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Using Perceptual Maps in Marketing Simulation Summary - Research Paper Example

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This is achieved through mapping of customer’s expectation associated with the concerned product (Lamb, Hair & McDaniel 2008, p.226). The current study…
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Using Perceptual Maps in Marketing Simulation Summary
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Using Perceptual Maps in Marketing Simulation Summary

Download file to see previous pages... The three phases that this marketing simulation summary contains will include a brief discussion of the existing situation, recommending the appropriate solution to tackle the adverse situation, and finally the discussion of the results (Answers n.d).
Moreover, we will look at positioning and differentiation and will try to understand the relationship between them. Positioning and differentiation of a product is extremely crucial for success of a marketing plan. Also, we will try to examine what effects does product life cycle has on a marketing plan.
Sales growth chart of Cruiser Thorr has negative slope. The motorcycle has done well in the past but now it requires a serious thought. The dedicated customer segment for these cruiser bikes has grown older. So there is obvious change in liking and Cruise Thorr motorcycle is not as appealing to them as it was few years back.
Even the younger consumer base for Cruiser Thorr maintains a distance from it because of the price factor. They doubt if Thorr offers proper balance between lifestyle and price that needs to be paid for it. So the purpose of this scenario remains to assess the positioning of Thor in the marketplace over given parameters. These parameters are namely Price, Lifestyle, Services rendered and Quality engineering.
Price is the first P of marketing mix and is pivotal in making a buying decision. Wrong or inappropriate pricing could overshadow all other P’s and qualities that a product possesses. Younger consumers were always interested in competitively lower priced motorcycles. Here, an important decision regarding brand dilution is to be made and that what is the appropriate value.
Lifestyle image of Cruiser Thorr needs an honest reconsideration. It has already been stated that older consumer cannot live the same way they used to when they were young, so there is shift in their preference when it comes to selecting a motorcycle. Under this parameter important data could be ...Download file to see next pagesRead More
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