Perceptual Maps in Marketing

1180 WordsNov 27, 20115 Pages
Perceptual Maps in Marketing Simulation Summary Thorr Motorcycles, Incorporated manufactures various models of motorcycles, and is a $5 billion company. The CruiserThorr power cruiser model provides the company a high brand image in the market, but sales are decreasing. The company contributes the decline to the aging target customers who purchase the cruiser as a lifestyle symbol, and the high cost of the motorcycle. Thorr must reverse the falling sales by developing a marketing plan with the use of a perceptual map that differentiates from competitors, and clearly position the company (University of Phoenix, 2004). Phase One In the University of Phoenix simulation (2004), “a perceptual map is a visual representation of what the…show more content…
Research on consumer preferences and developing a SWOT analysis is needed before making a decision. The research results revealed customer preferences categorized by age groups and income levels revealed older people desire a high lifestyle image, and younger customers prefer the aspect of cool linked to motorcycles. High income groups consider lifestyle image and quality engineering as the most important attributes of owning a motorcycle, but customers earning less than $50,000 regard price a significant factor, and opt for financing options to purchase motorcycles. The SWOT analysis shows Thorr’s strengths, weaknesses, opportunities, and threats. Strengths include brand recognition, leader in the market, Rider Clubs throughout the United States and Europe, and an up-market image. Weaknesses of the company are diminishing target customers, high prices, no appeal among young customers, and limited service offerings. Opportunities for Thorr Motorcycles consist of antique collectors, more financing options, increased demand for customization, better pricing options, and new fuel efficient engines. However, if unemployment continues to increase, the sale of motorcycles and other lifestyle products will decline. Other threats include employee dissatisfaction, changes in motorcycle safety regulations, and an increase in small and less expensive motorcycles. Based on the customer preference research and SWOT analysis, the marketing strategy decision made is to

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