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
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Using Perceptual Maps 1 Running head: USING PERCEPTUAL MAPS IN MARKETING Using Perceptual Maps in Marketing Simulation Summary University of Phoenix MKT/421 - Marketing
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Using Perceptual Maps 2 Using Perceptual Maps in Marketing: Thorr Motorcycles Thorr Motorcycles, Inc. is a billion dollar manufacturing company, producing over 200,000 units per year. Additionally, Thorr offers services including dealer training, dealer software packages, motorcycle rentals, and rider training. Thorr’s brand image is high, and it currently holds 40% of the market. The image that CruiserThorr symbolizes is one of “masculinity, mobility, and freedom”. To gain insight in this positioning and ascertain why Thorr is experiencing a decline in sales, Thorr can use representation of the consumer’s view of the product. In order to increase sales/profits, Thorr will need to change the consumer view of their motorcycles. Phase I: Where is the Thunder? The first phase states that sales of the CruiserThorr are decreasing, “The motorcycle industry is growing annually, but sales of Thorr Motorcycle’s existing product CruiserThorr (a 1500cc power cruiser priced at $25,800) are deceasing” (University of Phoenix, 2008). This decrease is due to the aging of target customers. Target customers are no longer interested in the lifestyle portrayed by the CruiserThorr. Additionally, the younger generation of consumers, with smaller disposable incomes, is looking for more affordable motorcycles. In order to reverse declining sales, a new marketing plan is needed. Students are asked to ascertain the market position of CruiserThorr using a perceptual map, selecting four fundamental parameters that are relevant to the industry and that reflect the highest potential for CruiserThorr. The four fundamental parameters selected were Lifestyle Image, Price, Quality Engineering, and Service Offerings. Lifestyle Image, easily considered the most important role in the production of motorcycles, and is the best selection for the perceptual map. This is a very dominant attribute because the image will sway consumers into purchasing the product rather
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Using Perceptual Maps 3 than the other functional attributes. Quality engineering covers all aspects of the motorcycle and without quality engineering the company cannot keep its reputable image. Price compels consumers to purchase the product or not. If the motorcycle has a high price it is directly proportional to the high image the motorcycle has. One drawback about image is that when prices are lowered the company runs the risk of lowering the image. Service offerings are important as well because the company can ensure customer loyalty and an exceptional way to keep dealers and distributors happy. In phase I, the recommendations provided returned a
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