Simulation Perceptual Maps in Marketing - Research Paper Example

Only on StudentShare

Extract of sample
Simulation Perceptual Maps in Marketing

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. ...
Download paper

Summary

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)…
Author : kossisaiah

Related Essays

Using Perceptual Maps in Marketing simulation
This will be followed by direct impact/results of these decisions which will be generated by the simulation itself. Following this explanation, the interdependence between differentiation and positioning a product and a service is explained. Besides this, the results of the decision of repositioning the brand of Cruiser Thor or introducing a whole new product line will also be discussed. Besides this, the overall effect of Product Life Cycle on the brand’s performance and the scenarios presented in the simulation is also discussed, which will give a comprehensive summary of selected...
4 pages (1004 words) Essay
Marketing Simulation Report for the Product PirateEye
The term paper "Marketing Simulation Report for the Product PirateEye" presents the outcome of a marketing simulation, which was undertaken as a brand manager for the introduction of the new product, PirateEye. When dealing with a monotonous competitor who has monopolized the market for such a long time, it is very difficult to penetrate the market and make any remarkable impressions. But this could be made possible in the midst of hard work and dedicated service. It is for this reason that as a brand manager, much time was taken to undertake a detailed marketing simulation to identify the...
9 pages (2259 words) Term Paper
The Using Perceptual Maps in Marketing Simulation
The purpose of the simulation is to construct a perceptual map for a marketing plan of Thorr Motorcycles. During the first round of the simulation the first step was to create a perceptual map of the company to attract customers due to the fact that the firm was facing declining sales from its existing product, the Cruise Thorr. “A perceptual map is a visual representation of what the customer thinks of a brand” (Using Perceptual Maps in Marketing Simulation, 2013). The student had to choose four parameters among the following nine parameters: lifestyle image, product design and styling,...
4 pages (1004 words) Essay
Marketing Simulation Analysis Paper
The organization is divided into four foundational structures each division having a leader. The finance division is chaired by the chief finance officer (CFO), who oversees the director of finance, human resource division and the staff accounts. The marketing division chaired by the chief marketing officer (CMO) and two other supporting stuff members. The operations division led by the chief operations officer and one supporting stuff member. Strategic/international growth chaired by the strategic growth (VP) and one supporting stuff member. As a result of the increased need of customer...
3 pages (753 words) Essay
Simulation
Advertising remains a key tool of reaching the consumers in all segments. Research indicates that most of the consumers responded well to advertisements in most of the segments except for the corporate segments. Overall, the company should put more focus on creating products and advertisements aimed at the normal and lower end segment of the market. Competition Competition is extremely fierce in the smart phone market. The main competitors are Best Sport, Brandy A1, Super Sport1, H2 and O2. Ocean Blue is the biggest threat since its range of Sport products are the market leaders in Europe....
5 pages (1255 words) Research Paper
Practice Simulation/Reflection
I had set the price of black backpacks that I have targeted the teenagers with to 25$. The distribution channel I set was selective as I was targeting a specific area of the target. The promotion medium I used was through billboards. Even though the price was low, I still lost money in the end because my target market was not the one which was well endowed in the cash department. Rest of the simulations, I wanted to test my area of overpricing the backpacks with different target market and different marketing mix. In the second simulation of mine, the backpack that I was making was targeted...
4 pages (1004 words) Essay
Using Perceptual Maps in Marketing
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...
3 pages (753 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!