Perceptual Maps in Marketing
The capitalist system is such that commodities are bought and sold every day. The largest part of the equation is how to make the variety of commodities appeal to the masses, so more is sold, so profitability is higher. This system affects all even when the effect goes unrecognized.
Under the consumerism circumstance, marketing is an important part of sales, without marketing the best product would not generate a profit because no one would know of it. To that end there have been market researchers, market planners and market analysts for generations. In the end making the best marketing decisions is easier with a formula, in this case a perceptual map.
Perceptual Maps
A perceptual map is used to plot perceptual positions and develop marketing strategies. Most perceptual maps are two dimensional but can be more. When using perceptual maps one must remember that the plot is based on perception and because perception varies from person to person so perceptual maps can change according to those interviewed.
Cruiser Thorr
Cruiser Thorr is a motorcycle that appeals to those with a certain lifestyle image. While the motorcycle has a reputation for quality, sales are floundering. Some believe that the time of the large bike has passed and some believe that those who made it popular are too old to ride.
Information provided to the author as the new market representative is as follows; Thorr scored high in lifestyle image, product design and styling, and product uniqueness. There were no areas where Thorr scored 2nd to other compared brands and of the three, Thorr scored last in cool, service offerings, price, engine capacity, safety and quality engineering.
Present Perceptual Map
For this exercise the author chose the things that Thorr scored highest in already, lifestyle image, product design, and the uniqueness of the product. In addition, the author added quality engineering because she believed that this was a place...