Using Perceptual Maps in Marketing Simulation Essay Example for Free

Using Perceptual Maps in trade Simulation moveThroughout this paper the situation of police cruisers Thorr Motor rhythm methods provide be discussed along with suggestions and recommended solutions, and finally the results. Isolation and puting of products or services will show in this paper. Additionally, it will debate how the product was affected in the simulation because of the product life cycle in marketing. The rail line of Thorr Motorcycles assembles about 200,000 bikes a year. The company is a five billion dollar very accomplished business. The company also manufactures leather goods, T-shirts, toys, and shoes. The high end of the company is the Cruiser Thorr. Although the industry in thriving, the Thorr Motorcycle gross sales are diminishing (University of Phoenix, 2011).One issue steaming from the decline in sales has to do with the tar weeed audience. Thorr Motorcycles prolong become an expensive and classic bike likeable more to the older 35 to 50 year-old age groups. Though the younger propagations are interested it becomes less appealing because of the price. The younger generations do not have the income to purchase a Cruiser Thorr Motorcycle. Furthermore, it is important that the company carries on and is successful, so the market strategy must be altered. The company decides to implement a unremitting map in marketing to come to a decision whether or not they should reposition Cruiser Thorr or introduce RRoth motorcycle. RRoth is more affordable and a lower quality to attract the younger generation (Kotler P, n.d).At times in is not always necessary that the product fit the exact confides of the audiences that was targeted, provided rather consumers perceives that it does. To be successful in this tactic the correct amount of advertising and putting out the right message are both all-important(a) to the marketing plan. When looking at different segments a product can tend to target just one segment specifically, or it can b e planned to meet the attributes of several segments to an extent. When using the latter approach, it gives the opportunity to touch on different segments at the same time (University of Phoenix, 2011). This, of course, depends on the life cycle of the product and to decide the value of research and development and what the competition segments are doing.The first step in the simulation is to determine the market position of the Cruiser Thorr. The restrictions include creating the Perceptual Map in Marketing lifestyle image, price, service offerings, locomotive capacity, safety, product design and styling, quality engineering, and product uniqueness. In the motorcycle business the lifestyle imaging is of high importance for the older generations that are interested in the Thorr (Kotler P, n.d). This industry is based on how others perceive your style and imagining. Of course the consumers desire play and important part as well as the price. The appearance and the style of the produ ct is what attract the potential consumer to the product. The build and functionality of the motor or engine capacity is of high importance to buyer also. The four essentials that were chosen to develop the perceptual map as product design and styling, services offering, quality engineering, and price.The trice part of the simulation presented the option of repositioning the Cruiser Thorr or introducing a new product. The new product is different from Thorr in the aspect of attracting the younger generation with style and a low price to compete with the competition. The decision was made to introduce the RRoth motorcycle to target a new audience and increase sales. bordering the marketing plan by splitting a budget into price, product, promotions, and services provided (Kotler P, n.d).Finally, analyzing and reviewing the results of the marketing strategy. This part was enjoyable because you get to see cause and effect and get feedback on the decisions that were made (University of Phoenix, 2011). The simulation was an effective and educational tool. It allowed the options of making a personal decision based on facts and background of a company. Than developing a marketing plan by choosing what you think would be most effective for the future of the company. The simulation demonstrated how to use the essential parameters needed to underline the position of a product in the market.ReferencesKotler P, (n.d.). Developing a Positioning Strategy. Retrieved fromhttp//www.learningmarketing.net/positioning.htmThe Product Lifecycle (2011). Net MBA. Retrieved fromhttp//www.netma.com/marketing/product/lifecycle/University of Phoenix. (2013). SIMULATION Using Perceptual Maps in Marketing Simulation. Retrieved from University of Phoenix, MKT/421