Using Perceptual Maps in Marketing Krissinda Richards MKT 421 December 21, 2011 Dr. Dyrren Davis Using Perceptual Maps in Marketing In the world’s market things are constantly changing. Products are introduced, have a growth period, then it starts to decline and eventually replaced with something new.The Thorr motorcycle simulation describes how the product life cycle of the Cruiser Thorr develops and then slowly declines as time and people change. In this situation, the CruiserThorr has
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The Mikes Bikes simulation is an exciting and interesting way to gain critical insights into the development of a business. By operating a simulated bicycle manufacturing corporation over a period of ten years was an opportunity to gain insights on a real entrepreneurial experience. It allowed us to expand on the ideas taught in class such as creating a business strategy and using tools like SWOT and Porter’s five forces. We had many assumptions initially regarding the procedures but gradually
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Perceptual Maps in Marketing Perceptual maps are a tool that provides input directly from marketing research to the strategic market plan. The perceptual map is graphic illustrations of the data that is collected. The map will only be valid for the parameters that are used to develop the map. There are many aspects of the company to explore, market research to analyze, and competitive intelligence to review. This information will help to identify the items for the perceptual map and the new marketing
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Perceptual Maps in Marketing MKT 421 Perceptual Maps in Marketing Perceptual Maps Thor Motorcycles, Incorporated builds motorcycles and motorcycle accessories. “Thor motorcycles currently produce more than 200,000 units” The company specializes in the Cruiser Thorr, its high-end motorcycle. The Cruiser Thorr helps the company maintain five billion dollar sales in its industry. Unfortunately, the current buyers are growing older, and the motorcycle is not attracting new buyers. The marketing
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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
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* * * Using Perceptual Maps in Marketing * Thorr Motorcycles is a lucrative business that saw downturns in sales and customer satisfaction. The two reasons for the recent drop in sales are that the current target market of people between 35 and 50 years old are aging and are less interested in the lifestyle that Thorr Motorcycles offers and that the younger market of people between 21 and 35 years old have taken interest in less expensive models of motorcycles. To formulate a positioning
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Perceptual Maps in Marketing Thorr Motorcycles Perceptual Maps in Marketing Thorr Motorcycles is a profitable business that saw declines in sales and in customer satisfaction. The first main causes for the recent decline in sales was the target market of buyers between ages 35 and 50 are less interested in the existence that Thorr Motorcycles offers. The second cause was that people between 21 and 35 years are more interested in low-priced models
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Perceptual mapping is a graphics that can display visually the perceptions of a customer or a future customer. The product 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.
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Perceptual Map Situation Analysis The Situation Analysis will help your company understand current market conditions and how the industry will evolve over the next eight years. The analysis can be done as a group or you can assign parts to individuals and then report back to the rest of the company. An online version of the Situation Analysis is available in the Getting Started area. (customers want better performing products) and for size is -0.7 (customers want smaller products). At the
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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
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