Using Perceptual Maps in Marketing Week Four
MKT 421
University of Phoenix Using Perceptual Maps in Marketing Week Four Thorr Motorcycles, a five billion dollar company, manufactures various types of motorcycles. The company also makes motorcycle accessories like t-shirts, toys, gloves, and leather clothing to promote itself to interested buyers. Sales for the company reaches about 200,000 units annually. Thorr continues to grow because of its recognizable brand image in the market. Thorr offers training to riders, it provides motorcycle rental options, training for its dealers, and dealer software options. Thorr Motorcycles places its focus on three primary areas. These areas include developing a perceptual map (Phase I), creating a marketing plan with a budget (Phase II), and set parameters for strength and weakness values for the future of the company (Phase III). Phase I utilizes an analysis of consumer perception of the CruiserThorr compared to similar competitor models. Phase II reviews information from the perceptual mapping and data from other marketing sources. Phase III determines that offering financing for a younger market attracts new customers. Thorr’s situation showed a decrease in sales of the CruiserThorr style motorcycle, a previously very popular model. However, the demographic buyer has changed from older to younger buyers. This model is in stage four of its life production cycle. The company is considering changing the model’s position and analyze market research data to plot the product’s characteristics on a perceptual map. The CruiserThorr’s placement has not helped to increase sales. The company must decide to keep the product in its current position or change the position entirely. A different option available includes making a new product that appeals to a younger target market. To reach this new market of buyers, product features and pricing needs consideration. The company knows that the CruiserThorr model has not helped sales in its current position already, so the company must find a solution. To find one, the most direct source of information involves consumers. Thorr Motorcycles should re-evaluate the product’s safety, its design for uniqueness, workmanship, and design quality, and pricing to the target market. Quality engineering depicts the features and characteristics of the product. The design engineers determine the product’s style and design recognition to the public, the design of the engine and its capabilities, and quality during the manufacturing steps to build the product. The quality of its engineers reflects on the company’s quality of the products they make. High quality establishes Thorr Motorcycles as a must-have brand because customers expect a valuable product. If quality drops, Thorr’s reputation also drops and hurts sales. Customers need high quality safety design in their motorcycles, so Thorr must meet or exceed that standard. To sell a product in the price range of younger customers, the company could introduce a new product to fit the affordability of the target market. The price should reflect the quality of the product yet be affordable to the younger target market. The position strategy means providing financing options for consumers and increase service. This option would attract new buyers without a significant increase in costs. Thorr should maintain the CruiserThorr list price as much as possible because price could offset customers if the price increases. Lowering the price on models with less features will also appeal tom new consumers. The company must keep in mind its changing demographic market from mature buyers to younger ones. The younger market needs lower prices. Thorr also has to monitor its competitors’ quality, design, and pricing for similar models. Promotion strategies must cater to the company’s current and new markets. One way would include offering buyers free training