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Introduction
Perceptual maps have become popular in the projection of business situations especially in sales and marketing (Petta et al, 2011, p.453). Graphic illustrations created out of data that is generated from scales of rating are called perceptual maps. It is important to note that the validity of the maps generated depends on the parameters that have been used to produce them (Lilien et al, 2007, p. 80).
Perceptual mapping has especially been cited as one of the most effective ways of injecting input directly into the marketing planning process (Lamb et al 2011, p. 67). This paper will concentrate on the impact of simulation on the lifecycle of the products as well as its impact of the life cycle on them marketing of the product.
Simulation
In the marketing simulation, the given company is involved in the production of CruiserThorr motorcycles whose production exceeds 200,000 a year and has a significant market share. Given the dynamism among the client base of the company, the declining sales have generated the need for a good marketing strategy. The perceptual maps created by Thorr’s marketing team are meant to project the potion of Thorr in the market so that the company can come up with suiting strategies that will raise the sagging sales numbers.
Phase 1
In the first phase product design and styling, service offerings, price and quality engineering were chosen. Many motorcyclists associate the gadget with open road freedom. Engineering was chosen for the design of perceptual maps because of its critical role in delivering desirable customer designs.
Engineering determines all the attributes that customers are looking for and how they will be fitted into new Thorr design. Price is the ultimate selling point of the motorcycle. Affordability will play a big role in the number of units the company hopes to sell after a new strategy is implemented. Price though won’t be very low given the status and reputation of Thorr in the market. That is the reason why service delivery is one of the factors chosen so as to maintain customer loyalty.
Phase 2
In phase two, repositioning of the motorcycle was chosen as the best option that will ensure a rise in sales when the overall strategy is implemented. Additionally, the current price will be maintained while distributors, dealers and the internet will play an important role in selling the product. Promotion of the motorcycle will be done through event sponsorship, free test rides and through insurance and protection plans. The above approaches will ensure young consumers are netted while keeping within the $13000 budget.
Phase 3
The perceptual structures are a very creative and successful method to measure the outcome of a marketing Plan. In the results, many customers were intending to buy the motorcycle as a status symbol.
There was also overwhelming support on the engine design of Thorr and price turned out not to be an issue as many strategists had expected. However, a good number of respondents were not happy with the services they received from the dealers and the company. The results showed that there was need to emphasize the lifestyle element and cool element of the motorcycle so as to attract young buyers.
A thorough analysis of the simulation gave indication that repositioning of the motorcycle will be better placed to help in moving sales. The overall decision was to maintain the parameters that the original motorcycle had but increasing the choices that will suit the different customers’ taste. Additionally, the whole plan had fitted exactly into the budgeted $ 13,000. In the plan, there will be plans to offer extra training to dealers besides extending financial assistance to customers.
References
Lamb, W.C. et al. (2011). Essentials of Marketing. London: Sage Publications.
Lilien, G.L. et al. (2004). Marketing engineering: computer-assisted marketing analysis. NY: Cengage Learning.
Petta, P. et al (2011). Emotion-Oriented Systems: The HUMAINE Handbook. NY: Springer.
Do you need this or any other assignment done for you from scratch?
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