Using Perceptual Maps In Marketing: Thorr Motorcycle

1803 words - 7 pages

Thorr Motorcycles is a $5 billion company that manufactures 200,000 motorcycles a year. It also licenses T-shirts, shoes, leather goods, toys, and numerous other consumer items. The company also offers services which include: dealer training, dealer software packages, motorcycle rental, and rider training. The company has a high-brand image manufacturing high-end motorcycles and currently owns approximately forty percent of the market share.Thorr Motorcycle's SituationThe challenge for Thorr is that the industry is growing annually, but sales of its high-end product are decreasing. The reason for this loss of market share is that the target customers of its high end product is growing older and no longer identify with the lifestyle Thorr's brand represents, and younger people do not identify with that brand image either. In addition, Thorr is a high priced product and younger people do not have the large disposable income necessary to support the brand. The simulation challenged you as the new Marketing Manager to ascertain CruiserThorr's position in the market and reverse the downward trend.Recommended Solutions and ResultsThe first step in the simulation is to determine the positioning strategy of CruiserThorr using a perceptual map. There are four parameters that must be selected in the simulation. I chose lifestyle image, because the company's brand is its strongest asset and it is important that we continue to strengthen and realize the power of that attribute. Lifestyle image is what influences people to buy into the image rather than the functionality of the product. Next, I suggested product design and styling because it builds brand loyalty and provides satisfaction by tapping into the customers emotional needs. Next, I suggested service offerings because that is an easy to ensure customer loyalty while keeping dealers and distributors happy. Finally, I suggested price because price is what drives purchase decisions and it is tied directly to brand image. According to the simulation all of my suggestions except for product design and styling were correct. The simulation suggested quality engineering rather than style, because it covers almost every aspect of a product, encompassing style and design.The second step in the simulation is to decide whether you should launch a new product line or reposition the CruiserThorr brand. I suggested the launch of an entirely new product line because the company's brand is its strongest asset and it would be foolish to turn your back on something that has been so successful. The new product line is one that would honor the image of the company and while targeting younger customers. The price range I suggested was $17,000 to $19,000. The method of promotion I suggested was mainly through Hollywood Films and celebrity endorsements to target the younger more hip generation. The place will be both the internet and the dealer showrooms. The lineup of services I suggested to include were dealer training,...

Find Another Essay On Using Perceptual Maps in Marketing: Thorr Motorcycle

Using Perceptual Maps in Marketing Simulation: Thorr Motorcycles - MKT / 421 - UOP

896 words - 4 pages product after the repositioning of the company. The marketing plan that was put in place, remained under the figure, giving a cushion for contingency. The decisions that were made showed the company making money and not having to sacrifice the product or services offered. This move in fact, gained new services and focused on attracting a younger crowd. All of this data and research was vital for the company and ended up creating a successful marketing plan.References:University of Phoenix, (2005) Simulation, Using Perceptual Maps in Marketing, retrieved on January 3, 2006 at

Amongst brand/marketing management there is a significant polarization about the cost-effectiveness of using celebrities in advertising communications. Explain.

970 words - 4 pages In advertising, different creative strategies are used in order to obtain consumer attention and provoke shoppers to purchase or use specific product or service. One of those creative strategies was to commence the use of celebrities in advertising. Companies all over the world have been using celebrities to endorse virtually anything, from food to food chains, from soft and hard drinks to health drinks, from clothes and accessories to cars, and

Simulaion Summary, Thorr Motorcycles, Cruiser Thorr

954 words - 4 pages of owning a Thorr they are less likely to by a brand with a less regarded name in the future.Reference:Beardon, Ingram, & Laforge, (2003). Marketing Principles and Prespectives. Retrieved from Universtiy of Phoenix.University of Phoenix. (2007). General marketing Using Precptual maps in marketing [Computer Software]. Retrieved January 28, 2009, from University of Phoenix, Simulation, MKT 421 Marketing.

Perceputal Marketing MKT 421: Thorr Motorcycles

988 words - 4 pages Thorr Motorcycles is a motorcycle manufacturing company located in South Dakota. This five billion a year company turns out over 200,000 units per year (APA Reference). The market which Thorr competes is dominated by a small number of sellers or an oligopoly (Wikipedia, 2006). With such a small number of competitors, Thorr's marketing department will need to know their customers. One tool of evaluation is perceptual maps in marketing. This paper

Perceptual Maps

660 words - 3 pages assist them with paperwork and pricing that will help them keep lower payments. The price for the motorcycle though had to rise since the style was changed with more fashionable features.This simulation was a terrific way to learn perceptual maps when trying to determine a company's position in marketing. Many choices that the simulation gave would show the effect it would have on Thorr Motorcycle Company and gave in depth reasoning why the choice

Perceptual Maps

1214 words - 5 pages market research can be used as well for the benefit of the company. Finally, my understanding of differentiation and positioning is clearer and also how the life cycle could make or break a company.Reference(s)Using Perceptual Maps in Marketing. (n.d.). Retrieved April 22, 2006 from: UBAMsims/general_marketing/general_marketing_perceptual_maps_simulation.html* Some information contained in this paper was taken from the online simulation but I was unsure how to cite in the text.

Thorr Motorcycles Case Analysis

1029 words - 4 pages using a perceptual map. There are four parameters that must be selected in the simulation, and I chose Lifestyle Image, Product Design and Styling, Price, and Product Uniqueness. According to the simulation, "A large polygon depicts a large market share." Apparently, the size of the polygon is irrelevant because the most accurate choices were lifestyle image, service offerings, quality engineering, and price. My logic is the larger the polygon the

Perceptual Maps

1075 words - 4 pages customers' needs. In the end, RRoth will provide Thorr Motorcycle Inc. to add a new branch of customer base that will give the organization an opportunity to expand and succeed in the changing marketplace.ReferencesPerreault, W. D., Cannon, J. P., & McCarthy, J. (2009). A marketing strategy planning approach. In Basic marketing (pp. 432-521). : McGraw-Hill publication.University of Phoenix (2004). Using perceptual maps in marketing.Retrieved January 11, 2009, from

Insurance in the US Industry Market Research

1266 words - 5 pages of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market. Slide 4-3 What is Marketing Research Marketing research is the systematic design, collection, analysis, and reporting of data and its findings relevant to the specific marketing situation that a company faces

Japaness Motorcycle Industry

6369 words - 25 pages . Soichiro Honda started his business by developing small motors that attached to already manufactured bicycles. He entered into a partnership with a Takeo Fujisawa. Soichiro Honda lacked the marketing ability to bring his product to market. Takeo Fujisawa joined into a agreement with Honda to distribute all of his rebuilt engines and package and sell them as bicycle conversion kits. In 1949 Honda developed his first engine. Using $3,800 he raised from

Marketing Communication (Brand positioning).

1887 words - 8 pages Mortein will offer them a benefit of fast killing of insects.There are also other models for brand positioning that managers can employ. Perceptual mapping techniques are frequently used to aid managers in making brand positioning decisions (Kohli, 1993, p.10). Perceptual maps could be used to determine where the brand is positioned with the respect to the competitive brands, and to help identify product or service attributes which are important to

Similar Essays

Using Perceptual Maps In Marketing Simulation Thorr

1406 words - 6 pages forty percent of the market share. However, Thorr is losing market share and needs to reverse the trend with a new marketing plan (Apollo Group, 2004). This will be accomplished by using a perceptual map.A perceptual map, which is a visual representation of the customer's perception of the brand helps in differentiating a company's marketing from that of its competitors. A perceptual map can have several parameters, which may overlap in their

Perceptual Maps In Marketing Simulation Thorr Motorcycles

981 words - 4 pages disposable income necessary to support the brand.The simulation challenged you as the new Marketing Manager to ascertain CruiserThorr's position in the market and reverse the downward trend.Recommended Solutions, Rationale, and ResultsThe first step in the simulation is to determine the positioning strategy of CruiserThorr using a perceptual map. There are four parameters that must be selected in the simulation. I chose Lifestyle Image, because

Using Perceptual Maps In Marketing Essay

1198 words - 5 pages dealers, with this option we ensure that our customers experience of the motorcycle is superior.Our marketing plan was worked with for over a year and in order to verify if it was a success, customers will be surveyed. For my third assignment I should plot the surveys on perceptual maps to demonstrate my marketing activities. In order to plot the perceptual maps my team and I will analyze sale figures and market research results.For the Cruiser Thor

Using Perceptual Maps In Marketing Essay

1069 words - 4 pages decline as the increasing trend of younger customers seeking inexpensive stylish motorcycles developed. Thorr Motorcycles was faced with two options, enhance its current position strategy or chance it completely. Their goal was to embrace this new trend and devise a new marketing plan that would allow them to recapture market share and increase sales.ReferencesApollo Group, Inc. (2004). Using Perceptual Maps in Marketing [Computer Software