Using Perceptual Maps in Marketing Simulation Summary

Using Perceptual Maps in Marketing Simulation Summary

A perceptual map is an excellent tool for a company to use that will provide a visual graphic to see how their brand is doing in relationship to their product from a customers’ perspective. It will provide a snapshot of the customer’s thoughts about certain attributes of the product such as design, price, lifestyle image, service offering and safety. Perceptual maps are used in creating an overview of a customers’ perception of a change in service, product or brand. In the simulation provided, the new marketing manager is tasked with creating a perceptual map that will be used to reveal the identified company’s position in the market. Once this position has been identified, a marketing plan is to be created to show the company’s strategy to reposition their current product or launch a new product. Product positioning and differentiation strategies are also included in a marketing plan. It is important for a company to know and understand the difference between these strategies.

Company Position

Thorr Motorcycles is the company identified in this simulation. It is a motorcycle company that deals in high-end motorcycles with a target market of customers in the age group of 35 to 50 years who identify with the lifestyle image of the existing product. The existing product is call CruiserThorr which is a 1500cc power cruiser priced at $25,800. The current motorcycle industry sales have grown annually, however, the existing product sold by Thorr has decreased in sales. This is due to a number of factors such as the existing client base is growing older and the lifestyle image is becoming less important to them and the younger customers prefer low-cost motorcycles due to limited disposable income. The new marketing manager will need to create a perceptual map to determine the company’s position in the market.

Perceptual Map

In this simulation, I was tasked with the role of marketing manager and needed to reverse...