Using Perceptual Maps in Marketing Simulation Week 4

Using Perceptual Maps in Marketing Simulation Week 4 -...

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Running head: USING PERCEPTUAL MAPS IN MARKETING SIMULATION 1 Using Perceptual Maps in Marketing Simulation Summary Marco Torres University of Phoenix
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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 their motorcycles. The Marketing Dictionary defines perceptual maps as a “process by which consumers' perceptions of an existing product are charted” In this paper the three phases of the simulation, the situation, recommended solution, and results will be discussed. In addition there will be a discussion on relationship between differentiation and positioning of products or services and the impact of the product life cycle on marketing. (2x01)Sales of the Cruiser Thorr are going down. This is happening because the Cruiser Thorn’s target consumers are getting old and their experience has started to outgrow the means that Cruiser Thorr represents. In addition to this matter, younger customers are more interested in cheaper motorcycles because of their lower personal incomes and they do not see themselves with Cruiser Thorr’s lifestyle image. This scenario wanted to determine the Cruiser Thor’s position in the market by choosing four relevant parameters that will reflect the highest potential. For phase I 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. Since the Cruiser Thorr’s lifestyle image is set very high any important information collected will be extremely helpful to keep that level of image so that it satisfies both older and younger customers. Services offered was another parameter chosen because compared to their competitors the services offered by the Cruiser Thorr are limited. The more additions a product comes with, the more it may increase the want for it. The third parameter that was selected was
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price. Price was chosen because for many customers price is one of the most important things when buying a product. Additionally, it was stated earlier that younger consumers were more interested in cheaper motorcycles. Finding out how much is too much as well as how low can
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This note was uploaded on 08/04/2010 for the course MKT MKT 421 taught by Professor Mr.jones during the Spring '10 term at Universidad de Cádiz.

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Using Perceptual Maps in Marketing Simulation Week 4 -...

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