...Perceptual Maps Simulation I found this simulation to be very interesting. First of all, it was about motorcycles, and what guy doesn't find that to be an interesting topic? Regarding the lessons it contained for marketing though, it was also interesting while still being entertaining as well. The situations it presented were realistic, while not being so overcomplicated that the material it was trying to present got lost. In the following paper I will discuss the situations from the simulation, the relationship between differentiation and positioning especially with regards to the product in the simulation, and the effect of the product life cycle on marketing again focusing on its relationship to the simulation product. Situations The first situation the simulation provided me with was a successful brand that is facing declining sales. My recommendation was to focus on Lifestyle, Quality Engineering, Coolness and Price. My results from this were good, but could have been better if instead of focusing on coolness, I'd chosen to focus on service instead. This would have allowed me to optimally position the product. The second situation was to decide on a marketing plan moving forward for Thorr motorcycles. I chose to launch a new motorcycle, the RRoth, rather that reposition CruiserThorr. I chose this because CruiserThorr is already well positioned, and to change its price or other attributes would more likely confuse customers than help to grow the brand. Furthermore...
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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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...Perceptual Maps in Marketing Jennifer Cantrell August 5, 2013 MKT/421 In this simulation, Thorr Motorcycles, Inc. manufactures higher end motorcycles. They currently produces more than 200,000 each year. The company’s top seller is the CruiserThorr however sales have been dropping due to the aging of the company’s current target market. The CruiserThorr does not have as much appeal for the younger target markets due to the pricing strategy. Since it is a more expensive machine, the higher price tag is generally out of the younger target markets price range. To ensure profitablir introduce a new productlty, Thorr Motorcycles marketing team must develop a strategy to either reposition the CruiserThorr, or introduce a new product that will attract the younger target market. The RRoth is a potential new product that has a higher fuel-efficiency and will be targeted to younger markets. To determine which action the company should take, the simulation uses perceptual maps. To analyze the results of the simulation one breaks the sections into three: the situation, recommended solutions, and results of the marketing decision. As the company’s current target market ages, a younger target market emerges. This new target market has less disposable income than the aging target market. Competitors have already begun to target this new age group with economy-priced versions of their products (University of Phoenix, 2004). These companies are...
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...Perceptual Maps in Marketing Simulation Summary Thorr Motorcycles, Incorporated manufactures various models of motorcycles, and is a $5 billion company. The CruiserThorr power cruiser model provides the company a high brand image in the market, but sales are decreasing. The company contributes the decline to the aging target customers who purchase the cruiser as a lifestyle symbol, and the high cost of the motorcycle. Thorr must reverse the falling sales by developing a marketing plan with the use of a perceptual map that differentiates from competitors, and clearly position the company (University of Phoenix, 2004). Phase One In the University of Phoenix simulation (2004), “a perceptual map is a visual representation of what the customer thinks of a brand.” The map can have numerous axes, which each represent a product characteristic, and illustrate the customers’ opinion may differ from what the company is striving to advertise. The perceptual map can also compare a product’s position with competing brands, and associate the information with sales amounts to determine market strengths. The first step in preparing a perceptual map for the CruiserThorr motorcycle is the selection of four essential parameters that are applicable to the motorcycle industry and reveal the maximum potential for the cruiser. Market research ratings from a sample of 320 motorcycle riders from ages 20 to 50 years, show customers consider the CruiserThorr’s strengths in comparison with two competitors...
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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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...Using Perceptual Maps in Marketing Simulation Summary The Business world is constantly thinking of innovative ideas to accomplish the goal of having an ample amount of information for current and future marketers. Subsequently marketing students were specifically instructed to complete the simulation, Using Perceptual Maps in Marketing, located on University of Phoenix’s student website. I prepare to address the three major phases: the situation; my recommended regarding why I recommended those solutions; and my results and describe them. I summarize the different marketing components addressed in the 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. I also summarize the different marketing components addressed in the simulation by answering the following questions: * 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? Using the information obtained from the Using Perceptual Maps in Marketing Simulation (UPMMS) results in a thriving business. Address and describe the three major phases: The situation; Your recommended solutions, including why; and Your results First, obviously addressing the major phase the situation related to the UPMMS is a major ordeal. “CruiserThorr hired me...
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...Using perceptual maps in marketing simulations Donte Thorne MRK/421 April 5,2012 Ms. Fulton Using perceptual maps in marketing simulations Through visual representation of the consumer’s perception of brands perceptual maps help illustrate the distinctive positioning of a company and may also help with creation of a marketing plan. Many parameters can overlap superficial attributes of a specific product while other parameters define the products fundamental parameters. The fundamental parameter of Thorr Motorcycle’s perceptual map is a lifestyle image which highlights the motorcycle industry. The projected image of motorcycles assumes characteristics of masculinity, mobility, and freedom (University of Phoenix, 2008). Thorr Motorcycles is a unique name that represents superiority and power. The number 1 product of the company CruiserThorr is the result effective marketing mix by positioning. In the week 4 simulation the CruiserThorr sales are rapidly declining there are many reasons for this decline in sales including service, price, and the products competition. The company Thorr Motorcycles needs to use the marketing mix and decide what actions need to be taken to reestablish the CruiserThorr to a competitive status within the market. There are two main options to do this the first is to reposition the product and the second is to introduce a unique and new motorcycle. The company has hired a new marketing manager and they are responsible for developing a marketing...
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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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...Perceptual maps are an excellent way for companies to view how there companies’ marketing is working in certain components of marketing aspects. Perceptual maps give a snapshot of what their customers think about certain attributes of a companies products such as; price, design, quality, etc. The amounts of attributes used in a perceptual map are endless, however, there are only four attributes used in one perceptual map at a time. So it is important for companies to choose the right attributes on the map to find out the pertinent information they are trying to find out. In this simulation I was asked to help out CruiseThor, which is a motorcycle company that deals in high-end motorcycles. Their current product line, which has been quite successful, has been falling off lately and they are trying to decide on a new direction to take to help increase their market share. The first part of the simulation had us analyze the current market evaluation of customer’s perceptions of CruiseThor motorcycles. I chose to analyze the current price, lifestyle image, product services, and finance options. I chose these attributes because these were the ones that received the most negative remarks in the research data. My choices according to the simulation were good ones because these were the ones that were most important to the company to figure out why the current product line is under-performing. From there we had to make a decision on what to do inside the CruiseTho compound. We...
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...Using Perceptual Maps in Marketing MKT/421 May 9, 2012 University of Phoenix Thorr motorcycles are a 5.5 billion dollar company that produces more than 200,000 units annually. The Thorr Company licensed dealers to sell t-shirts, leather goods, and toys. The Thorr motorcycle company recently saw a decline in the Thorr cruiser that in the past has been the company’s top-selling cruiser. Sale declines are attributed to target age groups no longer taking interest in the lifestyle that the Thorr cruiser portrays and also a younger group of customers. There are main three objectives of this simulation that will be addressed. The first Task and objective was to identify the appropriate parameters and complete the perceptual map. The second task and objective was to create an effective marketing plan with an budget of $13 Million dollars and the decision whether to launch a new product or reposition the company altogether together. The final objective was to identify the parameter values that would take the company into the future. The first objective was determining the perceptual map parameters. The map will show a realistic visual of how consumers feel about the products and services being offered. There were four parameters chosen and the chosen parameters were lifestyle image, quality engineering, service offering, and price. The parameters chosen were chosen because they were the most important aspects of marketing located in the simulation. The lifestyle image...
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...Using Perceptual Maps in Marketing Name University of Phoenix Using Perceptual Maps in Marketing One of the marketing strategies that Thorr Motorcycles utilized is using the Perceptual Maps. Thorr Motorcycles is one of the leading brands of motorcycle manufacturers all over the world. They can manufacture up to 200,000 motorcycles a year. This move was considered as the main stimulation in their marketing campaign, which involves using various marketing strategies in order to make the company consistently competitive. Two of the components that are considered to be the strength of the marketing strategies of Thorr Motorcycles are positioning and differentiation. With positioning, the company is known to create a visual model of the consumers’ perception of their products. The Cruiser Thorr model of the company embodies masculinity, freedom, and dynamism. However, the sales rate for this model has been allegedly declining recently, and that is when Thorr realized that they need a new image for the vehicle with the hopes of increasing their profits. As part of their strategy, Thorr tapped the potentials of the students to gather information and use this to come up with a new marketing plan for the company in order to get back to the competition. The simulation done consists of three stages, and each of them will be elaborated below. The first stage of the simulation involves the assessment of the status or position of the Cruiser Thorr in the recent...
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...every year. On top of that, they also offer services including motorcycle rentals, dealer software packages, dealer training, rider training, and motorist riding apparel. In this simulation, the problem at hand is their line designed for the age range of 35 – 50, and the decrease of interest and sales for that particular bike. The reasons for the decline in sales is due to the age bracket it is designed for losing interest in the product and lifestyle, while the younger groups typically do not have the money available to purchase that style. This is a rising issue and is causing Thorr Motorcycles to lose market share although they are still a successful company. Thorr has realized this issue needs to be addressed immediately before too much of the market share is lost, therefore, they have brought me in as Marketing Manager in an attempt to create a perceptual map and re focus the marketing and advertising strategies. During my time at Thorr I am expected to establish parameters, decide whether to reposition the existing brand or launch a new product, and develop new parameters based on sales surveys of the new product. The CruiserThorr is the motorcycle that I am looking at to create a perpetual map and establish new strategies for. The four fundamental parameters I used for the perceptual mapping are: lifestyle image, service offerings, price, and quality engineering. Lifestyle image was chosen because of the important role it plays in the motorcycle industry, as it...
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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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...Using Perceptual Maps in Marketing Using Perceptual Maps in Marketing Using Perceptual Maps is a great way of interpreting what type of impression the buyer has of the product brand. The buyer’s information from surveys are collected as data and entered into the perceptual map. This information is used to get a better idea of how your product characteristics rate in comparison to those of the competition and to determine your products location in the market. Marketing is not just selling and advertising-it is the interaction of key players in an economic system. Marketing is crucial for free markets, because the survival of companies depends on it. To gain an edge, a company has to be different in its marketing approach to gain better positioning than its competitors. A perceptual map can have several parameters, which may overlap in their descriptions. These overlapping parameters are the artificial attributes of a product, and several of them often define a product’s fundamental parameters. An important, fundamental parameter of a perceptual map is Lifestyle Image, which is highlighted by the two-wheeler industry. For more than a hundred years, motorcycles have been promoted as lifestyle products having attributes such as masculinity, mobility, and freedom. From the first motor-driven bicycle in 1901, which cost a princely $200, the heavyweight power cruisers of today, costing more than $25,000, motorcycles have been riding high on image. Lifestyle Image has contributed...
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...Using Perceptual Maps in Marketing Simulation Summary I am a marketing manager for Thorr Motorcycles, Inc. As a five billion company it has been successful throughout the years pleasing an older range of customers. Thorr Motorcycles, Inc. not only offers customers to purchase motorcycles, but also a variety of items. This variety of items includes; t-shirts, hats, shoes, leather goods, and toys. I have been hired to create a marketing plan for the company and either reposition or create a new motorcycle. Through the process of this simulation I must choose parameters that are important to Thorr’s customers and are also fundamental to the business. I was given a budget of thirteen million dollars to implement my new plan. Through the use of a simulation I will come to a decision that best fits Thorr Motorcycles, Inc. and RRoth. When beginning the simulation a background of Thorr Motorcycles, Inc. was provided, but the first step in this process was to choose four parameters relevant to the motorcycle industry and has the highest potential. These four parameters are lifestyle image, quality engineering, service offerings, and price. Lifestyle image is important because customers are influenced to buy for the image rather that the functional features. Quality engineering is important because it allows Thorr Motorcycles, Inc. to maintain a high image because quality engineering includes aspects such as, product design, styling, and engine capacity. Service offering is important...
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