Perceptual Maps

Perceptual Maps in Marketing

Ruth Geter

University of Phoenix

MKT 421

Hib Shelton

March 01, 2012

Perceptual Maps in Marketing

Perceptual Maps are visual representations of how the customer thinks of a brand. "They have different axes that represent the brands attributes, and the customers are intrigued on these axes" (ezmap, 2012). "Perceptual maps help to compare the brands attributes with competitors as to certain market positions" (Jayalath, 2009, p. 1). The subject of this assignment is to complete the Perceptual Maps in Marketing Simulation and for each phase discuss the situation of each phase, present recommendations for each situation including why the recommendation is suitable for the situation at hand, last discuss the results from the recommendations. The relationship between differentiations and positioning of products will have an effect on the success of the product mentioned in the different situations. Next, in the situation of repositioning the product, is the result of the repositioning what I expected, why or why not? The product life cycle will have an effect on marketing especially, when the product is declining in sales. The simulation shows how the product life of the Cruiser Thorr showed a decrease in sales.

Overview

The simulation refers to Thorr Motorcycles a $5 billion company. Thorr has other products to offer besides motorcycles such as small leather goods, motorcycle rentals, dealer, and rider training, and software packages. Thorr Motorcycles produces more than 200,000 units annually (University of Phoenix, 2012). Thorr holds 40% of the market shares. Thorr is targeting the 35 to 50 age group. The younger customers prefer a low-cost motorcycle, and the Cruiser Thorr is losing the market share and Thorr needs to revamp its products to the needs and wants of its customers.

Situations

The three situations in the simulation are the sales are declining for the Cruiser Thorr; a marketing plan needs...