Perceptual Maps in Marketing

Perceptual Maps in Marketing

Marketing is more than just selling and advertising. Companies must have cutting edge ideas to stay ahead of their competition and position themselves distinctly. An important part of developing the best strategy is a perceptual map that is a visual representation of what the customers want from the product, service, or brand. There are several parameters to a perceptual map; these parameters define the attributes of product potential. In this simulation I will represent the marketing manager for Thorr Motorcycle's. Along with three other management members will construct and use a perceptual map to create a marketing plan for the company.

With the motorcycle industry growing annual there are three situations that I must address:

1. Sales of the CruiserThorr are decreasing because the current target market is growing older so they are not interested in what this motorcycle symbolizes

2. Younger customers are not interested in the CrusierThorr, they prefer low-cost motorcycles because they do not have the income

3. Younger customers do not identify with the Lifestyle Image (a key component in the motorcycle industry.

In order for Thorr to change their position in the current market they must develop a marketing strategy. I chose four fundamental parameters as the first step in creating my perceptual map:

1. Lifestyle Image is the most powerful attribute as it influences customers to buy into the image rather than the functional attributes.

2. Quality Engineering represents the high image of the Thorr Motorcycle brand and covers every aspect of the product.

3. Price influences decisions; high price is equal to a high image

4. Service that will keep the customer happy and keep Thorr's reputation as a good motorcycle brand.

Based on the Strengths, Weakness, Opportunities, and Threats (SWOT) analysis for the CruiseThorr and what the customer wants the marketing team had the choice to reposition the CruiseThorr or launch a new product. The team decided to reposition the CruiseThorr and provide additional financing that would attract younger customers who indicated interest in the product. Increasing services that are available will be a simple yet effective way to make customers happy.

The team chose the following differentiation options based on price (possible decrease in price, this may negatively affect the brand image), promotion (through Hollywood films and hiring celebrities for endorsements will attract a younger client), services (training dealers on the product will enhance the customers experience of the motorcycle, offering club memberships, financial services, and customization options for those who can afford to pay for a more unique product), and place (the product will be available at dealers, distributors, and on the Thorr website).

The results of the perception map research data shows that the team chose the ideals and attributes important to customers. Lifestyle image is important to the customer and the company maintained this image by improving services. Thorr's customer also considers the CruiserThorr's engine to be the best, so quality engineering is important to the customer. The price of the CruiserThorr was will perceive negatively; even with additional financing options the motorcycle is still expensive. Services offered were not sufficient or unsatisfactory, we responded by offering dealer training, financial services, and customization options (which were well received by the consumer).

Differentiation of the CruiserThorr was about offering

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