MKT 421 Week 4 Ind

1801 words 8 pages
MKT/421 Version 10

Using Perceptual Maps in Marketing Simulation Summary
Resources: Using Perceptual Maps in Marketing simulation

Complete the simulation, Using Perceptual Maps in Marketing, located on the student website.

Write a 1,050- to 1,450-word summary in which you address the following:

For each of the three major phases in the simulation, describe

The situation
Your recommended solutions, including why
Your results

Summarize the different marketing components addressed in this simulation by answering the following questions:

What is the relationship between differentiation and positioning of products or services? Is the repositioning of the product in the simulation as you had
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Three hundred fifty people from age 25-55 were surveyed and perceptual map was plotted based on their feedback. Research for CruiserThorr showed that around 37% people planned to spend $13000 to $15000 on a motorcycle in near future. Around 57% people liked financing and customization options as it not only catered to those with little money, it also attracted people with extra money who wanted something better. Forty-five percent voted that dealership training is important for them. Service enhancements were demanded by 38% people. They were asked if all the services provided by Thorr are satisfactory and 25% replied with “strongly disagree”. After analyzing this data, lifestyle image factor was escalated to level 9 while price, quality engineering, and service offerings were changed to five, eight and seven respectively. Positive feedback confirmed that we are heading in the right direction. Positioning on perceptual map was corrected accordingly. Price attribute for RRoth was placed at level 8 and lifestyle image at level 9. Quality engineering stood at 8 while cool was also given an 8. Results from survey show that Cool and Price parameters were rightly placed at 8 and 8. As for lifestyle image and quality engineering, they needed to be revamped. Lifestyle image attribute was lowered to a 7 instead of already planned 9. It was done because of existing high image of