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Running head: PERCEPTUAL MAP 1 Perceptual Map your name Class Date Instructor PERCEPTUAL MAP 2 Perceptual Map The Situation Lifestyle image is an important attribute to Thorr’s Motorcycles, Inc. because it can influence customers to purchase a Cruiser Thorr due to what it represents. The perceptual map is a visual representation of a customer's opinion of the brand. The Lifestyle Image that the Cruiser Thorr represents is freedom, masculinity, and mobility. Thorr's motorcycles, however, were positioned as high-priced and did not fit the market for youngsters. Thor started losing its market position since the price was too high and the life style image represented was for the older generation. With the decline of sales, Thorr’s Motorcycles needed to change the image it projected to the consumer in order to spur sales that would make Cruiser Thorr profitable again. The simulation helped to construct and use a perceptual map to create an effective marketing plan for the motorcycle brand through a repositioning plan. The foremost situations in the simulation where a decline in the profits of the Cruiser Thorr, formation of a market technique that would change the position of Cruiser Thorr against dispatching a new motorcycle, and to understand market study findings to plan Cruiser Thorr's brand attributes on a perceptual map. Recommended Solutions Services, Cost, and Quality Engineering are what I have suggested to formulate the parts again. My decision was Quality engineering due the fact that they encompass every characteristic of the product for instance design, style, capacity of the products. As the name of the company says, Quality Engineering, they prefer quality for their products. Quality is very important aspect for any organization because that is the only thing their creditability depends on. I have selected price because price is the concern of every customer. Price is the main aspect of making decision PERCEPTUAL MAP 3 to buy or not buy the product. As we all know that high price connected to the quality of product and lower price means lower quality of the products. Now the other thing I have chosen is the Service, if you have good customer service, then customers stay loyal and happy. The next phase of the simulation required a assessment regarding whether or not the conception of a advertising plan would entail repositioning Cruiser Thorr or launching a new motorcycle. The top judgment for the association was to reposition Cruiser Thorr. The placement policy that I have elected was to present financing solutions and boost services. By providing financing alternatives and rising services Thorr Motorcycles, Inc can open doors for possible consumers who may have felt that the Cruiser Thorr was further than their reach. By providing finance selections, the organization will draw younger viewers that have already shown interest in the Cruiser Thorr. This alternative also does not considerably raise expenditures. After figuring out to offer financing alternatives and increasing services, I decided not to increase the price of the motorcycle because some customers feel that price is already a alarm. An increase would further deter potential customers. The promotional strategies that I chose were to put in order parties for Cruiser Thorr owners, present free test rides, contract celebrity endorsements in addition to supply products giveaways. With the planned parties, the business would provide an image of belonging. By hiring a celebrity for endorsements, the association raises its graphic imaging by having a name attached to the product. Contributing free test rides and merchandise giveaways is another way that the association can promote the Cruiser Thorr. The places that the business will market the Cruiser Thorr are on Manufacturer's Web Site via the Internet and sellers. The World Wide Web will allow for a better chance for the product to be noticed on a bigger level versus only having showroom viewings. Service promotions that will be added to the advertising chart are customization alternatives and financial services. Working with a financial plan limit of $13,000, the options that I selected to make the marketing plan kept the PERCEPTUAL MAP 4 expenditures down to $11,416. The last situation involved interpreting market research findings in order to plot Cruiser Thorr's brand attributes on a perceptual map. I assigned Lifestyle Image a nine due to the fact that is what the customers appreciated most about the product. I gave Quality Engineering an 8 because the majority of the consumers indicated that Cruiser Thorr's engine was better than the competition. Since prices were initially seen as a negative aspect, but the company helped customers to give consideration to purchasing Cruiser Thorr though offering additional financing options, I assigned it a 7. For the service category, I assigned a 7 because initially the services were not adequate but after adding this aspect, customers seemed to be pleased with the different services that are now available with their purchase of a Cruiser Thorr. Results I picked lifestyle image, quality engineering, service and price as my parameters. I kept the price and the quality high, chose a promotional strategy that maintained the lifestyle image (Hollywood movies, celebrity spokespeople, Daytona sponsorships), and offered a wide range of services while staying well within my marketing budget. The repositioning was a success and Cruiser Thorr captured a larger market share of younger buyers as desired. Relationship between differentiation and positioning The relationship between differentiation and positioning of products and services is that both relate to features of the product or service that is being offered. The repositioning in the simulation went very much the same way as I expected it would. I had the understanding and knowledge that repositioning could help the product and as expected in the simulation, when the product was repositioned, it was able to take off in a very successful manner. Impact of the Product Life Cycle on marketing The impact of the product life cycle on marketing is that economic conditions will force the PERCEPTUAL MAP 5 marketing strategy to be reformulated a number of times during the products life cycle (Kotler and Keller 2006. p 335). In the simulation, the product life cycle impacted the product by the fact that the sales decreased which called for a makeover in the marketing plan. The simulation illustrated how life cycle can affect the sales and the image of the product. Conclusion Because of altering the elements of lifestyle image, quality engineering, service and price on the perceptual map, Thorr Motorcycles Inc. is back to profitability with a more effective and up to date marketing plan. The process of creating the marketing plan showed how differentiation and positioning a product can increase sales and helps the product have a new image. The simulation also put into illustration, the impact that the product life cycle can have on the success of a product. PERCEPTUAL MAP 6 Reference Kotler, P. & Keller, K.L. (2006). Marketing management (12th ed.). Upper Saddle River, NJ: Perason/Prentice Hall.