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
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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
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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
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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
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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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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
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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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Running head: USING PERCEPTUAL MAPS IN MARKETING Using Perceptual Maps in Marketing Simulation MKT/421 The Situation Producing more than 200,000 “plus” units per year, Thorr Motorcycles, is a billion dollar manufacturing company. Thorr also offers such services as dealer training, dealer software packages, motorcycle rentals, and rider training, just to name a few. The image that CruiserThorr symbolizes is one of “masculinity, mobility, and freedom”. To gain insight in this
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Thorr Motorcycles MKT/421 April 14, 2014 Using Perceptual Maps in Marketing: Thorr Motorcycles Thorr Motorcycles, Inc. has a current worth in excess of five billion dollars and is manufacturing over 200,000 units annually. Thorr represents 40% of the total market which makes this company a leading name within the industry. Thorr don’t only sell motorcycles but offers dealership training, dealer software support and mechanical training. For customers
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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
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