Using Perceptual Maps in Marketing Simulation Summary Melinda Roberts MKT/421 December 15‚ 2011 Gray Grubb Using Perceptual Maps in Marketing Simulation Summary In the simulation I was a marketing manager for Thorr Motorcycles. I was faced with three different situations. In order to decide on the right actions to take in the situations I had help from three co-workers; Benjamin Bao (Chief executive officer)‚ Chris Winter (Chief engineer)‚ and Meredith Kiligore (Vice President Brand
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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
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Perceptual Maps in Marketing This paper will provide an overview of the impact on product life cycle in marketing and the impact the product life cycle has on a product based on a simulation provided by the marketing course. For a better understanding of perceptual Maps‚ this concept could be defined as graphic illustrations of data provided by rating scales (Business Dictionary‚ 200). The map on this simulation will be used as valid parameters to develop a marketing strategy. In Marketing
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Using Perceptual Maps in Marketing Simulation Janice JohnsonMKT/421 June 5‚ 2013 Using Perceptual Maps in Marketing Simulation While reading this paper the reader will get a summary of the three major phases from using Perceptual Maps in Marketing Simulation. The phase will be the situation‚ a recommend solution and the reason why it was chosen‚ and the results. The relationship between differentiation and positioning will be discussed and whether or not if the repositioning of the product
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Running head: Perpetual Maps Page 1 Perpetual Maps Catherine Miller MKT/421 October 22‚ 2012 Ricci Rizzo Perpetual Maps Page 2 Perpetual Maps Thorr Motorcycles‚ Inc. is a $5 billion company that manufactures different models of motorcycles. One of the high brand images in this company’s market is the CruiserThorr power cruiser model. Although this is a high brand‚ sales have begun to decrease. The company has blamed the declining sales on the high cost and the aging target
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Using Perceptual Maps in Marketing Thorr Motorcycles‚ Inc. is a billion dollar manufacturing company‚ producing over 200‚000 units per year. Additionally‚ Thorr offers services including dealer training‚ dealer software packages‚ motorcycle rentals and rider training. Thorr’s brand image is high‚ and it currently holds 40% of the market. This simulation asks students to take on the role of Marketing Manager. The first situation states that sales of the Cruiser Thorr are decreasing because target
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Perceptual maps are used by companies to observe how they stand up to their competition through the eyes of the consumer. By giving a snapshot of what the consumer is thinking‚ perceptual maps help companies compare attributes such as price‚ design‚ and quality of a particular product. The quantity of attributes used in perceptual maps can be endless but usually only four attributes are used depending on the product. It is absolutely vital for companies to choose the correct attributes on the grid
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Perceptual Maps Having a strategic marketing plan needs direct input to insure the success that a product or service will have growth in the market. Perceptual mapping is one of the best ways to map out the product’s life cycle and the impact that it will have in the market. Perceptual maps are illustrations of data that have been compiled from the markets rating scales‚ and to develop a correct perceptual map these scales have to be fundamentally sound for the product and the consumers. When
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MKT 421 Week 4 Individual Study Guide Using Perceptual Maps in Marketing Simulation Summary http://www.paperscholar.com/mkt421-week-4-individual-assignment-using-perceptual-maps-in-marketing-simulation-summary-100-correct-a/ Complete the simulation‚ Using Perceptual Maps in Marketing‚ located on the student website. Write a 1‚050- to 1‚450-word summary in which you address the following for each of the three major phases in the simulation: The situation Your recommended solutions
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Perceptual maps help to improve a company ’s current product on the market by mapping consumer expectation of the product. The motorcycle company Thorr Motors perceptual maps were used to create a marketing plan to aid in maintaining a high brand image of their motorcycles. The Marketing Dictionary defines perceptual maps as a "process by which consumers ’ perceptions of an existing product are charted" (n.d.‚ para. 1). In this paper the three phases of the simulation‚ the situation‚ recommended
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