Selling and advertising are not the only important aspects in marketing. A company must differentiate a company’s marketing mindset to remain competitive and retain control of the market. Visual representation is an innovative and visual approach is a step in the right direction to provide the company with a consumer’s perception of the company’s brand. Using a perceptual map is just the exact simulation for this process. Moreover, perceptual mapping is one of the unsurpassed tools to use in developing a product’s life cycle and conclude the impact that the product will have in the market. Furthermore, perceptual maps help to illustrate how data is compiled using the markets rating scales.
According to the “Thorr Motorcycles, Inc. is a $5 billion company which manufacturers a range of motorcycles, and produces more than 200,000 units per year” (para. 1). Thorr Motorcycles current CruiserThorr model is showing signs of declining sales because the target consumer group is growing older and are disinterested in this lifestyle model. Through the simulation of using perceptual maps in marketing, one will comprehend how mapping a perceptual graph will assist in determining a new market strategy for a company
Relationship between Differentiation and Positioning of Products or Services
Developing a positioning strategy for Thorr Motorcycles is the purpose of the perceptual map simulation. One important parameter of the mapping process is the Lifestyle Image. The Lifestyle Image for Thorr Motorcycles is one of the main reasons for the success of the company. Since recently Thorr Motorcycles is experiencing a decline in sales, Lifestyle Image is the one step to take in moving towards reversing this trend. The first phase of the perceptual map simulation consists of selecting specific parameters relevant to the motorcycle industry that possibly could reflect the greatest potential for Cruiser Thorr. The simulation provides nine parameters which consist of lifestyle...