Thorr Motors for example has used these maps to design a marketing plan for their high brand. Scholar Clemente defines these maps as processes through which the perception of consumers on an existing commodity are charted. I will attempt to discuss the three simulation phases, and recommended solutions and results. Phase I: this involves perceptual mapping. The situation here is decrease in sales due to brand image. This is so because the Cruiser Thorr’s target consumers were aging and their tastes had begun to outgrow the lifestyle that Cruiser Thorr symbolizes. In addition to this issue, youthful customers had more interest in lower priced motorcycles due to their lower personal disposable incomes. Maps that were perceptual were used to position Cruiser Thorr’s position in the market in terms of consumer perceptions. The parameters for mapping included price, services offered, lifestyle image and quality engineering. Since the Cruiser Thorr’s image was being outgrown by the target audience which was aging, lifestyle image was chosen. The mapping of the image was useful in maintaining a level of image that it satisfies both younger and older customers. Lifestyle image was important to Thorr as it had the potential to influence a customer’s decision to buy a Cruiser Thorr because of its representation. Since perceptual maps are visual representation of a customer's opinion of a brand and the Lifestyle Image of Cruiser Thorr is that of masculinity and mobility, Thorr Motorcycles should make changes regarding the consumer image in the wake of decreasing sales, so as to be able to bring back the profits the Cruiser Thorr had before. Marketing is not only about selling and advertising, it also affects products and the consumers in the economic system and organizations must understand how this happens. Simulation helps perfectly in this in that it helps construct and use perceptual maps so as to create effective marketing plans like for Thorr’s motorcycle brand. Phase II: phase two of simulation is about the product, either introducing a new product into the market or repositioning the existing one. The situation involves decrease in sales of Cruiser Thor and the need to come up with a market plan able to reposition Cruiser Thorr to effectively and efficiently launch a new product of a motorcycle. The top judgment for the association was aimed at repositioning Cruiser Thorr through financing solutions and boosting services. By providing financing alternatives and rising services Thorr Motorcycles Inc can open doors for possible consumers who may have had the feeling that the Cruiser Thorr was further than their reach especially younger viewers who may already have shown great interest and passion in the Cruiser Thorr. Recommended Solutions: The solutions here are in the area of reforming engineering in terms of quality, pricing, and services. Quality engineering touches on every aspect or quality of the commodity or product, including style, design, engine capacity and more importantly, the design of the engine. Quality engineering has a high market impact of the product and could increase sales by meeting the customers’ needs in terms of quality, thus increasing the organization’s level of credibility of its products. Pricing is also very important to customers as it influences decisions to make a purchase for an item or not. Having a high price is okay as long as the quality and credibility
Simulation Perceptual Maps in Marketing Name: Institution: Simulation Perceptual Maps in Marketing To position products in increasingly crowded markets, marketing managers must understand the dimensions through which customers perceive products or services, and the firms offering relative to competitive offerings (Garry et al., 2007)…
The company holds a market share of 40% in an oligopoly marketplace. Perceptual maps are used in the simulation to develop a positioning strategy. A perceptual map is the visual representation of the customer’s perception of a brand. In the simulation I served the role of marketing manager.
According to Armstrong, performance management is a strategic and integrated process that delivers sustained success to organization by improving the performance of the people who work in the organization and by developing the individual capabilities of individual contributors and teams.
Obviously, as a leader in retail, it must be able to adequately manage its capital. There are a few stores—including Murray and Gartner—from which Lawrence’s goods are procured. In order to issue a recommendation for Lawrence Sports, a few things might be in order to mention first.
Microeconomic principles on the other hand would include demand and supply prices of a particular family allocating their financial resources for an apartment, and the wages that each family would pay to their home decorators to set up their homes. These concepts can be understood as microeconomic because they study the behavior of a small number of individuals using limited resources as opposed to the entire market.
Competition is extremely fierce in the smartphone market. The main competitors are Best Sport, Brandy A1, Super Sport1, H2, and O2. Ocean Blue is the biggest threat since its range of Sports products are the market leaders in Europe. Most people in the other markets also prefer the products to the others.
The firm was a great innovation that drastically expanded as movie houses and marketers were attracted by the new innovative stunts. The growing interests in the company were portrayed by the drastic growth after its invention, with its employee base expanding to more than a hundred.
ning in production of low-dimensional and discretized output space referred to as maps (Arribas-Bel et al 2013, p. 248). The artificial neural networks (ANNs) have been used for many years in modeling information processing systems inspired by the biological neural structures.
Perceptual mapping was used in devising the marketing strategy to facilitate maintenance of the brand value associated with such cruise motorcycles. This helped in understanding the perceived value that customers held for
Captivatingly, the simulation offers a wider perspective of managerial economics as it pertains to the nursing field and decision-making.
Changing the skill mix and reducing agency staff were the chosen. Changing the skill mix reduces the
In the modern era, globalization has driven the business sector to the field of perfect competition. In order to get sustainability in the industry, companies are becoming more cautious regarding their performance. The performance of any company is largely referred to as a key influencer for its development.
5 pages (1250 words)Research Paper
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