Perceptual Maps in Marketing

Paper Summary:

This paper provides a summary of a simulation for using perceptual maps in marketing. For each major phase of the simulation, the paper details the situation and recommends a solution. It also provides justification for the recommendation and its results. The paper presents the relationship between differentiation and positioning of products and service in relation to the expected results. It discusses the impact of the life cycle of the product on marketing initiatives along with what impact the product life cycle had on the product in the simulation.

Table of Contents:
Abstract
Using Perceptual Maps in Marketing
Phase One
Phase Two
Phase Three
Differentiation and Positioning
Product Life Cycle
Conclusion

From the Paper:

"A consumer's perception to a product, service or company is detrimental to the success of an organization. Because of this, organizations use perceptual maps to gauge consumer perception and develop strategic marketing initiatives. "Perceptual maps are visual representations of what the customer thinks of the brand, service or product" (UOP, 2006 1). This paper provides a summary of simulation for using perceptual maps in marketing. For each major phase of the simulation, the situation is detailed along with the recommended solution, justification for the recommendation and the results for the recommendation. Presented is the relationship between differentiation and positioning of products and service in relation to the expected results. The impact of the life cycle of the product on marketing initiatives along with what impact the product life cycle had on the product in the simulation is also detailed."

Sample of Sources Used:

• Kotler, P., Keller, K.L. (2006). Marketing Management p.3-279. Prentice-Hall Publishers 12 ed.
• Perreault, W.D., McCarthy, E.J. (2005). Basic Marketing: A Global Managerial Approach p. 2-300. The McGraw-Hill Compnaies15ed.
• University of Phoenix (2006). Week 4 "Using Perceptual Maps in Marketing" Simulation. MKT/421 Marketing Course Website: https://ecampus.phoenix.edu/ secure/resource Sourced December 13, 2006.

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