Perceptual Maps In Marketing
Week 4 Individual
August 23, 2013
According to "Dictionary.com" (2013), perceptual mapping is “the use of a graph or map in the development of a new product, in which the proximity of consumers' images of the new product to those of an ideal product provide an indication of the new product's likely success”.
Thorr Motorcycles, Inc. is a $5 billion company which manufactures and produces more than 200,000 units a year. The company maintains a high brand image in the market and currently controls about 40 percent of the share. As of late, Thorr Motorcycles’ sales have started to decline and the competition has been making ground in the market share race. The company has come to conclusion that are current target market is growing out of our product and we are losing touch with the next generation of customers.
In the first part of using perceptual maps in marketing I used the market research rating to compare the views of our company and its two main competitors to get an understanding of how the public viewed us. Using a sample of 320 men, ages 20 to 50, our strengths in the market are; Lifestyle image, Product uniqueness, Product design and styling and Quality engineering. Where we fall short of our competitors brand is price by a wide margin and the coolness of our brand in general. Based on the these result when choosing the four parameters that will give us the greatest potential I choose to focus on the lifestyle image, quality engineering, price and service offerings. We went with lifestyle image because that has always been the focus of our brand, and we are the best at maintaining that image states the results of the survey. The quality of the engineering that goes into our motorcycles needs to maintain being a focus, because the brand cannot continue to keep our image without it. We really need to focus on price and service because that is where we lack...