...Using Perceptual Maps in Marketing Simulation Summary Perceptual maps advance a company’s existing product on the market by mapping customer expectation of the product. The motorcycle company Thorr Motors perceptual maps were used to create a marketing plan to help maintain a high trademark image of the company’s motorcycles. The Marketing Dictionary (2010) definition of perceptual maps is a “process by which consumers' perceptions of an existing product are charted.” (2x01) The sales of the Thorr Cruiser are decreasing. The reason this is occurring is that Thorr’s Cruisers target customers are getting older and are starting to outgrow the means of what the Thorr’s cruisers represents. Younger customers do not see themselves with a Thorr cruisers lifestyle image because they are most interested in cheaper motorcycles because of their low incomes. The scenario for Thorr’s Cruiser’s wanted to determine the position in the market by choosing four relevant parameters that will reflect the highest potential. For phase one the parameters that were selected were lifestyle image, services offered, price, and quality engineering. Lifestyle image was selected because the image for the Cruiser Thorr was being outgrown by the period target audience and was not identifiable with younger customers. The lifestyle image for Thorr’s cruisers is already set important information collected is helpful to keep image to satisfy both older and younger customers. Another parameter chosen was...
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...Using a Perceptual Map for Thorr Motorcycle, Inc. MKT/421 March 25, 2013 Perceptual Map Company Bio Motorcycles have been marketed as the masculine, mobility and freedom machine since the early 1900s. Crusier Thorr is no different. It is a high-powered, efficient motorcycle modeled after the God of Thunder himself. Cruiser Thorr is prized for it strong, honest and dependable product design; however, with the changing demographics of its target market, the company has hired a new Marketing Manager to re-market the high-end bike to a younger market. This paper will describe the decisions made by the new marketing manager and the company’s attempt to re-invent their marketing strategies to push this bike into a demographically challenging market. The Situation An important attribute to Thorr’s Motorcycle, Inc. is Lifestyle Image. Lifestyle image creates the need for customers to purchase the line “Cruiser Thorr” because of the masculinity and freedom it represents. The perceptual map is a visual description of a customer's perception of the brand. Thorr's motorcycles were positioned as high-priced and that perception did not fit the market for younger consumers that have less money to spend then mature consumers. Thor began to see a decline in its market position due to the escalated price and the life style image presented was targeted toward the older generation. Considering the decline in sales, Thorr’s Motorcycles, Inc. had to make changes to the image it projected...
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...Perceptual Maps in Marketing MKT 421 Perceptual Maps in Marketing Perceptual Maps Thor Motorcycles, Incorporated builds motorcycles and motorcycle accessories. “Thor motorcycles currently produce more than 200,000 units” The company specializes in the Cruiser Thorr, its high-end motorcycle. The Cruiser Thorr helps the company maintain five billion dollar sales in its industry. Unfortunately, the current buyers are growing older, and the motorcycle is not attracting new buyers. The marketing team has decided because of the decline in sales that it must make a decision to change the marketing of the Cruiser Thorr or launch a new line referred to as the RRoth. The use of a perceptual map will be necessary to base this decision on the best move for the company. The perceptual map will be broken down into three sections. Phase I A new age group of consumers is entering the motorcycle industry. “The younger age demographic (21-35) have less disposable income and are looking for a new symbol of lifestyle with motorcycles”. [ (Using Perceptual Maps in Marketing, 2012) ] The other factor affecting sales of the Cruiser Thorr is competitors entering the market and pulling sales from Thor Motorcycles. The Anazai made by Haruhiso-Daisetsu Motorcycles and Espritiques made by Michelin Motorcycles offer consumers more services and lower prices. The fun and safer image also attributes to the loss of sales. Marketing research shows that at the current level the Cruiser Thorr rates...
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...* * * Using Perceptual Maps in Marketing * Thorr Motorcycles is a lucrative business that saw downturns in sales and customer satisfaction. The two reasons for the recent drop in sales are that the current target market of people between 35 and 50 years old are aging and are less interested in the lifestyle that Thorr Motorcycles offers and that the younger market of people between 21 and 35 years old have taken interest in less expensive models of motorcycles. To formulate a positioning strategy a perceptual map is created to decide which areas are most important to customers and improve those areas (Apollo Group, Inc., 2004). Several steps are involved in the process. Outlining these steps and analyzing the results of these decisions can help Thorr Motorcycles to regain its former popularity and continue to satisfy its customers to the fullest. Perceptual Map Parameters Perceptual maps provide a visual representation of customer opinions relating to the brand. In this instance four areas that are most important to the customers of Thorr Motorcycles needed to be determined in order to provide the best representation of Thorr Motorcycles with their competitors, Anzai and Espritique, to decide where there is room for improvement. The parameters chosen for this analysis are lifestyle image, quality engineering, price, and services. Lifestyle imaging is an important aspect in the motorcycle industry. Lifestyle imaging constitutes the branding of the product...
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...Perceptual Maps in Marketing Simulation MKT/421 Perceptual mapping is a technique used by marketers to visually display the perceptions of current and potential customers. Thorr Motorcycles is a billion dollar company that offers services in rider training, dealer training, dealer software packages, and motorcycle rentals. The image of Thorr Motorcycles have been sought by customers for years but it is a different image that new customers are looking for. The purpose of this simulation is to focus on three objectives. The first objective is to analyze the situation by constructing a perceptual map. The second objective is to recommend solutions for the organization by creating a marketing plan with a budget to determine whether to reposition the organization or launch a new product. The final objective is the results that determine the parameter values for the future of the organization. Phase I - The Situation The major situations in this simulations was Thorr Motorcyles faced a decrease in sales of its top product, the Cruiser Thorr. Other situations in the simulation were the need to create a market plan that repostion the Cruiser Thorr in the market versus launching a new motorcycle, and plotting the Crusier Thorr brand attributes on a perceptual map. Thorr’s Motorcycles lifestyle image is important to the organization because it influences customers to purchase the top selling...
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...Perceptual Maps in Marketing Thorr Motorcycles Perceptual Maps in Marketing Thorr Motorcycles is a profitable business that saw declines in sales and in customer satisfaction. The first main causes for the recent decline in sales was the target market of buyers between ages 35 and 50 are less interested in the existence that Thorr Motorcycles offers. The second cause was that people between 21 and 35 years are more interested in low-priced models of motorcycles. To prepare a positioning strategy a perceptual map was created to agree on which areas are more significant to improve those areas including the point of view of the customers. (Apollo Group, Inc., 2013). Outlining the process and examine the results to help Thorr Motorcycles to recover their reputation including the satisfaction of the customers. Perceptual Map Parameter Perceptual maps deliver a visual representation of customer opinions perceptions about a product. In this illustration four important areas to the customers of Thorr Motorcycles have to be determined one at a time to present the best demonstration of Thorr Motorcycles with their opponents, Anzai and Espritique to determine where is the need for improvement. The parameters selected for this examination is lifestyle image, price, quality engineering, and services offerings. Lifestyle imaging is a significant feature in the motorcycle industry for the reason that lifestyle contributes to the brand...
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..."Using Perceptual Maps in Marketing" Simulation The way industries, consumers, and society in general define marketing is often very different. The definition of marketing will often very by what aspect of marketing the individual has been knowledge. For example, a customer service representative is aware of the mantaince and quality of service provide after the creation of the product. On the other hand, a marketing agent is exposed to the quality of the product, promotion, sales, prices, and advertising of a product. A person that receives a survey to obtain the indivdual’s views on a product has knowledge that the organization is seeking information to find out the views of the consumer. This essay will address some of the various definitions of marketing and the importance of marketing in organizational success. Two of the definitions will come from two different sources. The third definition will come from my own viewpoint. Marketing is the evolution of a product and service. Marketing starts with the creation of a product and goes all the way through to the continued growth, production, and success of a product. First Definition of Marketing According to the Dictionary of American History (2003) marketing is the multifaceted, systematic approach to selling goods, adopted by every business and not for-profit agency and group with a message. It attempts to optimize an organization's ability to make a profit, whether monetary (profits or donations) or electoral. Some of...
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...Thorr Cruisers Paper Student MKT/421 October 11, 2010 Instructor: Name Thorr Cruisers Paper In the Thorr Cruiser simulation, the sales of Thorr Cruiser have been decreasing steadily. This forced the need to redevelop the company’s marketing plan, which includes the determination of whether to introduce a new line of motorcycles. The simulation educates the student with the interpretation of the market research data using a perceptual map. “Perceptual mapping can be used to give you that additional insight into the current position of your product and its potential in the face of competition” (Outsourcing2India, 2010). The simulation uses this technique to analyze the perception of the Thorr Cruiser to ascertain the reasons for declining sales and to formulate a strategy for improvement in the positioning of Thorr Cruiser. The improvement of the positioning of Thorr Cruiser will rely on implementing changes in the company’s marketing mix. The marketing mix refers to the combination of product, place, promotion, and pricing strategies. The final marketing mix that will help reposition Thorr Cruiser. While running the simulation the marketing mix used was price, services, engineering, and financial options. Price is important to position Thorr Cruiser as a premium product. Pricing affects the perceptions of customers and so lifestyle pricing has been used. In addition, lifestyle pricing will support quality engineering so that the Thorr Cruiser that rolls out...
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...Using Perceptual Maps in Marketing MKT/421 May 9, 2012 University of Phoenix Thorr motorcycles are a 5.5 billion dollar company that produces more than 200,000 units annually. The Thorr Company licensed dealers to sell t-shirts, leather goods, and toys. The Thorr motorcycle company recently saw a decline in the Thorr cruiser that in the past has been the company’s top-selling cruiser. Sale declines are attributed to target age groups no longer taking interest in the lifestyle that the Thorr cruiser portrays and also a younger group of customers. There are main three objectives of this simulation that will be addressed. The first Task and objective was to identify the appropriate parameters and complete the perceptual map. The second task and objective was to create an effective marketing plan with an budget of $13 Million dollars and the decision whether to launch a new product or reposition the company altogether together. The final objective was to identify the parameter values that would take the company into the future. The first objective was determining the perceptual map parameters. The map will show a realistic visual of how consumers feel about the products and services being offered. There were four parameters chosen and the chosen parameters were lifestyle image, quality engineering, service offering, and price. The parameters chosen were chosen because they were the most important aspects of marketing located in the simulation. The lifestyle image...
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...Marketing Simulation Summary - Cruiser Thorr Angela DiMattia MKT/421 June 4, 2012 Matthew Rosenberg Markeitng Simulation Summary - Cruiser Thorr Thorr Motorcycles Inc. is a leader in the motorcycle industry with a turn-over of $ 5 billion, 200,000 units produced yearly, and 40% market share. What drove Thorr Motorcycles Inc. to success is the Lifestyle positioning which created a status buying in the high-end range market. The company’s management is headed by Benjamin Bao, the CEO, a highly experienced executive who leads the company, along with other seniors like Chriss Write, Chief Engineer, and Meredith Killgore, VP Brand communications. The target market for Thorr Motorcycles Inc. is the high-end segment, and customers’ age ranges from 35 to 50 years old. However lately, the company is suffering from sales decrease and loss of market share, mainly because target customers are getting older and are not interested anymore in buying into the lifestyle CruiserThorr represents. Additionally, competitors are focusing on new products sold at cheaper prices, and targeting the young generation with low disposable income. Thus, the newly hired marketing manager has been asked to revert this trend with a new marketing plan. Market research, data comparison, and mapping give a better understanding of where the company stands today in terms of brand recognition and customers’ perception. Perceptual maps are used to gather all...
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...Using Perceptual Maps in Marketing Krissinda Richards MKT 421 December 21, 2011 Dr. Dyrren Davis Using Perceptual Maps in Marketing In the world’s market things are constantly changing. Products are introduced, have a growth period, then it starts to decline and eventually replaced with something new.The Thorr motorcycle simulation describes how the product life cycle of the Cruiser Thorr develops and then slowly declines as time and people change. In this situation, the CruiserThorr has had a lengthy product life cycle and the know the question is should the company think of new ways to reposition the Crusier Thorr in the market to appease the next generation or come up with a newer more fashionable model to replace it. Thorr Motorcycles must determine the motorcycles position in the market using a perceptual map. This map will chart the consumer’s views about the Cruiser Thorr and help the company make a final decision. Perceptual Map In the first step of using the perceptual map is selecting the parameters in which to reposition the cruiser in the market. The optimal parameters chosen are the lifestyle image, price, service offerings, and quality engineering. The Lifestyle image is the most powerful characteristic because it is design to persuade the customer buy into the image and not the functional attributes of the product. Quality engineering covers the product design, engine capacity and design, styling and the uniqueness of the product. These are important...
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...Using Perceptual Maps in Marketing Name University of Phoenix Using Perceptual Maps in Marketing One of the marketing strategies that Thorr Motorcycles utilized is using the Perceptual Maps. Thorr Motorcycles is one of the leading brands of motorcycle manufacturers all over the world. They can manufacture up to 200,000 motorcycles a year. This move was considered as the main stimulation in their marketing campaign, which involves using various marketing strategies in order to make the company consistently competitive. Two of the components that are considered to be the strength of the marketing strategies of Thorr Motorcycles are positioning and differentiation. With positioning, the company is known to create a visual model of the consumers’ perception of their products. The Cruiser Thorr model of the company embodies masculinity, freedom, and dynamism. However, the sales rate for this model has been allegedly declining recently, and that is when Thorr realized that they need a new image for the vehicle with the hopes of increasing their profits. As part of their strategy, Thorr tapped the potentials of the students to gather information and use this to come up with a new marketing plan for the company in order to get back to the competition. The simulation done consists of three stages, and each of them will be elaborated below. The first stage of the simulation involves the assessment of the status or position of the Cruiser Thorr in the recent...
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...Using Perceptual Maps in Marketing Paper MKT/421 Using Perceptual Maps in Marketing Paper The manufacturing company that makes more than 200,000 cycles each year is called Thorr Motorcycles. They have a prize bike called the Cruiser Thor. This is a billion dollar company which provides training and services along with software packages which come from the dealer. They also sell other cycles with other merchandise that includes shoe, leather items, helmets, etc. In addition, customers can choose to purchase more services which include motorcycle training for inexperienced riders or they have the option to rent the bike. Situations, Solutions and Results In the first situation the numbers at Thorr are decreasing due to the company having older customers and having those who have begun to lose interest. The young consumers are more interested in bikes that are not too expensive because their disposable income is not that large. Thorr must now develop a marketing strategy which will cause a reverse in the decline. The task is to determine what the position of the company market is in by working with the perceptual map. In addition, a selection of four parameters which are fundamentally significant to that industry and show the largest capability for Cruiser Thorr, is necessary. I chose Price Cool, Quality Engineering, and Lifestyle Image as my fundamental parameters. I realize that instead of choosing cool, that services offered might have been the better choice. It is...
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...Perceptual Maps Marketing MKT/421 Perceptual Maps Phase 1 – Description – Where is the Thunder? In this phase the marketing manager, SARA needs to reverse the latest trends in the market with a new marketing plan. Before doing so, she needs to know and understand where Cruiser Thorr’s position in the market. SARA needs to choose the four fundamental parameters that are most relevant to the motorcycle industry and that reflect the highest potential for Cruiser Thorr. Phase 1 – Recommended Solutions SARA chose the following four parameters in the simulation: • Service Offerings • Price • Engine Capacity • Safety SARA chose these four parameters because, according to the market research ratings, Cruiser Thorr scored very low ratings in these categories. Cruiser Thorr is already strong in the other parameters and to be the best, Cruiser Thorr needs to improve their weakest attributes in the business. Her intention is to better the weakest links of Cruiser Thorr. Service Offerings are an easy way to keep our consumers interested once a purchase has been made. A competitive price allows our consumer market to expand. Engine Capacity is important in the motorcycle industry and “usually, the bigger the engine, the higher the brand image” (University of Phoenix Student website, 2012, Phase 1). Safety is important because we want the trust of our consumers and want to keep them as safe as possible. Results and recommendation from the simulation. The simulation stated...
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...Using Perceptual Maps in Marketing Simulation Summary Jody Dentiter MRK/421 April 16, 2012 Kelly Duman Using Perceptual Maps in Marketing Simulation Summary Perceptual maps in marketing help a company to know the expectations of a customer in relation to a product that company is marketing. This is true of existing and possible future products. In the simulation, the discussion reflects whether the company Cruiser Thorr will revamp the marketing on the existing motorcycle Thorr, or start a new marketing plan for the new motorcycle RRoth. Although the motorcycle Thorr was once in demand, sales are dropping mainly because of the high price and age range of motorcycle riders at this time. Cruiser Thorr Incorporated must make a decision regarding which motorcycle to concentrate marketing money. The simulation’s purpose is to let Cruiser Thorr Incorporated know which to choose. In addition, the discussion’s focus includes the situation in the simulation, recommended solutions, and the result of the simulation. Further, the paper compares the relationship between differentiation and repositioning of products, if the repositioning conclusions in the simulation were as expected, and the effect on the product life cycle had on marketing and if product life cycle had effect on the product in the simulation. As one can see choosing which product to market is as important as the product itself. The perceptual map proved informative regarding what a consumer...
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