...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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...strategy for Cruiser Thorr by changing the market mix at the Price, Place, Promotion and Services levels. My Performances: Marketing Mix, Lifestyle, price, service offering and quality engineering. - Repositioning, financial options- price parameter, increasing service 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? Simulation Paper 3 Running head: Simulation Paper 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? A. For the first major phase is to identify the parameters that are relevant to Thorr Cruiser. The first parameter is that of the extent of contemporariness of Thorr Cruiser. Thorr Cruiser is not perceived to be modern, apart from the old; there are few people that want to purchase Thorr Cruiser. So the parameter of contemporariness has been identified as important for Thorr Cruiser...
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...Cruiser Thorr Motorcycles Cruiser Thorr Motorcycles In the case of Thorr Motorcyles Inc., the company’s dilemma was to figure out how to stop the steady decline of motorcycle sales. The company’s once successful motorcycle was now in the declining phase of the product life cycle. This paper will discuss the recommended solutions, the results, the relationship between differentiation and positioning of products or services, and the effect of the product life cycle with this particular product. In order to revitalize the sales of Cruiser Thorr, there has to be market research conducted. The research was based on competitors with similar products and what was offered that helped the competition sustain sales. The competitors that were researched for Cruiser Thorr were Anzai and Espritique. The parameter values that were compared were lifestyle image, service offerings, price, quality engineering, cool, safety, product uniqueness, and product design and styling. Based on these values, Cruiser Thorr was lacking in a few categories in comparison to its competition. As a new member of the marketing team and conducting quality research, the first call to action was to re-assign a couple of the parameter values that were previously a priority. The initial parameter values that sustained the Cruiser Thorr motorcycle success were lifestyle image, service offerings, price, and quality engineering. The four parameters that were decided upon were cool, price, safety, and quality...
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...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 preferred before and what consumers prefer today. The Thorr motorcycle in its day was a stylish, powerful, and well built machine. In the past, customer’s preferred prestige and the older generation showed more interest in the Thorr. However, today’s motorcycle consumer’s interest includes low price and the target market of a younger...
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...Using Perceptual Maps in Marketing Paper MKT/421 Using Perceptual Maps in Marketing Paper The manufacturing company that makes more than 200,000 cycles each year is called Thorr Motorcycles. They have a prize bike called the Cruiser Thor. This is a billion dollar company which provides training and services along with software packages which come from the dealer. They also sell other cycles with other merchandise that includes shoe, leather items, helmets, etc. In addition, customers can choose to purchase more services which include motorcycle training for inexperienced riders or they have the option to rent the bike. Situations, Solutions and Results In the first situation the numbers at Thorr are decreasing due to the company having older customers and having those who have begun to lose interest. The young consumers are more interested in bikes that are not too expensive because their disposable income is not that large. Thorr must now develop a marketing strategy which will cause a reverse in the decline. The task is to determine what the position of the company market is in by working with the perceptual map. In addition, a selection of four parameters which are fundamentally significant to that industry and show the largest capability for Cruiser Thorr, is necessary. I chose Price Cool, Quality Engineering, and Lifestyle Image as my fundamental parameters. I realize that instead of choosing cool, that services offered might have been the better choice. It is...
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..."Using Perceptual Maps in Marketing" Simulation The way industries, consumers, and society in general define marketing is often very different. The definition of marketing will often very by what aspect of marketing the individual has been knowledge. For example, a customer service representative is aware of the mantaince and quality of service provide after the creation of the product. On the other hand, a marketing agent is exposed to the quality of the product, promotion, sales, prices, and advertising of a product. A person that receives a survey to obtain the indivdual’s views on a product has knowledge that the organization is seeking information to find out the views of the consumer. This essay will address some of the various definitions of marketing and the importance of marketing in organizational success. Two of the definitions will come from two different sources. The third definition will come from my own viewpoint. Marketing is the evolution of a product and service. Marketing starts with the creation of a product and goes all the way through to the continued growth, production, and success of a product. First Definition of Marketing According to the Dictionary of American History (2003) marketing is the multifaceted, systematic approach to selling goods, adopted by every business and not for-profit agency and group with a message. It attempts to optimize an organization's ability to make a profit, whether monetary (profits or donations) or electoral. Some of...
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...While taking the simulation an individual can learn how to use the perceptual maps of marketing to their advantage in different markets. The maps are identified by way of “widely used tools in marketing that provide a visual representation of customer perceptions towards objects (products, brands or companies), and how these are positioned in the marketplace” (The Marketing Analysts, 2011) The paper discussion will explain the suggested results for the simulation in addition to individual outcome. The positioning and differentiation will also be explained and how they relate to the perceptual map simulation. While taking the simulation one could see that the product life cycle was effected during scenarios. Simulation The motorcycle company produced over 200,000 motorcycles a year and the most popular one is the Cruiser Thorr. Major problem came when the customer base started to change and the sales started to decline. The reason for the decline in sales is the demographic the motorcycle company decided to target. They decided to target the older generation and priced the Thorr too high for the younger generation. Being that the motorcycle company decided to market to the more mature demographic the company did not focus their marketing on the younger generation thus they were not even aware of the motorcycles. That decision had a great effect on the sale of the motorcycles. Only targeting the older generation meant that the motorcycles were designed for that generation...
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...is displayed on a graph that shows its position relative to the competition. The perceptual map will help a company identify a positioning strategy in relation to the company’s competitors. In the simulation, there were three situations that solutions were needed to be identified. In the following paper, the situation, a proposed solution, and the outcome will be described. First Situation Although motorcycle sales are rising, Cruiser Thorr, Thorr Motorcycles product, is declining in sales. The purpose for the weakening is that Thorr’s target market elderly adults are growing older and are no longer interested in purchasing the motorcycle. Youthful consumers are not willing to purchase the Cruiser Thorr. Young customers prefer inexpensive priced motorcycles subsequently; youthful consumers lack a large amount of a disposable income to dispense. Also the youthful multitude does not relate with Cruiser Thorr’s lifestyle product line. This development of diminishing sales is required to reverse sales. A new marketing design needs to be put into place that will make the Cruiser Thorr more wanted by young consumers. The four considerations that is believed will make the Cruiser Thorr desirable to younger customers are the following: Cool, Service Offering, Lifestyle Image, and Price. These four considerations as it is to believe what a younger customer would be searching. Cool is not a parameter that is considered to be a fundamental parameter in the new marketing plan. Instead...
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...Perceptual Map Simulation MKT 421 Perceptual Map Simulation Introduction This paper will take a look at a perceptual map simulation of a motorcycle manufacturer which produces a motorcycle called Cruiser Thorr. A perceptual map is a visual representation of the customer’s perception of the brand, which helps in its positioning. A perceptual map can have several parameters which can overlap in their descriptions. These overlapping parameters are the superficial attributes of a product, and several of them often define a product’s fundamental parameter. (Using Perceptual Maps in Marketing, General Marketing, Retrieved from https://ecampus.phoenix.edu). This paper will look at several fundamental parameters, including lifestyle image, product design and styling, product uniqueness, and quality engineering. This paper will look at the three major phases in the simulation, Positioning Strategy, which determines differentiation based on Product, Price, Promotion, Place and Services. SWOT Analysis which looks at strengths, weaknesses, opportunities, and threats to the product brand. Finally, Market Research, which looks at Consumer preferences by age group, income group, and financing requirement. These major phases are all used to form a marketing plan. In this simulation, this writer has joined CruiserThorr as a Marketing Manager. The first step in the marketing manager’s new position is to formulate a positioning strategy by constructing...
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