Using Perceptual Maps in Marketing

Paper Summary:

In this article, the writer notes that in today's competitive markets, companies struggle to maintain their products' brand, pricing, image, quality and demand. The writer points out that a product's life cycle either may end quickly or be maintained successfully through consistent innovative marketing plans. The paper then presents a simulation, in which the writer was chosen as the new marketing manager and challenged to assess the position of Thorr Motorcycle's existing product, Cruiser Thorr, in the market and reverse the downward trend. The assessment focuses on three main objectives. The first objective is to choose the proper parameters and construct a perceptual map. The second objective iss to create a marketing plan with a budget of $13 million determining whether to reposition the company or to launch a new product. The last objective is to determine the parameter values for the future of the company. The writer concludes that although the company is currently facing a difficult challenge with the decreasing demand for its Cruiser Thorr motorcycle, this assessment and proposed marketing plan will assure the company a successful new beginning for its prized product.

From the Paper:

"So price will remain the same, but there will be more promotions added. Some of the added promotions include free test rides, increased giveaways, and better insurance and protection plans. Distribution was increased by choosing to have the motorcycles available at dealers, exclusive showrooms, and for purchase on the internet, with options for upgrades. The new service additions are training to dealers, club memberships, customization options, financial services, and services to owner groups. The marketing plan that was put in place was determined by the competitor product comparison and market research ratings. In determining the proper choice for the company, a thorough SWOTT analysis was conducted.
"The final objective in the simulation was to assess whether or not this author's marketing plan was successful after having been implemented and running for a year by interpreting data from customer surveys and plotting the data on a perceptual map."

Sample of Sources Used:

• Armstrong, G., & Kotler, P. (2005). Marketing: An Introduction (7th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall.
• Bearden, W., Ingram, T., & LaForge, R. (2004). Marketing: Principles and Perspectives (4th ed.). New York, NY: McGraw-Hill/Irwin.
• Kerin, R., Berkowitz, E., Hartley, S., & Rudelius, W. (2006). Marketing (8th ed.). New York, NY: McGraw-Hill/Irwin.
• QuickMBA (2007). The Product Life Cycle. Retrieved September 22, 2008, from http://www.quickmba.com/marketing/product/lifecycle/
• University of Phoenix (2005). Simulation: Using Perceptual Maps in Marketing. Retrieved September 21, 2008, from https://mycampus.phoenix.edu/secure/aapd/vendors/tata/UBAMsims/general_marketing/perceptual_maps/general_marketing_perceptual_maps_frame.html

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