Perceptual mapping is a strategic management tool that offers a unique ability to communicate the complex relationships between competitors and the criterion used by buyers when making purchasing decisions. Its simple graphics can be used to stimulate strategic thinking and brainstorming at all levels in an organization. Perceptual maps are used for market segmentation, development of concepts and evaluation, and also to track changes in the marketplace perceptions. This type of mapping involves both data collection and data analysis and presentation.
Thorr motorcycles manufactures motorcycles and also markets clothing products and other items that consumers want. They offer many services including motorcycle rental, dealer training, rider training, and dealer software packages. The company portrays a very high performance and quality image in the marketplace. There were three purposes to the simulation. The first purpose was to choose proper parameters and construct a perceptual map. The next objective was to create a marketing plan with x amount of dollars.
The marketing plan was to determine if repositioning the company or launching a new product was feasible. The last goal of the simulation was to establish the parameter values for the company's future.
There were four parameters that were more important than the others for Thorr motorcycles; they were Lifestyle Image, Price, Service offerings, and Quality engineering. For my place of business, BH Electronics, these parameters hold true, but instead of service offerings and lifestyle image, on-time delivery and technology is of utmost importance. At BH Electronics we manufacture high frequency magnetics for the military as well as other electronic industries. With these parameters in mind, I have plotted my perceptual map below.
TechnologyQuality PriceLegend:Service (On time delivery)BH ElectronicsRavenGoodrich VTSince BH electronics is always trying to increase technology services to the public and customers I chose technology as a top priority.