Using Perceptual Maps in Marketing Simulation
Using Perceptual Maps in Marketing Simulation Summary
Thorr Motorcycles is a $5 billion company producing a wide range of motorcycles. In addition to producing motorcycles, the company, also have licensing programs; sell T-shirts, shoes, toys for the motorcycle. The company offer services in dealer training, dealer software packages, motorcycle rental, and rider training (University of Phoenix, 2013). The sales of high quality of motorcycles are declining. The cost of a princely motorcycle was $200 in 1901. Today, a heavyweight powerful cruisers cost $25,000 (University of Phoenix, 2013). The company must develop a marketing strategy to improve sales for Thorr Motorcycles.
The situation
The situation for Thorr Motorcycle company is their sales are declining on 1500cc power cruiser motorcycles (University of Phoenix, 2013). Consumers in the age group of 35 to 50 are aging and their interest is changing. The younger generation in the age group of 21 to 35 incomes is small, and they prefer to purchase the inexpensive motorcycle (University of Phoenix, 2013). In addition to the change of interest from the younger generation, Thorr Motorcycle company should be concerned with their competitors because the competitors are intruding on Cruiser Thorn’s market (University of Phoenix, 2013). A decision on a marketing approach should be implemented to increase sales for Thorr Motorcycle. To gain the interest of the younger generation, Thorr Motorcycles should change the product instead of creating a new product line of motorcycles. A perceptual map is a visual presentation of what the customer thinks of the company brand (University of Phoenix, 2013). Brand focuses on the different attributes that is important to the customers, and comparing the brand position with different competitors. The perceptual map will allow the company to refine their product and gain the interest of the younger generation.
Recommendation Solutions
First recommendation is the style of life
Thorr Motorcycles is a $5 billion company producing a wide range of motorcycles. In addition to producing motorcycles, the company, also have licensing programs; sell T-shirts, shoes, toys for the motorcycle. The company offer services in dealer training, dealer software packages, motorcycle rental, and rider training (University of Phoenix, 2013). The sales of high quality of motorcycles are declining. The cost of a princely motorcycle was $200 in 1901. Today, a heavyweight powerful cruisers cost $25,000 (University of Phoenix, 2013). The company must develop a marketing strategy to improve sales for Thorr Motorcycles.
The situation
The situation for Thorr Motorcycle company is their sales are declining on 1500cc power cruiser motorcycles (University of Phoenix, 2013). Consumers in the age group of 35 to 50 are aging and their interest is changing. The younger generation in the age group of 21 to 35 incomes is small, and they prefer to purchase the inexpensive motorcycle (University of Phoenix, 2013). In addition to the change of interest from the younger generation, Thorr Motorcycle company should be concerned with their competitors because the competitors are intruding on Cruiser Thorn’s market (University of Phoenix, 2013). A decision on a marketing approach should be implemented to increase sales for Thorr Motorcycle. To gain the interest of the younger generation, Thorr Motorcycles should change the product instead of creating a new product line of motorcycles. A perceptual map is a visual presentation of what the customer thinks of the company brand (University of Phoenix, 2013). Brand focuses on the different attributes that is important to the customers, and comparing the brand position with different competitors. The perceptual map will allow the company to refine their product and gain the interest of the younger generation.
Recommendation Solutions
First recommendation is the style of life