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Essay example - The Using Perceptual Maps in Marketing Simulation
Pages 4 (1004 words)
The Using Perceptual Maps in Marketing Simulation involved a company called Thorr Motorcycles In this industry firms have been highly dependent on using image to attract customers. The motorcycle industry began back at the turn of the 20th century…
Extract of sample
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, cool, product uniqueness, service offerings, price, engine capacity, safety, quality engineering. The parameters selected were lifestyle image, service offering, price, and quality engineering. According to the simulation the four parameters selected were the fundamental parameters for Cruise Thorr perceptual map. Lifestyle image was chosen because image plays a fundamental and critical role in the buying decisions of customers in this industry. Price is a no-brainer because people purchasing any type of product evaluate its price to determine whether the price is justified for the good or service a person is acquiring. ...
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