Thorr Motorcycles Perceptual Maps in Marketing Essay Example Essay Example

Thorr Motorcycles: Perceptual Maps in Marketing Essay Example Paper Thorr Motorcycles: Perceptual Maps in Marketing Essay Introduction Thorr Motorcycles: Perceptual Maps in Marketing Teri Ryan MKT/421 December 21, 2010 Ellis Jones Thorr Motorcycles: Perceptual Maps in Marketing Cruiser Thorr is a motorcycle modeled after Thor, the Norse God of Thunder. With its strong, honest and reliable product design, Thorr Motorcycles was able to embody the very ideas that their loyal customs live, which is a lifestyle of freedom, mobility. This paper will outline the Perceptual Maps in Marketing simulation by describing the situation, recommended solution and results to the simulation. In addition, a summarization of marketing components from the simulation will be included. Thorr Motorcycles seemed very successful in its marketing efforts, which promoted their higher end motorcycles. Thorr was maintaining a 40% market share because of iconic brand devotion (Apollo Group, 2010). For several months sales had fallen. This seemed largely because of changing market demographics which seemed reflective of a younger generation influx into the market, an aging customer base and market competition. The higher-end lifestyle image and pricing is not appealing to the younger customer base. It was time for Thorr Motorcycles to take the opportunity for restructuring their market strategies and expand into a new market. It was important to learn how the customers perceive brands, what factors were important, create perceptual maps. This is a statistical process, which is just one aspect of marketing research. Determining the most appropriate attributes to include in constructing the mapping model begins with Phase I. Phase II is developing a marketing plan after assessing feasibility for repositioning the existing Thorr motorcycles, or introducing a new brand for sparking interest, desirability. Phase III controls for gauging the effectiveness of the marketing plan and constant monitoring for readied stance for making seamless, cost effective adjustments. Thorr Motorcycles: Perceptual Maps in Marketing Essay Body Paragraphs Phase I Market position discovery begins with an assessment of consumer perception of the Thorr Motorcycles in relation to competitors. Thorr Motorcycles can do this by choosing pertinent parameters that clarify strengths and weaknesses. This information will provide the framework for positioning strategies, new product development ideas, and launching marketing plans within established budgets. The goal is to increase sales, revenue, market shares, and enhance corporate value. Lifestyle image, product design and styling, price, quality engineering were the choices that were reflective of optimal scenario selections. Thorr Motorcycles must maintain its core value while moving forward and that is quality engineering. This sustains customer perception of excellent product manufacturing, which is vital in maintaining corporate credibility. Credibility is one easy step in assuring that Thorr Motorcycles is the company that the individual customer will seek to do business. Correct pricing of a product is vital in Thorr Motorcycles marketing effort. Cruiser Thorr pricing was viewed negatively by respondents. Pricing strategies would have to reflect these facts. It is obvious that younger customers had less disposable cash, so part of the solution would be to offer more affordable, quality products that sustain the well-established standards of the company when developing a new marketing plan for the Cruiser Thorr product line. Maintaining a lifestyle and a lifestyle image is important to new customers. Creating a lifestyle within a product design will help to create a situation that customers will make purchases based on the lifestyle and image they will acquire and fulfilling what could be their psychological need for acceptance and a sense of belonging. Product design is an important way of providing an additional unique dimension of deciding to reposition the Cruiser Thorr. Added dimensions of functionality, which cover appropriate mapping attributes will provide more solid footing for making a decision to target a new market segment, the younger generation, with an exciting, affordable machine, which will reinvent a lifestyle, continued dedication to quality, featured expansion of services that will include finance options, maintaining training, club rides. This all serves to establish loyalty with ustomers, dealers and distributors (Apollo Group, 2010). Phase II It is in the best interest of the company to analyze the information, provided by perceptual mapping and other marketing research information constructively, carefully, and fairly. How will marketing strategies placed into action effect other aspects of the corporate environment—internally and externally in the marketplace of many eyes and ears tuned in on marketing strategy position and consumer perceptions influenced by segmentation into changing demographics offering new products aimed at younger customers. Will a less expensive new model with enhanced financing opportuni ties and expanded services erode customer perceptions of Thorr Motorcycles losing touch with a commitment to excellence in quality? The results revealed that a different segment, the younger individual, influenced more by price more than the aging demographic that has maintained Thorr Motorcycles success during the past years, is fueling the now growing motorcycle market. The younger generation seems to care less for brand and image of the Cruiser Thorr, due in part to the price being outside their preferred price range. It is for these reasons that the Cruiser Thorr is in stage four of its product life cycle, which is declining sales. The marketing plan should consider launching a new product. One that represents the corporate core value of commitment to quality, excellence, and offers a new market niche of affordability, finance option, and enhanced services. This will require a differentiation in the marketing mix. Shifting the market plan with changing differentiation attributes mix now focused on affordability, attractive financing option, and expanding services including social fraternities, it seems the new customer base will be more inclined to view the innovatively designed motorcycle as a commodity that offers superior value and quality. Realigning internal corporate processes and unifying the change in focus on a new product goal will cause other processes in the marketing mix to function toward the goal of promoting and placing the new product in a positive light. Attracting this new demographic is creating the vision about the new motorcycle that will also sustain the licensing of the product accessories. This is an important component of the corporate landscape and market environment. Phase III The perceptual map considerations for Cruiser Thorr were appropriate and by incorporating attractive financing options, some of the younger demographic segments opted for the higher priced Cruiser. This was an effective consideration for continuing the Cru iser brand, even though the product life cycle is in its final stages. Assessing the correct parameters for RRoth fell a bit short. Not including the product design and styling parameter in the control or monitoring phase of the marketing plan for analyzing partial research findings was a mistake and one that should have considered separate from lifestyle in this phase of the marketing plan. Product design and style is a defining characteristic of lifestyle association by the younger demographic Using the more efficient engine, increased miles per gallon coupled with lower maintenance costs, in the RRoth machine was a sound move. This not only provided the vehicle for offering affordability, but the technical knowhow provided by research and development successfully sustained a core value of Thorr Motorcycles. Conclusion Fierce competition is commonplace in the evolving global marketplace and oftentimes corporations experience performance changes such as sagging sales, which affecte d the product revenues for Cruiser Thorr. Thorr Motorcycle is a brand that had sustained corporate values and created wealth for shareholders for years. Executives at Thorr Motorcycles moved quickly to determine the parameters, which could be the cause for sales to decline in an expanding market sector. Management effectively transformed a problematic situation into an opportunity for creating new product lines providing a differentiation of marketing mix with greater emphasis on affordability, financing options, refined engine technologies, and enhanced services , which combined to create renewed interest in a product brand that was emerging with a reinvented lifestyle. Capitalizing on market research paved the way for some of the younger generation to opt for the high-end Cruiser Thorr. The mix combined to infuse increased sales for Cruiser Thorr, a product in the last stages of its product life cycle and introduce an innovative product that was establishing itself as a popular li festyle brand, which was just in the beginnings of its product life cycle. This turned out to be a wonderful mix for young and old alike! Reference Apollo Group, I. (2010). University of Phoenix Database. Retrieved December 21, 2010, from General Marketing: ://ecampus. phoenix. edu/secure/aapd/vendors/tata/UBAMsims/general_marketing/perceptual_maps/general_marketing_perceptual_maps_frame. html We will write a custom essay sample on Thorr Motorcycles: Perceptual Maps in Marketing Essay Example specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Thorr Motorcycles: Perceptual Maps in Marketing Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Thorr Motorcycles: Perceptual Maps in Marketing Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer