Promotion must use symbols and celebrity endorsements that cater to this young crowd, while primarily being web based.
The week four simulations provided a detailed example of how a motorcycle company can use perceptual mapping to make decisions related to their brand and products. The third scenario picks up 1 year after the marketing plan has been in effect.
Had the company failed to address the declining sales, the product would have most likely become an unprofitable burden on the Thorr Motorcycle product line. Summary Perceptual mapping can be extremely insightful into the inner workings of the product life cycle.
Differentiation is the process of making product look different than a competitor with the goal of attracting a different niche in the market Wiley Promotion is also a very important aspect of the product life cycle in the early stages of a product launch Friesner For Perceptual maps mkt 421, the old motorcycle had reached the end of the product lifecycle and required new tactics to rejuvenate its image.
To solve this problem, the Cruiser Thorr is needs to be marketed to a more youthful group of customers. It also showed how important these considerations are when launching a new product. The first scenario was centered on an existing motorcycle know as the Cruiser Thorr, which has been declining in sales.
It is essential to consider price, place, promotion, and services when launching a new product. The younger customer base is most responsive to changes in affordable pricing, quality, and lifestyle image.
By mapping customer reactions and perceptions, a company can fine-tune their overall marketing strategy and position their image relative to competitors Wiley It found that the repositioning of the product was more effective than I expected.
For example, Thorr Motorcycles benefited from offering a low price when the product was launched.
In each case, it could be seen as beneficial to differentiate the product offerings of the company to appeal a specific market niche, such as budget conscious younger consumers. On the other hand, the new product is designed with the product life cycle in mind at all times.
Thorr Perceptual maps mkt 421 had to take a significant risk by choosing a new method of distribution by offering the product on the Internet. For example, if two companies offered an identically branded motorcycle, it would be unlikely that both of the products survive over the long term.
Overall, this simulation emphasized the important of customer perceptions and provided a method to interpret these perceptions in a visual format.
Overall, the decisions made for marketing the new motorcycle were shown to be very successful. It is this reason I recommended celebrity endorsements as a method of promotion, as it will take an exceptional effort grab the attention of the young audience.
This younger customer base is much more budget conscious, but also requires a strong image of quality engineering. As the product continues through its lifecycle, Thorr Motorcycles can use the same process to optimize the product and marketing strategy for its customers.Free Essay: Perceptual Maps In Marketing Marsha Christy University of Phoenix Stephen Page January 29, Perceptual Maps In Marketing Scenario 1 The.
What's inside the MKT Week 4 Presentation? Week 4 Presentation on Perceptual Maps in Marketing Simulation 3 Different Perceptual Maps! (Trucks, Restaurants, and Beer) 12 Slide PowerPoint Presentation All References Cited % Money Back Guarantee Assignment Instructions Review "perceptual mapping" located on the We.
MKT Week 4 – Perceptual Map Presentation This is a Perceptual Map presentation for major restaurant chains in the United States.
X variables: Fast and Slow in terms of food preparation speed. Using a Perceptual Map for Thorr Motorcycle, Inc. Perceptual Maps in Marketing MKT Perceptual Maps in Marketing Perceptual Maps Thor Motorcycles, Incorporated builds motorcycles and motorcycle accessories. “Thor motorcycles currently produce more thanunits” The company.
Free Essay: Using Perceptual Maps in Marketing Paper MKT/ Using Perceptual Maps in Marketing Paper The manufacturing company that makes more thanUsing Perceptual Maps in Marketing Simulation Summary MKT/ September 19, Using Perceptual maps in Marketing Simulation In the University of Phoenix simulation Thorr Motorcycles, Inc.
is a $5 Billion company, which offers the consumer many styles of motorcycles and they produce more thanunits per year.Download