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Using Perceptual Maps in Marketing simulation - Essay Example

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Three scenarios will be presented in the simulation and this paper will look at the situation, the selected action plan and its rational and the end results will be explained in brief detail of all the three scenarios…
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Using Perceptual Maps in Marketing simulation
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"Using Perceptual Maps in Marketing simulation"

Download file to see previous pages 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 marketing plans and its impact on the brands’ performance. 1. Scenario 1 1.1 The Situation Cruiser Thorr is the market leader in the motorcycle industry where the consumers symbolize the brand with lifestyle. Lifestyle positioning is the strongest element in the motorcycle industry and Cruiser Thorr enjoys the brand image of a premium product with all the features and deliverables which makes it the first choice of the consumers who can afford it. Situation 1 of the Simulation presents a scenario where the Cruiser is losing Sales because its ideal target market (men in the age-group of 25-50) is growing old and is no longer interested in the lifestyle image of the brand. Moreover, the alternative market of the youngsters do not relate to the image of the brand of Cruiser. Therefore, the brand had to be repositioned in the market and around those elements which would cater to the consumer preferences as portrayed in the market research. 1.2 Recommended Solutions The possible solution was to reposition the brand. I selected the parameters of Price, Service Offerings, Product Uniqueness, Product Design and Style. The results showed by the simulation were that the parameters of Product Style and Design and Product Uniqueness were not appropriately selected. I selected the Service Offerings because the competing brands had good services to offer and that, because of the high price of the Cruiser, it had to be complimented with Financial Services. Besides this, the Product Style and Design would have complimented the Lifestyle image. I did not select the Lifestyle parameter exclusively because the trend in the target market showed that this was no longer as important to the consumers as it was when they were young. 1.3 The Results As lifestyle image is the most important component in the Motorcycle Industry, the brand will sustain its image. Along with this, the Quality Engineering parameter also had to be included as it incorporated all the other factors such as the engine’s performance, the design and its overall quality; which are important to the consumers. 2. Scenario 2 2.1 The Situation The second Scenario was that the brand of Cruiser was lagging in sales despite repositioning it. The market dynamics through research showed that the young men, aged from 20 – 35 comprised of a strong market potential. Now the question was either to reposition Cruiser Thorr again or to launch a separate product called RRoth – a much lighter version of the Cruiser. 2.2. Recommended Solution The solution was to launch a separate product line under the brand of RRoth with low prices, more financial services, unique design and the quality persistent with Thorr’s image. The idea of repositioning Cruiser would be harmful because Cruiser Thorr is the premium brand of the company and repositioning it in the ...Download file to see next pagesRead More
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