Mkt 421 Week 4 Perceptual Map

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Week 4 Perceptual Maps S. L. Harrison MKT 421 March 3, 2014 Prof. Jon Ragatz Week 4 Perceptual Maps When using perceptual mapping for marketing purposes, the marketer will use the responses gathered from questions about a certain product provided by the consumers themselves. The qualitative answers given will be transferred to a graph or chart, called a perceptual map and the result are employed in improving the product or in developing a new one. During the simulation, the first aspect to creating the perceptual map for Thorr motorcycles was to choose the parameters of the perceptual map. In so doing, one must use the information that is provided in the competitor product comparison and the market research ratings. For the first perceptual…show more content…
Companies use differentiation to make their product unique and one that will catch the consumer’s attention. As it was said in the text book that being unique in today’s market is very difficult because there are imitators that follow what you have done or you yourself is following what some else has done in the past. The text book explains that positioning is the way the customers think about presented brands in the market. Without knowing what the consumer is thinking or feeling about the production being offered it is hard to differentiate. The ability to position a product is critical when it comes to certain products that are very similar. Thus, positioning and differentiation are like peanut butter and jam (Kotler & Keller,…show more content…
During the product life cycle marketing teams must revisit the marketing mix and either reposition the product or get scrap the whole product together. The four stages of the product life cycle include market introduction, market growth, market maturity, and sales decline (Kotler & Keller, 2012). As to the simulation, the product life cycle was still in effect for the Thorr motorcycles. There were many customers that would remain loyal to the brand and product as well as those that felt that the Thorr brand represented a type of life style that wanted or enjoyed. Because the product was in the market maturity, the perception of the brand was very positive which required the marketing team to keep the price the same but introduce it to a younger age group and offer product

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