Using Perceptual Maps in Marketing Simulation Summary
Resources: Using Perceptual Maps in Marketing simulation
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, describe
Your recommended solutions, including why
Summarize the different marketing components addressed in this simulation by answering the following questions:
What is the relationship between differentiation and positioning of products or services? Is the repositioning of the product in the simulation as you had…show more content… Customer preferences are the most important factor here as the company is trying to target a much younger audience than that of CruiserThorr. Age group of target audience is chosen to be 25-35 years so the product should be according to their preferences. Thorr has decided to launch RRoth. $12,649,000 is spent out of allotted $13 million dollars for the marketing plan. Keeping the young people and their salary range in mind, new motorcycle will be priced between $13000 and $15000. Wide range of promotional techniques will be used including sponsoring mega events like Daytona and getting celebrity endorsements. It also included insurance facility, protection offerings, and featuring of RRoth in Hollywood movies. Movies were specially focused because of young target audience. Dealers will sell the motorcycle all over the country. Official website will give complete information about the product including financing options. Planned services include customization options, club memberships and dealer training program. Financing option will ensure the customer from lower income group. Thorr is performing much better after the implementation of all the recommendations. Now, young people are opting for the new product enhancing company’s market position as well as sales.
Phase III: Thundering Success? Phase III includes plotting of CruiserThorr based on market research. It will be plotted on a perceptual map. Characteristics of CruiserThorr relevant to RRoth