Perceptional_Maps

Perceptual Map Debbie Vigilante, MKT/421 September 25, 2012 Keri Sanders Perceptual Maps in Marketing Thorr Motorcycle makes over 200,000 motorcycles a year and is a company that makes $5 billion dollars. The company also makes licensed T-shirts, leather goods, shoes, toys, and other items. Their high-end motorcycle is the Cruiser Thorr. Although this industry is thriving, sales are decreasing for Thorr Motorcycles. The Thorr Motorcycles are developing classics that are ‘old style’ and expensive, thus making this brand attractive for older age groups those wanting the nostalgic feeling of a bike. Recently there is a steady decline in the desire for this product. Younger generations do not have the funds to purchase high-end motorcycles and looking for more modern looing bikes. In order for Cruiser Thorr to be successful, the company has to change the marketing strategy they are using today. Solutions, Reasoning, and Results The first step to determine the market position of Cruiser Thorr would be to set up parameters involved in creating the Perceptual Map in Marketing. The lifestyle image, product design and styling cool, product individuality, service offerings, price, safety, and quality engineering make up the Perceptual Map in Marketing. The four fundamental parameters are lifestyle image, product design and styling, product uniqueness, and price. Thorr does not need the target market because the generation is getting older. When it comes to trend the lifestyle influences what people buy and how they want to live. Lifestyle image is valuable in the motorcycle industry because it is how people notice your style. Product design and styling is what attracts the customer to the product. Many motorcycles customers look at engine size as a high point. However, market research shows many things are a high point when it comes to motorcycles of all kinds and varieties. In the introduction phase of marketing a new product, marketers need to focus an effort designed to start a clear identity and promote full awareness. The Thorr Motorcycle also needs to update its product design and style. After it becomes popular with the younger generation, other sellers will want to compete and this will push the profitability of the Thorr Motorcycle. The design must be the main focus for marketers to attract young customers to the product because lowering the price will only lower the true value of the motorcycle and then customers will believe its time is over. Product uniqueness would benefit the company and be an advantage over other manufacturers. Young people love uniqueness and something that no one else has. Making a design and style that is plainly The Thorr Motorcycles is the goal. After these steps, it is time to decide how to launch the new product line with Thorr Motorcycle and develop it into a product that has a real attraction. Thorr runs about $13,000 to $15,000 in price. Younger customers do not have a lot of money so they are forced to purchase lower priced units. If the marketing strategy is clear, the price will make no difference when the younger customer wants the product. They will stretch their budget or economize elsewhere to afford the bike they want. The last step is to monitor if the strategies we used for Thorr Motorcycle were worthwhile. The services we have provided must be flawless or it will affect the opinions and thoughts of consumers. If support is not there when repairs are needed, this will be reflected in the future sales for the company. Distributing surveys by phone and having customer service cards for opinions can help provide information that can be used to assist in whether this effort was a appropriate or not. Differentiation and Positioning of Products or Services Thorr Motorcycle has lost many customers because of decreasing sales so they will need to take a look at what can be done to make the Cruiser Thorr successful. This company needs to produce a new product with a new image, design, and style that is appropriate for the younger generation. Offering specialized customization according to what consumers like can help make the product sell. Naming the product something hip that blends with the trends of today can help younger consumers feel this motorcycle was made just for them. Revamping the motorcycle into a new product is key to its achievement. Repositioning the product can also help them feel the style, design, look, and brand name are theirs and they will buy the motorcycle. Product Life Cycle Product life cycle on marketing needs to reflect changes to be made on products that position this cycle in the marketplace (Murray, 2012). The product cycle needs to have changes as part of its base so that change can be made in marketing to setback the sales decline. The life cycle is made up of the introduction to customers, the growth of products popularity, the maturity of the market, and then the sales decline. To turn the sales of the product around, the decline needs to be addressed and repaired. Once these problems are fixed, marketing changes have to be made and in order to insure sales to new customers. Conclusion This simulation is a great example on how to see a perceptual map developed and how this can better a company with marketing plans and ideas. It can turn a falling product into one that is on top of its game. It is very important to do market research and find out what the weaknesses of the products are in order to improve the unit and result in higher sales. The life cycle of a product can make a company unsuccessful if products are all made at the same time. It creates a troubling risk. References Murray, Martin. (2012). Product Life Cycle - AboutGuide. Retrieved from http://logistics.about.com/od/forsmallbusinesses/a/Product_life_cycle.htm