perceiving just about every experience in a “certain light.” A light in which shade is brighter, darker or just “blah” depending on that person’s overall self-awareness, mood or attitude. An individual’s mood or “filter,” as I like to call it, acts as a pair of glasses that can literally transform all of your surroundings and how you experience them. Your mood and emotions (for the most part) determine the “type” of glasses you are perceiving your reality through. If an individual is angry, their “angry glasses” will be slipped on, seemingly subconsciously, and the “energy” around them immediately loses its value and becomes diminished in a sense. Think about it, have you ever woken up, and as you were getting out of bed you stubbed your toe, and the rest of your day seemed to be more aggravating than usual? Maybe your commute to work seemed slower and more agonizing, or when you finally got to work your boss asked you to pick up an extra task because someone else didn’t show up that day. In other words, everything seemed more tedious to the point where you are just “not in the mood.” It is not that, all of the sudden, on that specific day the world changed its perception and attitude towards you, but because you changed your perception and attitude towards the world. The most dangerous part about these perception filters is that it...
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...Get favorable perception by investors (stock profile) and lenders 2. Symbolic positions o Self-image enhancement o Ego identification o Belongingness and social meaningfulness o Affective fulfillment 3. Experiential positions o Provide sensory stimulation o Provide cognitive stimulation Perceptual mapping Perceptual mapping provides answers to these vital questions: • What is your market position relative to your competitors? • What are your strengths and weaknesses? • Where are there gaps in the market? • How do you measure up to the “ideal?” • What strategies will improve your competitive position so that you are both relevant to the market and differentiated from competitors? The process includes developing the attributes—either functional, emotional, or both. Survey respondents rate the client brand and competitive brands on each of the attributes, and attribute importance and ideal attribute ratings are obtained. These perceptions are used to create the maps, and analysis of gaps and ideal points is performed. An Example of Perceptual Mapping This hypothetical example of the beverage market illustrates one of the primary results of a perceptual mapping study—the map itself. For illustrative purposes, this example uses types of beverages instead of actual beverage...
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...As illustrated in the Chapter 3 of Bauer and Erdogan eBook, “perception may be defined as the process with which individuals detect and interpret environmental stimuli.” As explained, it is not rational, it is influenced by each one life experiences. Moreover, perception is an interpretation of information according to individual values, needs, fears and emotions. During my reading of Chapter 3, I could easily relate to situations in my daily work activities in the Army. There are many types of perceptual distortions where I work. I can describe a situation where a peer undervalued her capabilities in a self-effacement bias. She was asked by our new supervisor to be an instructor in our daily physical training session. She refused saying that she didn’t know how to do it. She put herself in a negative light and everybody, except the new supervisor, knew that she was perfectly capable of conducting PT, as she did many times before. Self-fulfilling prophecy often created by stereotypes can be found in my company. In this case, the stereotype is “Asians are smart.” Therefore, a Asian coworker is always being selected for training and competitions. He normally does well because of hard studying an dedication, but all other soldiers that could also be participating alternatively are left behind. The perception that Asians will do better remain and end up self-fulfilling by soldier passing all trainings and doing well in the competitions. Selective perceptions also occur frequently...
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...Perceptual blocks Sterotyping- being forced to think “traditionally” instead of thinking “outside the box”. Ex. Using a coat hanger to unlock your car door. Limiting the problem unnecessarily- explore and challenge the boundaries of the problem. Ex. Racing another person on foot to a location, while there taking main streets your running through fields and jumping fences. Saturation or information overload- too much information can be just as bad as not enough information. You can become overloaded with minute details and unable to sort out critical aspects of the problem. Ex. When trying to solve a word problem minute details can distract you from the actual problem. Emotional blocks Fear of risk taking- fear of making a mistake due to childhood teachings, being rewarded for doing right and punished for doing wrong. Ex. Not trying out for a sport team because you’re afraid of not making the team. Lack of appetite for chaos- problem solvers must learn to live with confusion. The best solution may seem contradictory. Ex. When solving math problems using equations, you just have to accept it. Judging rather than generating ideas- problems can stem from approaching problem with negative attitudes. Ex. When trying to learn how to do geometry you have a hard time because you keep telling yourself “it’s too hard” and “I can’t do it”. Lack of challenge- sometimes problem solvers don’t want to get started because they perceive the problem as being too trivial and...
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...Using Perceptual Maps in Marketing Simulation Marketing /421 As a marketing manager for Cruiser Thorr who sells high end motorcycles. This organization is growing at a rapid pace. Indeed there is more structure needed to the marketing piece to sustain a successful business. Being that the industry of motorcycles is increasing annually. This organization must also work to satisfy the needs of their target customers. The organization must also work to differentiate themselves from other similar organizations as well. Key components in my opinion are the product uniqueness, safety, quality engineering and price. Situation Current situation is the fact that there needs to be an significant market plan put in place to help increase sales and meet the needs of young and older customers. There are fundamental assets that focus on 35-50 year olds. As well as 21-35 year olds who are buying motorcycles. The older clientele seem to be not interested in the current lifestyles that Cruiser Thorr symbolizes. However the younger customers do not have the disposable funds to buy the motorcycles. They prefer a lower cost that fits into their budget. Other concerns are factors related to their competitors. The worst part is that the competitors are eating into their market share. In which they...
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...MKTG 4120 Case Study – Positioning the ConneCtor 2011 Prepared by LI Danyang Sunny 1155002138 Question 1: Two dimensions were applied in this case since the third dimension did not capture significant variance compared with the sum of first two. (See Figure 1) The variance explained by the horizontal dimension (46.6%) was two times more than the vertical horizontal (20.8%), so the horizontal dimension was more than twice important in explaining customer perceptions than the vertical one. The horizontal axis associated mostly with attributes “Multimedia”, “Stylish” and “Monitor” while the vertical axis associated mostly with “Sturdiness”, “Light Weight” and “Connectivity”. (See Figure 2) From the perception map, Connector 10L performed the best in terms of Connectivity, Data Entry and Third Party Support. Moreover, it also had advantages on its weight. However, Connector 10L was not attractive enough to customers in terms of Multimedia Function, Stylish and Monitor Quality. It is noticed that there was a lack of other brands near Connector 10L’s position (Only Palm VII), which indicated a potential opportunity for new positioning – wireless access feature. (See Figure 2) Question 2: In the positioning map with Preference Vector, it could be found that Connector 10L is the 5th preferred brand chosen by participants, ranked after HP Jornada, Casio Cassuioeia, Compaq IPac and Palm VII. Overall preference for handheld devices increased with Memory, Software and...
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...Perceptual Maps Marketing MKT/421 Perceptual Maps Phase 1 – Description – Where is the Thunder? In this phase the marketing manager, SARA needs to reverse the latest trends in the market with a new marketing plan. Before doing so, she needs to know and understand where Cruiser Thorr’s position in the market. SARA needs to choose the four fundamental parameters that are most relevant to the motorcycle industry and that reflect the highest potential for Cruiser Thorr. Phase 1 – Recommended Solutions SARA chose the following four parameters in the simulation: • Service Offerings • Price • Engine Capacity • Safety SARA chose these four parameters because, according to the market research ratings, Cruiser Thorr scored very low ratings in these categories. Cruiser Thorr is already strong in the other parameters and to be the best, Cruiser Thorr needs to improve their weakest attributes in the business. Her intention is to better the weakest links of Cruiser Thorr. Service Offerings are an easy way to keep our consumers interested once a purchase has been made. A competitive price allows our consumer market to expand. Engine Capacity is important in the motorcycle industry and “usually, the bigger the engine, the higher the brand image” (University of Phoenix Student website, 2012, Phase 1). Safety is important because we want the trust of our consumers and want to keep them as safe as possible. Results and recommendation from the simulation. The simulation stated...
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...What approaches can an analyst use to reduce cognitive and perceptual biases? An analyst is faced with many challenges throughout the information process, especially when dealing with large volumes of debatable or uncertain information. Automatically, our minds will evaluate or conclude a piece of information based off our personal experiences, perceptions, or through our world ‘lens’. This type of unconscious bias leads to an analyst being closed-minded, resistant to change, or not willing to think outside the box. In addition, this “can cause analysts to overlook, reject, or forget important incoming or missing information that is not in accord with their assumptions and expectations” (US Government 2009, 1). However, there are tools and...
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...Using Perceptual Maps in Marketing Simulation Summary Jody Dentiter MRK/421 April 16, 2012 Kelly Duman Using Perceptual Maps in Marketing Simulation Summary Perceptual maps in marketing help a company to know the expectations of a customer in relation to a product that company is marketing. This is true of existing and possible future products. In the simulation, the discussion reflects whether the company Cruiser Thorr will revamp the marketing on the existing motorcycle Thorr, or start a new marketing plan for the new motorcycle RRoth. Although the motorcycle Thorr was once in demand, sales are dropping mainly because of the high price and age range of motorcycle riders at this time. Cruiser Thorr Incorporated must make a decision regarding which motorcycle to concentrate marketing money. The simulation’s purpose is to let Cruiser Thorr Incorporated know which to choose. In addition, the discussion’s focus includes the situation in the simulation, recommended solutions, and the result of the simulation. Further, the paper compares the relationship between differentiation and repositioning of products, if the repositioning conclusions in the simulation were as expected, and the effect on the product life cycle had on marketing and if product life cycle had effect on the product in the simulation. As one can see choosing which product to market is as important as the product itself. The perceptual map proved informative regarding what a consumer...
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...Ranked from most healthy to least healthy. 1a) http://jambajuice.com/ - Jamba Juice 2a) http://www.soupersalad.com/- Souper Salad 3a) http://www.lucianositalian.com/ - Lucianos Italian 4a) http://www.subway.com/subwayroot/default.aspx - Subway 5a) http://www.schlotzskys.com/ - Schlotskys Deli 6a) https://www.tgifridays.com/ - TGI Friday’s 7a) http://www.bjsrestaurants.com/ - BJ’s Restaurant 8a) http://www.rudysbbq.com/page/home - Rudy’s Barbeque 9a) http://www.wienerschnitzel.com/ - Wienerschnitzel 10a) http://www.mcdonalds.com/us/en/home.html - McDonalds Ranked from most expensive to least expensive 1b) http://www.mcdonalds.com/us/en/home.html 2b) http://www.wienerschnitzel.com/ 3b) http://www.subway.com/subwayroot/default.aspx 4b) http://www.schlotzskys.com/ 5b) http://www.rudysbbq.com/page/home 6b) http://www.soupersalad.com/ 7b) https://www.tgifridays.com/ 8b) http://jambajuice.com/ 9b) http://www.bjsrestaurants.com/ 10b) http://www.lucianositalian.com/ Most Expensive 10b 8b 9b 7b 6b Least Healthy 5b Most Healthy 4b 3b 1b 2b Least Expensive 1a) http://jambajuice.com/ - Jamba Juice * Target Market – High income, health concerned, convenience speed. *...
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...Arab Open University Faculty of Business Studies B301A – Making Sense of Strategy (I) Fall Semester 2012 -2013 Tutor-Marked Assignment, TMA This tutor-marked assignment draws mainly on Blocks 1 & 2, “Readings for Blocks 1 & 2”, Units 1 & 2 of Block 3, and the first 6 Readings of “Readings for Block 3”. It consists of five (5) questions and accounts for 20% of the total grade assigned to the course. This assignment will be graded out of 100 marks, of which 80% of these marks will be allocated to your answer for the different questions. The remaining 20% will be distributed among the following criteria: * 5% for proper referencing * 5% for presentation of ideas and organization of the answer * 5% for adherence to specified word count * 5% for the use of the E-library/External resources. In this TMA, you are expected to demonstrate your knowledge and understanding of the importance of the business environment for strategic management and for acquiring and improving the market position of organizations. You are also, required to apply various learned concepts in strategic positioning, strategy process, knowledge management, resource-based approaches of competitive advantage. In addition, you should be able to recognize how the strategic choices made by organizations are influenced by a school of thoughts or a particular theory. In your answer, your workis expected to show critical, analytical and justification skills of the subject matter...
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