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Perceptual Maps Essay

1214 words - 5 pages

Thorr Motorcycle Company is faced with three issues concerning the future of their signature 1500cc motorcycle. At issue is decreasing sales, positioning in the market place, and success of their marketing plan. Each situation is described offering possible solutions, and results or recommendations are discussed. Finally a discussion of differentiation, positioning, and product life cycle will be discussed.Decreasing SalesThe motorcycle industry is growing but sales of Thorr's signature product are decreasing. There seems to be an increase in the lack of interest with the target market lifestyle image Thorr's motorcycle's appeals. The target market for this product is males between the age of 35 to 50 years and the problem is they are getting older. The one market segment they have not had too much success is the 21 to 35 year olds because they are looking for less expensive motorcycles. Thorr also faces competition which is taking away market share of their business.The recommendation is to create a perpetual map to assist in addressing these issues. There are four areas in which to focus, lifestyle, quality engineering, price, and services. As Thorr's target market gets older and lifestyle image is not as important to them as in their earlier years, the company should focus on this area to revise interest. Lifestyle image is important because it influences customers to buy into image rather than attributes. Quality engineering covers attributes such as product design, styling, and engine capacity. Market research showed engine capacity was an important attribute among Thorr's competition as well and may help to increase their motorcycle's image and attract the younger age group. Price influences purchase decisions because the amount of disposable income available. People will pay more for a similar product sold at lower price because it is proportionate to a higher image. Lowering the price of the motorcycle to attract the younger market would have the adverse affect of lowering the image alienating the 35 to 50 year old market. Services are the final area of focus and are just as important as the others because good service goes a long way of retaining customers and word of mouth referrals.According to the simulation the four areas I chose to focus on for the perceptual map was given high marks. Selecting the four was not easy. I initially thought about other choices from a logical point of view but then decided to think as a customer and the things that would be important to me if I were looking at purchasing motorcycles. The exercise actually helped me identify how using a perpetual map, cold assist me in my current position.PositioningThe perceptual map revealed position in market place has not been helping with the decrease in sales for the company. At this point in the simulation, a few decisions must be made and questions asked. Should the company maintain its current position and hope sales will increase or change positioning? Develop a...

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