Using_Perceptual_Maps_in_Marketing_Simulation_Summary

Using Perceptual Maps in Marketing Simulation Summary Phase One • The situation- Must decide on a positioning strategy for CruiserThorr and create a perceptual map. • Recommended solutions, including why- The following is the parameters recommended for the perceptual Map for CruiserThorr.: lifestyle, image, quality engineering, price, and services. Recommended because the main parameters compared and contrasted between CruiserThorr and the competition include these parameters. • Results-According to the simulation these are the correct parameters. Phase Two • The situation-Must decide whether to maintain current positioning strategy and enhance it, or change the positioning strategy completely. • Recommended solutions, including why- Recommended that CruiserThorr reposition the CruiserThorr motorcycle because the vice president suggested that at no cost should the company compromise CruiserThorr’s image. The positioning strategy chosen for CruiserThorr was to provide financing options and increase services because the Chief Executive Officer suggested that CruisorThorr needs to expand service offerings to justify the high price. The following will discuss the differentiation options chosen. Maintaining price because decreasing it would adversely impacting brand image, and increasing it would further inhibit the younger market segment. Publicizing through Hollywood Films because it is very important to the CruiserThorr product category. Internet because of its reach and attractiveness to younger clients. Financial Services because young customers indicated a preference for it. Customization Options chosen because these services are extremely important to some consumers who do not mind spending more to acquire a high-image product that is also unique. Training to dealers because dealers interact directly with customers and training them ensures that the customer’s experience of the motorcycle is enhanced. • Results-According to the simulation the chosen marketing mix was excellent. Moreover, it said that not augmenting lifestyle image and increasing price was a good move. In addition, it said that the decision not to decrease the price or increase the styling was a good move. Phase Three • The situation- The marketing plan is implemented for more than a year, and it is time to ascertain whether or not it has been successful. The situation involves interpreting market research discoveries to plot CruiserThorr’s brand attributes on a perceptual map. • Recommended solutions, including why- The following is the parameters chosen: lifestyle image 8, price 4, quality engineering 10, and service offerings 8. • Results- The research data for most of the parameters is interpreted correctly, but the value assigned to Quality Engineering needs reconsideration. According to the simulation, quality engineering was high, and market research data indicated that most customers consider CruiserThorr’s engine as the best. Assigning a value of eight is appropriate. Summary of Different Marketing Components • What is the relationship between differentiation and positioning of products or services' Is the repositioning of the product in the simulation as you had expected it to be' Explain why or why not. Both differentiation and positioning of products and services relate to the features of the product or service offered. Repositioning of the product in the simulation went as expected because it resulted in success for CruisorThorr. • What is the effect of the product life cycle on marketing' What effect did the product life cycle have on the product in the simulation' According to Kotler and Keller (2009), the effect product life cycle has on marketing is that economic conditions will force the marketing strategy to be reformulated a number of times during the products life cycle. For example, in the simulation the product life cycle impacted CruisorThorr’s product by the decreasing sales, which called for a makeover in the marketing plan. In addition, it illustrated how life cycle can affect the image of the product and sales. References Kotler, P. & Keller, K. L. (2009). Marketing management (13th ed.). Upper Saddle River, NJ: Prentice-Hall.