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Essay example - Using Perceptual Maps in Marketing
Pages 3 (753 words)
Perceptual map is a significant way to visualize the position of an organization in the market. It helps an organization to determine its position in competitive market against its close competitors. …
Extract of sample
Simulation Situation The simulation is based on a renowned motor cycle producing and distributing organization. The organization produces products of high quality, but recently the sales of the products went down due to several reasons. A perceptual map has been implemented for Cruiser Thorr to identify its market position. This implementation will help to assist whether reposition or introduction of new product is required or not. Phase 1 It is important to consider four essential components, such as service offering, quality engineering, life style image, and product designing and styling to develop a perceptual map for the organization. It is important for the organization to consider style statement and visual looks of the product. These parameters will help to attract target customers effectively. Phase 2 The second phase will consider which strategy will be effective. Repositioning strategy will help to redefine the image of the products. On the other hand, introducing new products will require different marketing strategy. Introduction of new products will be effective in this case as the organization is facing problems like back dated style statement and high price of products comparing to its competitors. Therefore, new product introduction will help the organization to change its pricing strategy. ...
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