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MKT 421 Week 4 Individual Assignment Using Perceptual Maps in Marketing Simulation Summary


MKT 421 Week 4 Individual Assignment Using Perceptual Maps in Marketing Simulation Summary fin571

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MKT 421 Week 4 Individual Assignment Using Perceptual Maps in Marketing Simulation Summary
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 26 views.

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Date Created: 11/11/15
USING PERCEPTUAL MAPS IN MARKETING Using Perceptual Maps in Marketing Name MKT421 April 11 2011 Instructor USING PERCEPTUAL MAPS IN MARKETING 2 Using Perceptual Maps in Marketing The use of perceptual mapping is one of the best tools to use to develop a product s life cycle and the impact the product will have in the market Perceptual maps are used to illustrate the data complied through the markets rating scales Perceptual mapping gives the marketing team the ability to see the customer and the competitor on the same scale This gives the team the ability to create a marketing plan which is the most successful for the product Thorr Motorcycles Inc produces topof theline motorcycles and accessories with a net worth of 5 billion dollars Through this simulation we will introduce a perceptual mapping graph to help determine a new marketing strategy for the company Thorr has a high brand image in the market and currently produces more than 200000 luxury motorcycles per year The CruiserThorr is there highest selling model which features a 651cc engine It also makes up 40 of the market share for motorcycles of the same class At this time Thorr has concerns over the decline in sales for the bike The demographic swing has shifted to a younger group of individuals These individuals are looking at motorcycles which cost less than the CruiserThorr and suit a younger lifestyle To deal with this situation the marketing team at Thorr has developed a perceptual map to clarify the wants and needs and determine where the company needs to improve to regain the declining sales Phase I In the first phase of developing the perceptual map four parameters must be selected for the CruiserThorr motorcycle Lifestyle quality engineering price and services were the selected four Lifestyle goes hand in hand with the owner of a motorcycle These individuals are seen as living on the edge Seizing on that image will generate loyalty for these brands of motorcycles USING PERCEPTUAL MAPS IN MARKETING 3 Quality engineering will draw the consumer in and be instrumental in closing the sale The consumer will see the product as something the consumer can depend on to keep running into the future Price was selected to address the change in demographics to meet the needs of a younger generation of motorcycle riders which usually have less income to put out on a motorcycle Service was selected to provide the best customer service for the customers the distributors and dealers Phase II The second phase of the simulation posed the question regarding whether Thorr should reposition their number one bike the CruiserThorr against it competitors or introduce a new motorcycle to the market called the RRoth We selected to introduce the new RRoth because repositioning the CruiserThorr would mean lowering the cost and introducing a new marketing approach This could hurt the company by upsetting the standard the loyal CruiserThorr owners enjoy now which could in turn lower the brand loyalty the company has come to enjoy By introducing the RRoth the CruiserThorr can maintain its elite statutes and the new demographic market can embrace the new line of motorcycle This is the best decision for Thorr to make and with a new line of motorcycles offered for 13000 to 15000 the company will increase sales in a new market while maintain the CruiserThorr market which they have enjoyed for many years The new RRoth line has a budget of 13000 to kick off this new marketing campaign We will start by marketing the idea to dealers distributers and through the Internet To promote the new RRoth motorcycle free test rides will be offered along with giveaway merchandise to dealers who carry the RRoth In addition the motorcycle will promote through events such as Daytona and by hiring celebrities to endorse the new RRoth motorcycle The more the product is USING PERCEPTUAL MAPS IN MARKETING 4 seen the more likely the consumer will buy the new line of Thorr motorcycles The marketing team plans to market the RRoth through Hollywood movies to ensure the success of the new line of motorcycle Service will consist of training the dealers on the product as well as providing advantages on how to sell the RRoth motorcycle This new marketing plan will cost Thorr 12703 which is under the 13000 budget Phase III The final phase of the simulation takes place one year later after the introduction of the RRoth to the market During this phase the perceptual maps are used to determine if the new marketing plan was a success or not The results of the customer s surveys were entered in the perceptual map and displayed in a graphic form to show the results The data showed that the consumers who purchased the CruiserThorr saw the motorcycle as a status symbol and a high quality engineered product To tackle the high cost of the CruiserThorr the company introduced services to assist in purchasing of the higher price CruiserThorr along with the introduction of the RRoth model The services received with the Thorr line of motorcycles scored low so the company decided to offer dealer training customized options for each purchase and financial services to help with the purchase The RRoth does not have the lifestyle image that comes with the CruiserThorr however the qualityengineering and fuel efficiency came across well with the younger consumer The consumers responded well to the new strategy s Thorr Motorcycles Inc introduced Answers to Questions According to Demand Media Inc 2011 Differentiation is often used when describing the individual product and positioning is used when describing the brand but both expressions essentially denote rising above competition by highlighting the distinctive features of your USING PERCEPTUAL MAPS IN MARKETING 5 product or brand Models of Differentiation amp Positioning in Marketing para 1 This will generate a more positive position in the market for the product or service while providing the best advantage to be seen by the consumer Repositioning of the CruiserThorr was as expected To maintain the customer loyalty that comes with the CruiserThorr pricing had to stay the same Lowering the price would deface the value of the motorcycle Offering financing options and customization for a more personalize motorcycle were excellent choices in repositioning the CruiserThorr Placing the motorcycles in movies is also an excellent way to increase popularity with consumers We believe that these options were the right decisions to make to regain sales of the Thorr line of motorcycles The product s life cycle plays a major role in the decisions of marketing the product or service The four stages in the product life cycle are the introduction stage the growth stage maturity stage and the decline stage During the introduction stage the cost are high while sales are slow This is the stage that encourages demand for the product or service During the growth stage sales increase because of the increased awareness of the product or service Profits rise during this stage as does the competition During the maturity stage cost are lower as the price of the product drops Once the market becomes saturated the product will reach the declining stage which leads to a decrease in sales and a loss of interest by the consumer This is the time to reinvent the product or reposition the product in the market or even introduce a new product line to the consumer Perceptual mapping is one way to predict the declining stage and determine what the consumer wants and need out of the product or service The CruiserThorr was in the decline stage due to declining sales and the changes in the market To tackle the issue Thorr introduced the new RRoth motorcycle which was cheaper and USING PERCEPTUAL MAPS IN MARKETING 6 appealed to the younger generation of motorcycle riders This allowed Thorr to maintain the CruiserThorrs high quality while providing an option for the next generation References Apollo Group Inc 2004 Using perceptual maps in marketing Computer Software Retrieved from Apollo Group Inc Simulation MKT421 website Demand Media Inc 2011 eHow Retrieved from httpwwwehowcominfo 7858296 modelsdifferentiationp0sitioningmarketinghtml


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