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Mkt 421 Week 4 Individual

In: Business and Management

Submitted By nicholasdmb
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Perceptual maps are an excellent way for companies to view how there companies’ marketing is working in certain components of marketing aspects. Perceptual maps give a snapshot of what their customers think about certain attributes of a companies products such as; price, design, quality, etc. The amounts of attributes used in a perceptual map are endless, however, there are only four attributes used in one perceptual map at a time. So it is important for companies to choose the right attributes on the map to find out the pertinent information they are trying to find out. In this simulation I was asked to help out CruiseThor, which is a motorcycle company that deals in high-end motorcycles. Their current product line, which has been quite successful, has been falling off lately and they are trying to decide on a new direction to take to help increase their market share. The first part of the simulation had us analyze the current market evaluation of customer’s perceptions of CruiseThor motorcycles. I chose to analyze the current price, lifestyle image, product services, and finance options. I chose these attributes because these were the ones that received the most negative remarks in the research data. My choices according to the simulation were good ones because these were the ones that were most important to the company to figure out why the current product line is under-performing. From there we had to make a decision on what to do inside the CruiseTho compound. We were given two different directions that the company was interested in pursuing. The first direction was revamping the current product line that they are experiencing the decline in or build a new product that was cheaper and would hopefully appeal to a new, younger crowd. CruiseThors’ customer base is basically an older crowd that is starting to get out of range of buying their current line.…...

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