Perceptual Maps in Marketing

In: Business and Management

Submitted By jlcantrell
Words 1468
Pages 6
Perceptual Maps in Marketing Jennifer Cantrell August 5, 2013 MKT/421

In this simulation, Thorr Motorcycles, Inc. manufactures higher end motorcycles. They currently produces more than 200,000 each year. The company’s top seller is the CruiserThorr however sales have been dropping due to the aging of the company’s current target market. The CruiserThorr does not have as much appeal for the younger target markets due to the pricing strategy. Since it is a more expensive machine, the higher price tag is generally out of the younger target markets price range. To ensure profitablir introduce a new productlty, Thorr Motorcycles marketing team must develop a strategy to either reposition the CruiserThorr, or introduce a new product that will attract the younger target market.
The RRoth is a potential new product that has a higher fuel-efficiency and will be targeted to younger markets. To determine which action the company should take, the simulation uses perceptual maps. To analyze the results of the simulation one breaks the sections into three: the situation, recommended solutions, and results of the marketing decision.
As the company’s current target market ages, a younger target market emerges. This new target market has less disposable income than the aging target market. Competitors have already begun to target this new age group with economy-priced versions of their products (University of Phoenix, 2004). These companies are offering lower priced bikes with better services and a much safer, fun image. Recent polls show that the CruiserThorr ranks high only in three of nine areas. These are production design and styling, lifestyle image, and production uniqueness. The competitors’ products ranked higher in pricing, engine capacity, safety and coolness. Based on this information, the company creates a perceptual map…...

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