Mkt 421 Marketing Simulation Paper

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Marketing Simulation Paper

MKT/421

Perceptual maps are the graphic illustrations of the data created by specific rating scales. During the simulation, I found that the map is only as valid as the parameters chosen to develop it. The parameters must be "fundamental to your product and important to your customers" (University of Phoenix, 2009). Perceptual mapping is considered to be one of the few marketing research techniques that can provide input directly for the strategic marketing planning procedure and during this process, the planners can see the customer and the competitor at the same time in the same realm (Neal, 1988). The Thunder RollsThorr Motorcycles, Inc. is a company worth $5 billion that manufactures luxury motorcycles and motorcycle-related items.

This motorcycle company produces more than 200,000 motorcycles per year and the company is well known for its 651+ cc CruiserThorr, which holds a 40% share of the market in comparison of similar motorcycles. The concern in this simulation was that sales of the CruiserThorr have declined due to the demographic change in the customer base. It became clear that younger customers make up the buying market and they are not interested in the same lifestyle that their parents desired (symbolized by the CruiserThorr). The cost of the CruiserThorr is also higher, so it deters the younger customers who prefer a low-cost motorcycle that will better fit their wants and needs. The marketing team of Thorr Motorcycles decided to develop a perceptual map that would help determine the CruiserThorr's current position in the market and point out options could be explored to offset the resulting decrease in sales. The first phase required choosing four parameters for the CruiserThorr's perceptual map and the writer chose a...