Marketing Simulation Paper

Marketing Simulation

Abstract

Perceptial maps visually represents how the brand is percieved by the customer. The perceptual map is used a guide to develop a marketing strategy with the data from the map.This simulation consists of three parts and will be explained in short summary. The definition of differentation and positioning factors that help Thorr Motorcycles, Inc stay in the lead of competitors.The product life cycle will be discussed as well.

Simulation Summary

Thorr Motorcycles, Inc. sales have been dropping as of recently and the marketing department is looking for a way to bolster the sales. By creating a perceptual map, or a visual representation of how the customer’s view the brand, can help the company differentiate their brand from the rest of the market. The marketing department must also create a new marketing plan and decide if the image of the existing motorcycle, the CruiserThorr, should be tweaked to catch the market’s eye, or if the company should create a new motorcycle, the RRoth. Once this decision is made the perceptual map and the parameters of the map, such as product image, price, quality, etc., needs to be reevaluated (University of Phoenix, 2013).

Part 1

The first portion of the simulation is creating a perceptual map for the CruiserThorr; this is done to determine the bike’s position in the market. Perceptual mapping as a marketing research technique where the customer’s views and perceptions about a product are plotted on a chart, customers are asked questions about the product in terms of performance, price, image, etc., and the qualitative answers are used to create the map (Perceptual Mapping, 2013). Perceptual mapping can show that customer’s do not have the same brand image as the company is trying to produce, which can be a reason sales are dropping. To create a perceptual map, parameters such as lifestyle image, product design and styling, coolness, product uniqueness, service offerings, price,...