Using Perceptual Maps In Marketing Essay

1080 words - 5 pages

Using Perceptual Maps in Marketing

Using Perceptual Maps in Marketing
Using Perceptual Maps is a great way of interpreting what type of impression the buyer has of the product brand. The buyer’s information from surveys are collected as data and entered into the perceptual map. This information is used to get a better idea of how your product characteristics rate in comparison to those of the competition and to determine your products location in the market. Marketing is not just selling and advertising-it is the interaction of key players in an economic system. Marketing is crucial for free markets, because the survival of companies depends on it. To gain an edge, a company has to be ...view middle of the document...

CruiserThorr Motorcycle dealers are provided with training, business software, and a myriad of other intangible benefits. The business enjoys a high brand image in the market, especially in the 651+cc CruiserThorr Motorcycle model, and dominates 40 percent of the industry market. The motorcycle industry is growing annually, but sales of Thorr Motorcycle’s CruiserThorr products are on a downward spiral due to changes affecting their target market consumers. These changes are unavoidable since they are produced by the natural life cycle of aging, loss of physical stamina, and changes in lifestyles. However there is also a new younger market that is not interested in identifying with CruiserThorr’s lifestyle image but is demanding a more “cool” and economically affordable motorcycle product. CruiserThorr’s competition has already begun to target this new market segment. CruiserThorr needs to fill their wants and needs to get their market share of this virtually untapped source (University of Phoenix, 2011).
As the Chief Executive Officer I need to reverse this trend with a new marketing plan, and we have to ascertain CruiserThorr’s position in the market. The staff has been tasked to formulate a company position plan, by identifying and selecting the key elements that are fundamental to the company product and important to our customers.
Phase One
Lifestyle image is the first parameter we will use because it is an essential element for the CruiserThorr's Motorcycles perceptual map, and is a critical part of any motorcycle purchase.
People that purchase motorcycles are driven by the perception of, independence and the open road. Quality engineering is the second parameter chosen. This parameter would address quality manufacturing, engine capacity, product design, styling, and uniqueness. These elements are significant to most motorcyclists. One of the most important parameters is number three the product price. Price, can help us get the attention of that new and younger customer that is drawn by a motorcycle that is within their budget reach and at the same time offers quality and a “cool” image, thereby increasing our market share and sales. Customer service was chosen as parameter number four. This is a very key part of winning and encouraging customer loyalty to the brand and products.
Phase Two
We chose to produce and launch a new product the RRoth to target the younger customer...

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