Using Perceptual Maps in Marketing Simulation Summary Essay Example

This led me to choose lifestyle image, quality engineering, product uniqueness, and product design and styling as the parameters for comparison. However, the outcome of my decision was not entirely accurate.

Two out of four parameters were considered fundamental: lifestyle image and quality engineering. However, I should have also included price and services. Price is crucial as it affects customers' purchasing decisions, while services play a significant role in fostering brand loyalty. Below is the revised version of the perceptual map compared to my initial decision.

Situation Two

After finalizing the parameters for the perceptual map, I had to determine whether to reposition CruiserThorr or introduce a new motorcycle called RRoth.

After carefully reviewing the available information, I determined that the best course of action would be to reposition the CruiserThorr. This decision necessitated the creation of a marketing plan, for which I allocated a budget of up to $13 million. Ultimately, approximately $10.2 million was invested in executing the marketing strategy.

The marketing plan can be summarized as follows:

• Positioning – offering financing options and expanding services
• Price - maintaining the price
• Place - utilizing dealers and the manufacturer's website on the internet
• Promotion – sponsoring events, providing free test drives, publicizing through Hollywood films, and giving away merchandise
• Services – training dealers, offering customization options, and providing financial services

The performance review confirms that the chosen variables for CruiserThorr were appropriate. The availability of financing makes it more accessible to younger

generations. Furthermore, keeping the price unchanged helps maintain the brand's strong image. This situation provides a clearer understanding of how the product life cycle is affected in the market.

The visibility of a product in the market determines its product lifestyle. Therefore, the marketing strategy is influenced by the product lifecycle. If a product becomes obsolete, like floppy disks, its lifespan is short. In the case of CruiserThorr, the product lifecycle is already known in the market, so it did not impact the marketing strategy.

Nevertheless, launching the RRoth would have had an impact on the product life due to its newness.

Situation Three

To assess CruiserThorr's performance in the previous year, customer surveys were conducted and data was collected for positioning it on a perceptual map. It obtained a higher rating of 8 compared to competitors when evaluated based on lifestyle factors.

Research has shown that the price of CruiserThorr is higher than the competition, so I rated it as a 5. For quality, I rated it an 8, and for service offerings, I rated it a 6. Upon reviewing the information, I realized that the lifestyle should have been rated a 9. Due to the service options and the brand's ability to maintain the lifestyle that was established from the beginning, the rating for service offerings should have been a 7.

Conclusion: The CruiserThorr motorcycle, a renowned brand, witnessed a decrease in sales due to the aging of its target market. To recover from this decline, three measures were implemented. One of these measures involved evaluating the performance of CruiserThorr in relation to competitors using a perceptual map. This analysis revealed the need for repositioning CruiserThorr. By utilizing a

perceptual map, valuable insights into how the company's performance compared to that of competitors were gained. After one year, an assessment was carried out to measure the progress made by the company.

Having a marketing strategy is essential for the success of a company, and this simulation demonstrates that fact.

Reference

1. Kerin, R. A., Hartley, S. W., Berkowitz, E. N., & Rudelius, W. (2009).

Marketing (9th ed.). New York, NY: McGraw Hill.
University of Phoenix. (2011). Kudler Fine Foods [Multimedia].

Retrieved from the website of University of Phoenix, MRK/421.