...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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...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 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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...Marketing Simulation Summary - Cruiser Thorr Angela DiMattia MKT/421 June 4, 2012 Matthew Rosenberg Markeitng Simulation Summary - Cruiser Thorr Thorr Motorcycles Inc. is a leader in the motorcycle industry with a turn-over of $ 5 billion, 200,000 units produced yearly, and 40% market share. What drove Thorr Motorcycles Inc. to success is the Lifestyle positioning which created a status buying in the high-end range market. The company’s management is headed by Benjamin Bao, the CEO, a highly experienced executive who leads the company, along with other seniors like Chriss Write, Chief Engineer, and Meredith Killgore, VP Brand communications. The target market for Thorr Motorcycles Inc. is the high-end segment, and customers’ age ranges from 35 to 50 years old. However lately, the company is suffering from sales decrease and loss of market share, mainly because target customers are getting older and are not interested anymore in buying into the lifestyle CruiserThorr represents. Additionally, competitors are focusing on new products sold at cheaper prices, and targeting the young generation with low disposable income. Thus, the newly hired marketing manager has been asked to revert this trend with a new marketing plan. Market research, data comparison, and mapping give a better understanding of where the company stands today in terms of brand recognition and customers’ perception. Perceptual maps are used to gather all...
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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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...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 Perceptual Maps in Marketing Simulation MKT/421 MKT/421 Using Perceptual Maps in Marketing Simulation Summary There was a situation that was being made clear in the following, the simulation explains the moribund sales of the Thorr Motorcycles’s creation, the CruiserThorr, had previous customers that are getting older and are no longer interested in what the merchandise represents. The other reason for the product decline consists of the younger customers out in the world seeking the motorcycle at a lesser cost; it is for the fact that they would not otherwise have high salaries as in the older age group. These young customers are not able to identify with the Lifestyle image of CruiserThorr for the reason of the bike and its features have matured a small amount according to the market standards. The sales down turn caused Thorr’s challengers to gain industry shares and a competitive market gain. The tasks used were to turn around sales rejections by generating a strategic marketing plan, producing a perceptual map, and assembling the choice of to upgrade the CruiserThorr or construct an upgraded side that fits in with recent more current trends in motorcycles. This plan should make certain Thorr’s place in the marketplace if the process is successful. In the beginning phase it is recognizing the parameters and how they could be necessary for the product and vital to the consumers. The Lifestyle image of the bike is important for the reason of the right of owning...
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...Using Perceptual Maps In Marketing Simulation Using Perceptual Maps in Marketing Simulation Thorr Motorcycles manufactures a range of motorcycles. It also carries a wide variety of accessories and products from shoes to toys. The image Thorr Motorcycles perceive is that of freedom, masculinity, and mobility. Thorr Motorcycles offers various services, for example, dealer training, dealer software packages, rentals of bikes, and rider training. Thorr Motorcycles believes in having a high brand image in the market. However, sales have declined and therefore, a new strategy must be implemented. The situation The situation for Thorr Motorcycles is the number of the CruiserThorr motorcycles decreasing. The older target customers are growing older and losing interest in riding motorcycles. The younger target customers simply cannot afford the high lifestyle motorcycles. Decisions on the marketing strategy must be made to see what can be implemented to increase sales. Thorr Motorcycles must change the position of this product rather than opting to introduce a new designed motorcycle. Perceptual maps are used to compare attributes of products and services with the competitors to mark their position in the market and this is what Thorr motorcycles will use to find the attributes needed to reach customers again. Recommended Solutions To position a strategy, steps must be taken to choose the proper fundamental parameters. First, lifestyle image is recommended...
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...Complete the simulation "Using Perceptual Maps in Marketing" and prepare a summary in which you address the following: Formulate a differentiation 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...
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...Perceptual Maps in Marketing- Cruiser Thorr (Simulation Summary) MKT/421 The first phase is to identify the parameters that are important to Thorr Cruiser. The first parameter is the extent of contemporariness of Thorr Cruiser. Thorr Cruiser is not seen as modern, but as old school; there are few who would want to purchase Thorr Cruiser in the current market. So the parameter of contemporariness has been identified as important for Thorr Cruiser. The recommended solution is to maintain the current price, the bike should be publicized through Hollywood film and internet, financial services, and customization options being offered will fail unless there are visual differences in the bike Thorr Cruiser is trying to reposition. The bike should have differences which should be substantial in design, in power, controls, and steering. The bike must be seen as desirable by an average user, only then will it be repositioned. If the product is seen as different and is repositioned using price, service offering, quality engineering, Hollywood/internet advertising, and financial services, the results will be a successful repositioning among the critical parameter, namely contemporariness. The second phase is to determine whether to reposition Thorr Cruiser or to launch a new motorcycle based on the analysis of present products. The situation was that Thorr Cruiser was not able to differentiate itself from its competitors, thus it was losing profits due to its customers...
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...BUSINESS SIMULATIONS USA & Canada 877.477.8787 Outside USA & Canada +1.312.477.7200 WWW.CAPSIM.COM The Course Road Map Registration Getting Started Login with your User ID and Password at capsim.com. Click on Capstone. Go to Getting Started and follow the steps that include: » Reviewing the Rehearsal Tutorial » Opening the Capstone Spreadsheet » Forming your company Practice Rounds (if applicable) Competition Rounds When the Competition begins, your decisions count! Additional tasks could include: » Optional Homework Assignments » Peer Evaluations See your Dashboard for complete information. (if applicable) Go to capsim.com/register, follow the onscreen instructions and register into your Industry.* Create your User ID and Password. *Your instructor may have given you an Industry ID Number. If not, you can locate your industry by using your school name/campus and either the course section number, start date or your instructor’s initials. Most instructors include team Practice rounds. When the Practice is over, the simulation will restart from the beginning, using the unique model selected by your instructor. Your instructor might include a Comp-XM exam. Go to the Course Page and choose Comp-XM. Follow the instructions on the Dashboard which include: » Decision making using the Comp-XM Spreadsheet » Board Queries (quizzes) Table of Contents 1 1.1 1.2 1.3 1.4 1.5 1.6 introduction .................................................................
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...Student Handbook The Alfred H. Heineken Chaired Professor of Marketing INSEAD Jean-Claude Larréché The Claude Janssen Chaired Professor of Business Administration and Professor of Marketing INSEAD Hubert Gatignon Partner, Director of R&D STRATX International Rémi Triolet To search this document click CTRL+F i Publisher: STRATX International Production: Minute Man Press, Cambridge, Massachusetts Cover Design: Synergy Network, Waltham, Massachusetts Marketing Manager: Lucy Jacobus Development Team: Rémi Triolet, Christophe Pottier, Aurélien Dauvergne Copyright ©2003 by Jean-Claude Larréché, Hubert Gatignon MARKSTRAT is a registered trademark of STRATX International ALL RIGHTS RESERVED Software © 2003 by STRATX International No part of this book may be reproduced in any form, electronic or mechanical, without the prior permission of the publisher. ISBN# 0-9743063-0-4 Version – 2.0 ii Contents Introduction __________________________________________________________ vi Questions and Technical Support_____________________________________ vii About STRATX________________________________________________________ viii 1. Registration and Software Setup_____________________ 1 1.1 1.2 1.3 The Registration Process _______________________________________ 1 Downloading and Installing the Team Software __________________ 3 The PRACTICE Industry _________________________________________ 4 2. The Interface Menu ________________________________ 5 ...
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...Professor of Marketing INSEAD Hubert Gatignon The Claude Janssen Chaired Professor of Business Administration and Professor of Marketing INSEAD Rémi Triolet Partner, Director of R&D STRATX Copyright © StratX 2010-04-19 1 Publisher: StratX Production: Coptech, Inc., Woburn, Massachusetts Marketing Team Americas: Marketing Team EMEAA: Development Team Support Team Paul Ritmo & Andréa Hernandez Stéphanie Zanon & Patricia Huber Laetitia Benhous, Aurélien Dauvergne & Rémi Triolet Andréa Hernandez & Annie Houde Copyright © 2003, 2010 by Jean-Claude Larréché, Hubert Gatignon & Rémi Triolet Software © 2003, 2010 by StratX Markstrat is a registered trademark of StratX All rights reserved No part of this book may be reproduced in any form, electronic or mechanical, without the prior permission of the publisher. Used books should not be purchased or sold. Each Student Handbook comes with a unique serial number that is to be used by the person who purchased the book only. If the registration card in the back of this book has been tampered with, return the book because you will not be able to use the serial number ISBN# 0-9743063-6-3 ISBN# 0-9743063-7-1 Edited 2010 for the electronic version for the paper version How you can save paper. Please refer to page 11 before printing this document. Copyright © StratX 2010-04-19 2 TABLE OF CONTENT Introduction __________________________________________________________ 6 About STRATX SIMULATIONS ______________________________________________________...
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...PARTICIPANT HANDBOOK STRATEGIC MARKETING – DURABLE CONSUMER GOODS Jean-Claude Larréché The Alfred H. Heineken Chaired Professor of Marketing INSEAD Hubert Gatignon The Claude Janssen Chaired Professor of Business Administration and Professor of Marketing INSEAD Rémi Triolet Simulation Expert How you can save paper. Please refer to page 2 before printing this document. Copyright © StratX 2015-02-03 i TABLE OF CONTENT I. Introduction to the Markstrat Challenge ________________________________________________ 1 1. 2. 3. 4. 5. 6. II. Understand your role ________________________________________________________________________________ 1 Your objective ______________________________________________________________________________________ 1 Your team _________________________________________________________________________________________ 1 Getting prepared ___________________________________________________________________________________ 2 How to print the PDF version of this handbook ___________________________________________________________ 2 Questions & Technical Support _______________________________________________________________________ 2 Overview of the Markstrat World ______________________________________________________ 4 1. 2. 3. 4. 5. 6. 7. Sonite Products _____________________________________________________________________________________ 4 Vodite Products ____________________________________________________________________________________...
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...[pic] John Sperling School of Business Course Design Guide MKT/421 Version 10 Marketing Copyright Copyright © 2009, 2008, 2005, 2004, 2003, 2001 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Course Syllabus |Course Prefix and Number: |MKT 421 | |Credits: |3 | |Course Title: |Basic Marketing | |Course Schedule: |March 10, 2010 – April 07, 2010 | |Course Location/Times/Newsgroup: ...
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