Perceptual Maps in Marketing
Perceptual Maps in Marketing
Thorr Motorcycles is a company that manufactures 200,000 motorcycles a year. It also licenses T-shirts, shoes, leather goods, toys, and other consumer items. The company currently has a high-brand image manufacturing high-end motorcycles and owns approximately forty percent of market share. The challenge for Thorr is that the industry is growing, but sales of its high-end product are decreasing. The reason for this loss of market share is that the target customers of its high end product is growing older, and younger people do not identify with the brand image of Thorr. In addition, Thorr is a high product and younger people do not have the large disposable income necessary to support the brand.
Lifestyle image is an important attribute to Thorr Motorcycles, Inc. because it can influence customer to purchase a Cruiser Thorr due to what it represents. The perceptual map is a visual representation of a customer opinion of the brand. The Lifestyle Image that the Cruiser Thorr represents is freedom, masculinity, and mobility. With the decline of sales, Thorr Motorcycles will need to change the consumer image in order to bring profits to the Cruiser Thorr again. The simulation helped to construct and use a perceptual map in order to create an effective marketing plan for the motorcycle brand. With the use of a perceptual map, Thorr will be able to develop a visual representation that will act as a guide to assist the company in regaining their sales and their place in the market.
The first step in the simulation is to determine the market position of The Cruiser Thorr using a perceptual map. There are four parameters that must be selected in the simulation, and I chose Lifestyle Image, Product Design and Styling, Price, and Product Uniqueness. It appears that the size of the polygon is irrelevant because the most accurate choices were lifestyle image, service offerings, quality engineering, and price. My logic is the larger the polygon
Thorr Motorcycles is a company that manufactures 200,000 motorcycles a year. It also licenses T-shirts, shoes, leather goods, toys, and other consumer items. The company currently has a high-brand image manufacturing high-end motorcycles and owns approximately forty percent of market share. The challenge for Thorr is that the industry is growing, but sales of its high-end product are decreasing. The reason for this loss of market share is that the target customers of its high end product is growing older, and younger people do not identify with the brand image of Thorr. In addition, Thorr is a high product and younger people do not have the large disposable income necessary to support the brand.
Lifestyle image is an important attribute to Thorr Motorcycles, Inc. because it can influence customer to purchase a Cruiser Thorr due to what it represents. The perceptual map is a visual representation of a customer opinion of the brand. The Lifestyle Image that the Cruiser Thorr represents is freedom, masculinity, and mobility. With the decline of sales, Thorr Motorcycles will need to change the consumer image in order to bring profits to the Cruiser Thorr again. The simulation helped to construct and use a perceptual map in order to create an effective marketing plan for the motorcycle brand. With the use of a perceptual map, Thorr will be able to develop a visual representation that will act as a guide to assist the company in regaining their sales and their place in the market.
The first step in the simulation is to determine the market position of The Cruiser Thorr using a perceptual map. There are four parameters that must be selected in the simulation, and I chose Lifestyle Image, Product Design and Styling, Price, and Product Uniqueness. It appears that the size of the polygon is irrelevant because the most accurate choices were lifestyle image, service offerings, quality engineering, and price. My logic is the larger the polygon
References: Kotler, P. & Keller, K.L. (2006). Marketing management (12th ed.). Upper Saddle River, NJ: Perason/Prentice Hall.