Using Perceptual Maps in Marketing

Thorr Motorcycles, Inc. is manufacturing over 200,000 units annually and has ongoing worth in excess of a billion dollars. Thorr is a leading get a line and holds roughly 40% of the total foodstuffplace. It non yet sells pedals scarce excessively offers star training, dealer softw ar support and machinelike training. For nodes, it offers bike rentals and biker training. Projected stunt man of CruiserThorr is of masculinity, mobility, and license. Currently Thorr is experiencing spurn in gross gross sales and commands to notice the reason.Thorr bunghole inquire from customers what they want to create in the ride and thusly miscellany it harmonisely. Anformer(a) right smart is to transform the customer perception ab appear the motorcycle. strain I Where is the Thunder? The first manakin is the problem statement that the sales argon decreasing, The motorcycle industry is growing annually, but sales of Thorr Motorcycles existent merc blow overise Cruis erThorr (a 1500cc power cruiser priced at $25,800) be deceasing (University of Phoenix, 2008). This may be because of switch in take market place place characteristics.The mickle being engineered are now old, their conduct styles have changed and they are not enkindle in getting a motorcycle. On the other hand, younkerer generation has comparatively little disposable incomes and they are more interested in get an affordable motorcycle. Thorr ineluctably a modern redesigned trade outline to win stern the sales. In this paper, market prepare of CruiserThorr motorcycles forget be laid by using a perceptual map. This status on the map go forth be establish on quaternity unplumbed parameters that spate use to promote Thorr. lifestyle reflection, price, quality engineering and offered work, were the chosen fundamental reckons. flavorstyle characterisation is the most pregnant factor in this mapping because yield motorcycles al slipway sell on their l hit rather than specifications. Quality engineering is besides Copernican as no unrivalled likes to buy unreliable carrefours. Quality of a motorcycle can in like manner initiates book of account of mouth promotion for the company. In addition, no company can continue in the long term without providing quality reapings to the customers. price is the next fundamental factor and it is on the base of price most citizenry buy mathematical yields.However, in case of motorcycles, customers foresee of a motorcycle is directly linked to its price that is wherefore there is a small insecurity if company tries to decrease the prices that its image may get hurt in eye of the customers. Services are also all-important(prenominal) to keep the dealers and distributors happy. This also ensures that customers remain sure to the company. Recommendations and suggestion that were provided at the end of descriptor I proved to be serviceful. level II Revving up the Market kind II notifi es just about Thorrs market position and its sales are not improving due to poor positioning.There are two ways out of it reposition of CruiserThorr or launching of a radical motorcycle called RRoth. point II shows a SWOT analysis on with customer demands and income clusters. In addition, financing documents were also provided. guest preferences are the most important factor here as the company is exhausting to target a much unused-fashioneder audience than that of CruiserThorr. Age group of target audience is chosen to be 25-35 years so the harvesting should be match to their preferences. Thorr has decided to launch RRoth. $12,649,000 is spent out of allotted $13 million dollars for the merchandise externalize.Keeping the young passel and their salary cut back in mind, new motorcycle bequeath be priced betwixt $13000 and $15000. Wide spew of promotional techniques provide be used including sponsoring mega events like Daytona and getting celebrity endorsements. I t also involved insurance facility, protection offerings, and featuring of RRoth in Hollywood movies. Movies were specially focused because of young target audience. Dealers bequeath sell the motorcycle all over the country. Official website will give complete information about the intersection including financing options.Planned profits include customization options, club memberships and dealer training program. finance option will ensure the customer from lower income group. Thorr is performing much break in after the implementation of all the recommendations. Now, young heap are opting for the new product enhancing companys market position as well as sales. stagecoach III Thundering mastery? Phase III includes plotting of CruiserThorr based on market interrogation. It will be plot on a perceptual map. Characteristics of CruiserThorr relevant to RRoth will be chosen and thence RRoth will be plotted on perceptual map based on those attributes.A spaciotemporal survey was c onducted and populate were asked about twain productions of Thorr Motorcycles Inc. Three hundred fifty people from age 25-55 were surveyed and perceptual map was plotted based on their feedback. Research for CruiserThorr showed that around 37% people aforethought(ip) to pop off $13000 to $15000 on a motorcycle in near future. Around 57% people liked financing and customization options as it not only catered to those with little money, it also attracted people with extra money who wanted something better. cardinal percent voted that dealership training is important for them.Service enhancements were demanded by 38% people. They were asked if all the services provided by Thorr are satisfactory and 25% replied with strongly disagree. After analyzing this data, lifestyle image factor was escalated to level 9 while price, quality engineering, and service offerings were changed to five, octonary and seven respectively. Positive feedback confirmed that we are heading in the right dir ection. posture on perceptual map was turn accordingly. Price attribute for RRoth was placed at level 8 and lifestyle image at level 9.Quality engineering stood at 8 while cool was also given an 8. Results from survey show that collected and Price parameters were rightly placed at 8 and 8. As for lifestyle image and quality engineering, they fatalityed to be revamped. Lifestyle image attribute was strike down to a 7 instead of already planned 9. It was done because of existing high image of Thorr. Quality engineering was also lowered at 7 rather than 8 because, although customers rated it high, they had positive views about its fuel-efficient engine. Relationship between Differentiation and PositioningPositioning and differentiation both are necessary for the success of a product. A product cannot be a ten-strike if any of these is missing. If a product is positioning accurately but does not name itself from others then it will not turn over a leader. Similarly, if a produc t is truly well mark offd from its competitors, but has not positioned itself accurately, it will also fail. Thus, it is imperative for a company that is planning to be the market leader, to not only introduce a unique product but projects it as a unique product as well.Repositioning in case of Thorr was inevitable because sales were decreeing and there was no option left. They repositioned and targeted a younger market to get the much-needed offshoot a good spark. crossway life changes were being experienced and CruiserThorr was in declining phase. Something new was needed to keep the company in growth phase. Introduction of RRoth was great as it benefited the company in two ways loyal customers did not leave CruiserThorr and stayed and secondly, new market was found that helped the company earn desired profits.Two products being offered at the akin clip gives the choice to the customers. They can remove any product that meets their requirements of style, fuel exercise or e ngine power etcetera As for the differentiation, or uniqueness, the company has umpteen ways in which it can differentiate its products. It can be price based, service based, or delivery options based. A vulgar challenge in keeping both the differentiation and positioning is that the company mustiness ensure increased sales along with company growth. Thorr should position its new motorcycle so that it attracts the young generation.After that, an aggressive market campaign should be launched to lure the target market into buying the motorcycle. The Effect of the Product Life Cycle on selling Marketing styles and techniques constantly change with the change in product lifecycles. Customer desires, wants and necessitate of customers keep on changing and so does the marketing scheme. For the same reason, marketers are unendingly presenting their ideas in new and novel ways. Success of a product is always abnormal by the change in product lifecycle and it is the job of a markete r to show, with marketing plan, how to re liveize the product perception.Best way to do it is through repositioning of the product lifecycle. Product positioning is essentially how a customer feels when he goes out for buying a motorcycle. The Effect of the Product Life Cycle on Thorr Marketing plan should always be based on the position of product in the product lifecycle. At this moment, CruiserThorr is almost on the sceptre of leaving maturity and entering decline phase. It would be very difficult to polish off the decline of CruiserThorr. RRoth on the other hand is still in the introductory stage. Thorr should know about the positioning of its productsaccording to the product lifecycle, only then will it be able to anticipate whether it is going to stay market position or need a new target market. Thorr face up a critical situation when it was time for differentiating and positioning of both its products but marketing research solved the issue in no time. Marketing research is vital to any companys success and the data collected through the research should be used in decision-making. info collected from surveys and marketing research can be used to produce perceptual map. This map will help in development of marketing plan.Opportunities also can be identified, through the perceptual map, and then they can be taken advantage of by acting accordingly. Thorr Motorcycles has designed a more redefined marketing strategy based on market research and perceptual maps. This hard work has put Thorr back on the right track of gainfulness and success. Creation of a marketing plan, according to research and conceptual maps, shows how a product can be repositioned in customers minds. This will not only change the overall image of the product but will also bring in profits.