Perceptual Mapping Simulation
The information covered in this paper is a summary of the simulated perceptual mapping for the CruiserThorr Company. Perceptual mapping offers a visual representation of customers' perception of a brand. By interpreting research data and choosing relevant customer parameters, marketing can be focused toward individual needs and desires of customers. Comprehensive research data is vital to the development of accurate parameter data however. The use of misleading data could be catastrophic to a small company if they focus their entire marketing budget on a plan developed with bad data.
The decision to expand into a new target market while maintaining quality was foremost to the president of the company. The first step in the expansion was to develop and evaluate the new product SWOT. A marketing plan was then developed to launch the new product, RRoth, a sportier more affordably priced motorcycle that will capture more of the younger market segment.
This Is Not the Target Market
The iF Product Design Award label (2007) as it use...
alt textPerceptual mapping was taken advantage of to determine specific details of the motorcycle and pricing, to focus on selling to the younger motorcyclist.
Choosing the appropriate parameters that target the largest market segment are useful to the successful launch of a new product. The oligopoly market of motorcycles dictates pricing constraints in addition to the disposable income of the target market. Interpretation of the research data indicated the existing brand rated highest in the areas of Lifestyle Image, Product Design and Styling, Product Uniqueness, and Quality Engineering. Competitors' ratings in the areas of Price, Engine Capacity, and the Cool factor were all higher. The introduction of a new product that would capture a younger customer with a lower disposable income clearly indicated that Price in conjunction with being Cool is very important.
The perceptual mapping of CruiserThorr captured the customer parameters of Lifestyle Image, Quality Engineering, 'Cool', and Price. The rationale for these parameters was primarily CruiserThorr owners are loyal to the reliability and brand quality. The expansion into the younger market segment, without jeopardizing brand integrity is important to the product image. By developing an affordable quality motorcycle, the expectation is not to engulf a huge portion of the competition market base, but to grow into a loyal customer base.
The use of perceptual mapping on a quarterly basis to evaluate progress of product sales, brand loyalty, and popularity was employed to remain connected to consumer demands. In the simulation experience, the use of perceptual mapping proved to be extremely useful. Narrowing the areas of product appeal can secure and establish customers. Once a brand loyalty has been established however, the importance was not to dilute the quality of the brand. CruiserThorr maintained quality while increasing their market segment. (E-Library, 2005)
References:
University of Phoenix. Using Perceptual Mapping in Marketing. Retrieved April 3, 2005, from e-resource database.