Using Perceptual Maps in Marketing

Essay by pennladyUniversity, Bachelor'sA, March 2009

download word file, 6 pages 4.0

Using Perceptual Maps in MarketingDebbie EastonMKT/421 - MarketingInstructor: David BennettMarch 30, 2009Using Perceptual Maps in MarketingPerceptual maps can be used as a strategic planning tool by companies that need insight into the current market position of their product. The graphic figures of perceptual maps can show the relationship between competitors and the criteria that customers use to make purchasing decisions. This paper will summarize the author's experience in working through the "Perceptual Maps in Marketing" simulation. The phases of the simulation will be examined and the solutions and results of this author will be shared. A summary will be included that will address the relationship between differentiation and positioning of products or services and whether this author found the repositioning to end up as she had expected. This paper will also explain the impact of the product life cycle on marketing and what impact the product life cycle had on the product highlighted in the simulation.

Defining Perceptual MapsPerceptual maps are graphic illustrations of the data created by rating scales. The map is only as valid as the parameters chosen to develop the map. The parameters must be "fundamental to your product and important to your customers" (University of Phoenix, 2009). Perceptual mapping is considered to be one of the few marketing research techniques that can provide input directly for the strategic marketing planning process. During the planning process, planners can see the customer and the competitor at the same time in the same realm (Neal, 1988).

The Thunder RollsThorr Motorcycles, Inc. is a company worth $5 billion that manufactures luxury motorcycles and motorcycle related items. The company currently produces more than 200,000 motorcycles per year. The company is well known for its 651+ cc CruiserThorr, which has a 40% share of the market for similar motorcycles. The concern...